Buying your first own property to be
called home is another milestone achieved in your life. Whether it is for
investment purpose or own stay, most people are still confused with the
steps of buying a new house in Malaysia, or a home.
Buying your own property may seem easy but when it comes to going through the procedures
of buying a home, you then realize that you have
missed out on many steps and wished you know the steps earlier so you could avoid the unnecessary troubles.
Before you
apply for a house loan, there are some loan terms you need to know. This article will guide you through the few things that you
should do when applying for a house loan.
First of
all, you need to know that different banks offer different interest rates.
Therefore, you will need to do your research and find out which bank offers the
best rates for housing loans. The interest rates offered by the banks differ
based on several factors, such as the loan tenure, loan amount, your credit
history and etcetera.
With the
best rates for housing loan, you will also need to understand the terms and
conditions that come with it. There are some guides
on home loans out there
that you could check out on.
2. Flexi loan
service
In
addition, many applicants have missed checking out the flexi loan service that
is available. A flexi loan is a loan that allows you to place additional money
that is withdrawable in the loan account. It is a flexible loan service that
allows you to draw out money without any charges. As for semi flexi loan, there
is a charge if you withdraw money from the account.
However, it
is recommended to go with a full flexi loan if you have the extra money that
you could use to make advance payment and reduce the outstanding balance. In
addition, your cash balance in your account is excluded from outstanding
balance for the interest calculation. This will then give you more flexibility
and you will be saving on your interest payable as you will be paying for
lesser interest when you opt for a full flexi loan.
Although
there are benefits that come with a full flexi home loan, it is perfectly fine
to opt for a non flexi loan if you are tight on your cash or you do not have
any intention of putting your money into the loan to reduce interest payable.
Furthermore, you might also be able to get better interest rate if you opt for
a non flexi loan.
Make sure
you make a housing loan comparison from different banks before you decide on
which loan service to engage with. If not, engage with a banker to seek for
professional advises.
3. Lock in
period
Many home
buyers neglect the importance of lock in period for their housing loan package.
It is an important aspect that people should learn before applying for a
housing loan. Lock in period is a factor that you should pay attention to. Lock
in period is the period where penalty fees will be imposed if you plan to clear
the loan earlier. In any event of breach of contract, there will be penalty
fees applied to the applicant along with the conversion and cancellation of
loan agreement. Typically, the penalty fees are approximately 2% to 5% of your
outstanding loan balance. Therefore, it is advised to go for loan package that
offers the shortest lock in period and comes with a low exit penalty. Do note
that bank loans that come with no lock in period often have a higher interest
rate as compared to those bank loans with lock in period. However, some
banks do not charge penalty fees if the applicants give advance notice.
4. Bank
approval
Buying a
property can be a tedious process, but waiting for your bank loan to get
approved by the bank is even more of a daunting process. All banks have their
own ways to deal with the procedures and their own policies. Different banks
also have different requirements and process when it comes to bank
loan application. Normally,
it would take approximately 1 week to 2 weeks to process and get the bank loan
approved. Therefore, prepare a checklist for documents that are needed by the
bank and always get your supporting documents ready to prevent the delay of
approval for your desired bank loan.
In conclusion, getting your home loan
approved is not as daunting as it seems to be, as long as you start preparing
and planning earlier. Be sure to read through the conditions on the bank
agreement before you sign the loan agreement. The procedures of getting your
home will be much easier after you secure a bank loan.
5 komen
good tips
ReplyDeletealhamdulillah.. e'in lepas dah yang nie.. sekarang tinggal tunggu rumah siap je..
ReplyDelete
ReplyDeleteشركة المثالية للتنظيف تسعد بتقديم خدماتها لعملائها بالمنطقة الشرقية خدمات تنظيف خدمات مكافحة حشرات خدمات تسليك مجاري المياه للمطابخ والحمامات جميع الخدمات المنزلية تجدونها مع شركة المثالية للتنظيف بافضل جودة وارخص الاسعار بالاعتماد علي كافة الادوات الحديثة والعمالة الماهرة
شركة المثالية للتنظيف
شركة المثالية للتنظيف بالدمام
شركة المثالية للتنظيف بالخبر
byk yg perlu d pertimbang kan eh
ReplyDeletebagi kakitangan awam better apply dengan LPPSA
ReplyDeleteHai.. Terima kasih sudi baca entry saya. Sudi-sudikanlah juga untuk komen yerr. Komen yang baik-baik dan murni-murni je tau.. Semoga Allah merahmati anda. Amiiin.. Terima Kasih.. :)