Condo - Down Payment

[LingEr 0]

What I meant was taking a high loan quantum e.g. 90%. then valuation drops. which alot of people are in at the moment. Hence you can refinance the property to another bank PROVIDED that the you top up the difference to the current valuation.

ya, i totally understand your pt...

actually rite now, most of the banks will give lower valuation compared to the purchase price tat we bought...

if the valuation price really differ quite a bit with the purchase price, more cash have to be top upfront...

[Phantom 1]

banks will also charge a higher interest if the QOF is lesser than 80%... for eg, OF at 70% or 60%...

the general better rates are reserved for 80% only...

thats not true.

SCB only has below 80 or above 80.

[Phantom 1]

ya, i totally understand your pt...

actually rite now, most of the banks will give lower valuation compared to the purchase price tat we bought...

if the valuation price really differ quite a bit with the purchase price, more cash have to be top upfront...

the banks don't give the valuations. The valuers that the bank engage give the valuations.

[LingEr 0]

Hi...

Yes i had signed the OTP.

I have not gotten the in-principle approval yet but im pretty comfortable because i had set aside cash in case my loan is reduced.

now u said dun take board rate......... so do you mean do not take those rate that is sibor + X.XX% ?????

dbs now having this promo

locking period 2 years

first year is flat rate @ 1.5%, second year onwards is 3 months sibor + 1.35%

what do you advise?

thanks alot........ im a first timer so i do not know much.

u r really very brave to have exercised the OTP b4 securing a loan...

u signed ur OTP at the lawfirm? did the lawyer advise u on the consequences?

as a side note, pls never exercise ur OTP before securing a bank loan cos u might not know wat will happen...

u have 14 days to exercise the OTP, it is long enuff to find a bank who can give u an LO...

not trying to scare u... u r pretty comfortable as u have stashed some cash as backup... have u ever tot of the scenario tat the bank will totally do an extensive check on you and your co-borrowers? and tat the loan will be rejected totally? they dun even give u a chance to get a lower financing of 70%? there r such cases whereby banks totally rejected a home loan application... everyday the banks will just reject a few with poor records n other reasons... whichever bank u go to, while u r waiting for the LO to be given to u, every phone call from ur banker will be a torture to u... as long as its not telling u tat ur LO is ready for collection... so pls, faster secure ur loan now...

[LingEr 0]

the banks don't give the valuations. The valuers that the bank engage give the valuations.

ya, the valuer they engage...

do u happened to work in this field? u seem vert well knowledge in this area...

[Phantom 1]

I'm a soon-to-be-ex-banker. so I definately know what i'm talking about.

[LingEr 0]

thats not true.

SCB only has below 80 or above 80.

when i just applied, i din know scb have 90%... so i ended up slightly less than 80%...

but i dun wan soo high as well...

[LingEr 0]

I'm a soon-to-be-ex-banker. so I definately know what i'm talking about.

hmm... mobile banker type?

i am a banker too but different field... but i used to be working for the approval dept of housing loan... years ago... lolz...

[Phantom 1]

when i just applied, i din know scb have 90%... so i ended up slightly less than 80%...

but i dun wan soo high as well...

less than 80% is better. you get the 1.5% fixed first year.

if you loan more than you'll get the 2.1% fixed first year.

good choice

[Phantom 1]

hmm... mobile banker type?

i am a banker too but different field... but i used to be working for the approval dept of housing loan... years ago... lolz...

Mobile? erm.. no.. thats like the lowest level of sales staff.

[LingEr 0]

Mobile? erm.. no.. thats like the lowest level of sales staff.

eh, mobile where got low? those at branch 1 rehs?

RM? haha...

[LingEr 0]

less than 80% is better. you get the 1.5% fixed first year.

if you loan more than you'll get the 2.1% fixed first year.

good choice

i do hope i made the rite choice... cos i eyeing the 1st year low rate... and the low SIBOR rate...

was comparing with maybank in the end went scb cos my fren working there and let my fren handle...

if not 2 years later refinance...

[Phantom 1]

eh, mobile where got low? those at branch 1 rehs?

RM? haha...

erm.. let's put it this way.. i handle very large portfolios.

[Phantom 1]

i do hope i made the rite choice... cos i eyeing the 1st year low rate... and the low SIBOR rate...

was comparing with maybank in the end went scb cos my fren working there and let my fren handle...

if not 2 years later refinance...

SIBOR and SOR now quite similar. should have checked out the SOR rate packages in the market.

Remember that when you refinance before 3 years up, you got to pay back legal fees + fire insurance + valuation fee...

hope that your legal fees were not that expensive.

[LingEr 0]

SIBOR and SOR now quite similar. should have checked out the SOR rate packages in the market.

Remember that when you refinance before 3 years up, you got to pay back legal fees + fire insurance + valuation fee...

hope that your legal fees were not that expensive.

ya, i know abt the paying back... tats y i would consider refinance back to scb 1st...

then totally switch out or wat...

my legal fees should be 1 of the cheapest since i called a few to check... if not wrong, after 2nd year, my fire insurance will lapsed and dun tink need to pay scb on the fire insurance portion...

so should be legal and valuation fees... and its 33%... faintz...