Monday, June 29, 2009

Since when I say I wanna buy that house...

I was bored going back to my older post to refresh what've written ever since I started this blog of mine. Then I come back to my blog post that I write about me visiting The Peak@BukitPrima with my mom and I was surprise to see that a real estate agent unexpectedly responded to my blog post and leave the following comment.

Dear Miss,

I saw that you are interested in this 3-storey Semi-D in Bukit Prima. ,

Just an brief introduction about myself, I am RS an agent from HR United Group, I see your in interest in this project.

FYi, there are only a few units left for this project, I can help you if you need 100% loan on buying this property (meaning that no down-payment is needed),

The Sales & Purchase agreement is also waived.

Please contact me for more information.


RS Liew
Agent, (016-6110011)
HR United Group.

First of all, I was abit mm song because this Liew refered me as Miss...dulan betul. I'm Mister la. I was really surprise that my so unpopular blog also got real estate agent dropby one.

My mom decided to settle for a much affordable house somewhere nearby The Peak@ Bukit Prima under the similar house description so I wouldn't be bother to reply this humble RS agent from HR United Group however his/her reply has left a doubt in my mind. Although I'm not an expert in Sales and Purchase Agreement thingy , I was wondering can we really get a 100% loan to buy a property?

The last I've heard only that cheapo quality Kia car manufaturer is offering people zero downpayment and 100% loan agreement to purchase their car.

It's quite far-fetched to believe that we can obtain 100% loan to purchase a landed property. At this moment I have not confirm such believe with my mom yet as I wrote this piece of writing in my blog. Considering the property my mom formerly interested are 800K at bare minimum , it's impossible for a person to obtain 100% loan right? Too good to be true.

However I've consulted a friend of mine whose a former bank manager, he said such ruling ( to offer 100% loan ) is not impossible. It can happen for a new housing development but it's high unlikely to happen for a second hand house. Reasonable.

However in my personal view, I do not think it's viable to give out 800k loan without any security as consideration. It takes a dreadful years to pay off the loans and consider the interest attach to it. What if the bank give out 100% loan and the purchaser defaulter the loan within years after obtaining the loan due to financial incompetency? But anyway, if you work as a Regional Manager or a CEO, with such a reputable job title as a bank , I myself would not hesitate to give out the loan because your salary can clear off the loan in matters of months. I would reasonably hesitate to give you this loan deal (100% loan) if your monthly salary is not even minimumly taxable by the government . It's ridiculously stupid to contract with a lack of means purchaser. Bank would go bankcrupt if all borrower can't repay the loan.

Do you know that CIMB CEO Datuk Nazir Razak is the highest paid CEO of GLC companies in Malaysia? His salary is 9.35 million leh... every year also can buy one ferrari as a toy for his grandson.

So all this agent promise you 100% loan is purely inducement the end of the day the bank still require to look at the borrower's background before settle down with such lucrative loan deal. In our life there's nothing without condition.

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