Lowyat.NET: Latest topics by Gymrat76

Hypothetical scenario

Gymrat76 — Fri, 07 Jun 2013 10:56:10 +0800

Mr. A decided to buy a property. Due to some reasons he needs to get Mr. B (a relative) involved in the sale, so on the S&P owners are listed as Mr. A and Mr. B. However the bank loan is only under Mr. A's name.

Fastforward 10 years, the property price has increased quite a bit. Mr. A now wants to sell his property, but now Mr. B doesn't want or demands compensation.

In a court of law, can Mr. A claim that property A belongs to him, if he can show that he alone paid for the property the last 10 years?

Can get discount for loan legal?

Gymrat76 — Wed, 29 May 2013 23:51:37 +0800

So here's the question. Bought new launch project, developer absorb SNP and MOT for buyers. Using law firm A for that. I applied loan from a bank, and they also using the same lawyer, quoted me rm9k+ for a loan of rm550k.

Any chance of getting a discount from the lawyer since both SNP and loan using the same lawyer, but fee for SNP is paid by developer? And if can, how many % roughly can I ask for?

Flipping new launches

Gymrat76 — Tue, 21 May 2013 22:00:08 +0800

What's your strategy when buying a new launch? Do you sell it immediately after TOP and cash in on the immediate capital appreciation, or hold a few years, rent out and wait for the property to appreciate before selling? If wanna rent out have to sink $$ by doing some basic renovation etc, which will ultimately eat into any profit you will make when you sell. How many % must the price be for your new property before you'd consider selling? 25% 50%? Just for discussion

Bank Loan turnaround times

Gymrat76 — Tue, 21 May 2013 14:34:21 +0800

Sometimes I wonder how some banks do business. I applied with 3 banks via property developer agent (basically leave my documents with the agent and she distribute to the panel banks for me). OCBC came back with an offer within 4 days, UOB hadn't even collected the documents, and I just got a call from AmBank telling me the loan is approved (this is 3 weeks after I applied). THREE WEEKS! Shouldn't the SPA be signed within 14 days of booking and that most people prefer to secure the loan before they sign the SPA?

Sometimes this is really the case of 'Siapa cepat, dia dapat'

Is MRTA Compulsory

Gymrat76 — Mon, 20 May 2013 10:33:56 +0800

Hi all

For a $500k loan is MRTA compulsory (I know some banks insist) and how much (approx) does it cost? Also, can it be included as part of the loan or must pay separately? Thanks

Investment Prop - extra car park?

Gymrat76 — Tue, 30 Apr 2013 11:08:52 +0800

Hi,

If buying a apartment for investment (3-bedroom) for investment (to flip), is it worth getting an additional carpark lot? Especially if buying from developer at a lower price, e.g. RM9k for a lot. Will it make the unit easier to sell?

S&P Question

Gymrat76 — Sat, 27 Apr 2013 17:18:51 +0800

QUick question:

When buying direct from developer, they may have several schemes, i.e. DIBS, standard furniture thrown in, easy ownership scheme, e.g. RM5k for 10% deposit (developer pays the balance).. all this should be stated in the S&P?

Home loan recommendation?

Gymrat76 — Wed, 17 Apr 2013 18:34:14 +0800

Hi

Am thinking to purchase a property under construction, TOP end 2015 for investment. The plan is to sell shortly after TOP or hold a bit before selling, depending on market price), so I need some recommendations on the type of loan to take.

Loan amount will be >RM500k

1. For this kind of investment, should I go for longer or shorter term loans (15-30 years)?
2. Fixed or variable interest?
3. Any loans without lock in period?

Thanks

Possible for bank loan and prop owner to be diff?

Gymrat76 — Wed, 10 Apr 2013 18:48:50 +0800

Can I take a the bank loan for a property in my name, but have the property ownership under another name (e.g. wife, sibling, parent?)

Eg, bank loan under my name, S&P under somebody else name

Thanks

Property launches in JB worth looking at?

Gymrat76 — Tue, 09 Apr 2013 00:42:41 +0800

Hi sifus

I'm looking to purchase a condo/service apartment in JB. Looks like I missed the boat with some of the popular recent launches at Danga Bay area, JB city area. Any good property launches to look out for or existing which still can consider?

Malaysian living overseas buying property?

Gymrat76 — Sun, 07 Apr 2013 02:00:53 +0800

Hi all

I'm a Malaysian currently working and living in Singapore. What are the complexities involved in purchasing property back in Malaysia? E.g. Would getting home loans from Malaysian banks be more difficult? Thanks!