What is the risk if you sign SPA before getting loan approved?
You risk not being able to go through with the deal if the bank for some strange reason decide not to.
What is the risk if you sign SPA before getting loan approved?
What is the risk if you sign SPA before getting loan approved?
My sense is it is unlikely to be implemented so soon, probably after the election. This could be just election ploy to address local's concern about rocketing property prices.
If it is raised beyond $1mil RM, it will immediately slash property demand in the short term, and many investors and developers will be stuck. This is against promoting Iskandar as an investment hub. What follows is investment and land prices will drop, bearing in mind Johor government is deeply in debt due to heavy spending in the infrastructure (huge infrastructure even in Singapore's context) and need to recoup the investments.
As predicted, price rises is cause by foreigners.....
It will create a 2 tier market.....
One market for locals (which locals still cannot afford) and one vibrant property market for foreigners above RM1m.
Rich people will find ways to get thru the loophole..... By giving cash back or fully furnish the property and sell above RM1m. Nothing can get in the way of the rich...
When you sign the SPA, you paid the downpayment of 10%. In some cases, the refund is done with some sort of penalty and in other cases, you say goodbye..to your property and the money paid. It all depends on your SPA escape clauses.
Banks are normally good towards the developer whom they had agreed to end financing terms and will lend to most buyers.
But the loan is between yourself and the bank, so it is the conduct of your financials that is more important criteria.
So the worst that can happen is that if I do not secure a loan, I have to pay cash for all the progressive instalments?
Any other penalties?
So the worst that can happen is that if I do not secure a loan, I have to pay cash for all the progressive instalments?
Any other penalties?
Yes but the progressive installments may come either late or all together at once depending on how your developer does things and some folks may only have the minimum and would be unable to proceed. One thing is to sound them out in case the bank delays approval or the securing of the loan and see if they can defer at least part or most of the payments a few months without charging interest or at least halving the interest to be charged.
I use the Osim or the Waterpik brands (bought in SG) for my home and business, family/friends/staff/customers health comes first. Most use it from the tap if i am not wrong, lorry or long range drivers use those vending machines with reverse osmosis system for water filtration.
Just be safe, i have a few smart friends who bought external water filtration systems but refused to believe me when i told them(after all what do i know right?) , it filters water from the outside but all those water and rubbish in the water tank on the 2nd floor (theirs are landed property) will still be there unless one clears it first.
One fine day, while they were installing a water pump near the water tank, then they opened up the tank and saw so much stuff still inside it. Finally they understood what i was saying.
Can get contractor worker to wash the water tank before using. I got my water tank washed, hopefully the worker did a good job.
ok thanks...I thought there is a payment downdown schedule?
My worry is the impending Johor measures.... thats why want to sign SPA fast to get the state consent faster....
People whom do not buy property will find all reason not to buy when it is more affordable.
When it get more expensive, they have a additional reason that it is expensive.
Most did not even go take a look at new launches, never ever talk to a banker.
Any curb will not do them any favor, they will buy into a property which is restricted to the curb.
They want foreign investment, yet they want to control foreigners buying properties. These UMNO clowns can't make up their mind.
There is a schedule to follow but some developers use it as a guideline and some do delay sending the notice due to legal or other construction matters and then later ask for sums of money at one go, thats when those who did not prepare or only having the minimum amount will struggle. Those who intend to pay by cash should have no issues, just that those who specifically intended to go through banks mostly and then didn't get the loan they needed may face difficulties.
It doesn't matter if msia going to increase the limit for foreign purchase in Iskandar... look at Penang...most of the property prices are above myr1mi0 and foreigners purchased it for holiday home or just leave it empty, also there is less Singaporean effect in Penang and the property prices in Penang still going higher and higher
However, there is a real demand in iskandar by Singaporean,Malaysia PR and even British and American.
Yesterday Sg government announced another cooling measures which make it very very very difficuly for PRs and foreigners to own a property in Singapore either for own stay or for investment purpose.Hence, Iskandar will be the closer 'home' for own stay or investment now. Like myself, SPR who has been looking to buy in Singapore for own stay,looks like no chance at all to buy now and have to really look into Malaysia. :( :(. :*: I am sad
Don't forget Malaysia banks are still willing to give out cheap loan to finance the property up to 90pct and third properties onwards still can get 70pct! No additional buyer stamp duty too for extra unit! Look at SG , HK and China, low LTV ratio and a lot of restrictions now....
ok thanks.I thought there is a payment downdown schedule?
My worry is the impending Johor measures. thats why want to sign SPA fast to get the state consent faster.