Wednesday, July 21, 2010

100% Housing Loan???? Believe It or Not....

I plan to buy a property of rm200K++ but i dont have a lot of cash to pay the deposit. Is it possible to get 100% loan?

hm.. i think today i want to share the answer for this question. The answer depends whether it is a subsale unit or a new project.

If it is Subsale:

For subsale unit, anyhow, you need to pay the 10% deposit that is rm20K. if you dont have enough, try borrow from your father, mother, siblings, friend who trust you or even your boss. Promise them to pay them within 6 months - 9 months after your loan disbursed.

Then, you need to find a property offered below market value. let say you find a property to be sold at 180K but market value 200K. Then if the seller agree, mark up the price in the snp to be higher as long as not higher than market value.

So let say we put 200K in snp and you pay rm20K for the deposit. Then apply bank loan based on 200k price

90% loan from 200K = 180K loan

Since the real price of the property is only 180K, this means you get 100% loan for the house.

However, since you already pay 20k, the balance to be paid to the seller is only 160K

So your lawyer will refund back the extra 2oK from the loan to you, minus the legal fee and stamp duty to be paid to them maybe about 4k- 5k, depending you get discount on the stamp duty or not. But there are cases whereby buyer can kawtim with seller to pay less than 10% depends on how good your relationship with the seller or how desperate the seller to sell the property but dont have any other buyer except you.

For New Project:

It is possible since some developer offers rebates and discounts. Try get a project whereby the developer will put the price in the snp based on price before discount. Then you will get 90% loan from the undiscounted price then, after minus all the discounts and rebate, the 10% deposit will be almost covered.

At the end you will be required to only pay a small amount of deposit, depending on the package.

I have found projects which at the end you only need to pay rm2k for the deposit and that's all.

p/s : The article was taken from

1 comment:

  1. The home buying process can seem complicated, but if you take things step-by-step and you know how to choose the right home loan, you will soon be holding the keys to your own home.