Progress update by Stages
| No. | Stage | % | Remark |
|---|---|---|---|
| 1 | Immediately upon the signing of the Agreement | 10 | Done |
| 2 | Within twenty-one (21) working days after receipt by the Purchaser of the Vendor’s written notice of the completion of: | - | - |
| 2 (a) | the work below ground level including piling and foundation of the said Building comprising the said Parcel | 10 | Done |
| 2 (b) | the reinforced concrete framework and floor slab of the said Parcel | 15 | Done |
| 2 (c) | the walls of the said Parcel with door and window frames placed in position | 10 | Done |
| 2 (d) | the roofing/ ceiling, electrical wiring, plumbing (without fittings), gas piping (if any) and internal telephone trunking and cabling to the said Parcel | 10 | Done |
| 2 (e) | the internal and external plastering of the said Parcel | 10 | Done |
| 2 (f) | the sewerage works serving the said Building | 5 | Done |
| 2 (g) | the drains serving the said Building | 5 | Done |
| 2 (h) | the roads serving the said Building | 5 | Done |
| 3 | On the date the Purchaser takes possession of the said Parcel with water and electricity supply ready for connection to the said Parcel | 12.5 | |
| 4 | Within twenty-one (21) working days after receipt by the Purchaser of the written confirmation of the Vendor’s submission to and acceptance by the Appropriate Authority of the application for subdivision of the said Building | 2.5 | |
| 5 | On the date the Purchaser takes vacant possession of the said Parcel as in items 3 and to be held by the Vendor’s solicitor as stakeholder for payment to the Vendor as follows: (a) two point five per centum (2.5%) at the expiry of six (6) months after the date the Purchaser takes vacant possession of the said Parcel (b) two point five per centum (2.5%) at the expiry of eighteen (18) months after the date the Purchaser takes vacant possession of the said Parcel |
5 | |
| 80% Done | |||
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[...] Completion September 30, 2009 Bayan Villa – Satelite map Total Payment Debited – 70% About [...]
May i know any of you already paying monthly installment??
Or still in progressive interest?
Rooo,
still on progressive interest.
Iccc….rugi banyak worrrrr….me too!!
i paying monthly installment… seem the house almost complete they is no any reason to pay interest
Wayloon,
How do you proceed to pay installment? What bank? and How you negociate with them?
Since we are on the topic of bank installment, may I know if any one here is able to ask bank to revise their interest rates?
As one of the early buyers, my interest is relatively higher compared to what is offered now (-2.2 at least offered by EON). I heard from relative that you could write in to have the bank revise it even before the 5 year lockdown period. I haven’t bothered coz the bank haven’t completely writedown the loan amount. In fact what I am looking for is changing my plan to a flexi mode. It would be great if anyone would be able to share their experience with their bankers.
It is so envious to the new buyers with the goodies they are getting.
Hi all, I am on HSBC HomeLoan. I have actually started the installment since last year because based on the agreement that I signed with them, the installment will start no matter what after 3 years. I did not realize that until the bank inform me because the as usual, these clause are written so small and you won’t notice until you face them. :P
Anyway, about revising, you should try to write to the bank and request for that. My wife and I manage to request for revision but it is still not as good as those that is in the market now because the rate that we sign for was during 2005 time.
Hi guys,
Just sharing.
We signed our bank loan agreement somewhere in 2005 with BLR +0.25% but I managed to get interest revision after official write-in early of this year to the bank (CIMB). Now my rate is BLR -1.5% without switching to another bank.Not the best but still good deal for us without paying penalty.
You may also write -in to request full monthly installment as mentioned by Ewyong to reduce the principal. With the full installment, next step is withdrawal money from EPF. Now I still waiting my bank statement for the EPF withdrawal application.
HI Ewyong and Sim,
Thanks for sharing your experiences with the bank. It is good to know that you could ask for lower BLR while it is still UC. The second thing I need to know is will they restart your 5 yrs lockdown period?
I would rather wait it out if they restart my lockdown. The newer offers are so tempting and I’m planning for a longer term for this property.
I am waiting for new house loan promotion too, hopefully can get longer zero interest years.
Hi Calvin,
For me, they “restart” the lockdown period, another 5 years.
Refinancing will save a lots in long-term even we pay the penalty. If you plan to settle the loan faster(ie ,5-7 years), the saving will be reduced. So, it soley depends your plan.
Sim,
Usually bank will lockdown your HL for ~5 years. If you break it, you pay the penalty (usually 2-3% of the loan). After 5 years, you can shop for another bank to “refinance” your property and you can probably ask for the market price (not sure if the bank will actually call a realer to rate the market price). The HL these days are now most ZEC.
I have plans to restructure my HL to a flexi pay so that I could have the money easily. My rates now are alot higher than what the market is offering but if it means restarting my lockdown period, it is not worth the effort.
On ya, to answer your question, I don’t think it is worth while paying the penalty coz 2-3% is a lot of money and I only need to hold on to another 1 year before the lockdown period is over.
I think…
Hi Rooo,
I’m using semi-flexi from public bank. that banker telling me if wanted to start house installment, i need to straight pay the amount for the installment only. there is no anything or registration require.
oooohhh…since we’re talking about loans here, i’m wondering which bank offers the best? i’ve called up several banks today, but ermm…hehehe…i stupid lar, tak faham what they are explaining lor…so just wanna seek more opinions here. aihhhh.
ambank –> blr – 2.00%
uob –> blr – 2.00% (for the first 5 yrs) and blr – 2.40% (from the 6th yrs onwards)
ocbc –> a bit lupa, but macam blr – 2.20%
public bank –> also a bit lupa, but macam blr – 2.15%
wow! Current offer is sooo tempting!
You can roughly evaluate the package using Excel http://www.vertex42.com/ExcelTemplates/arm-calculator.html. I will opt for the flexi loan package if available during 2005…
ooo can adjust each year is damn cool..
perrin,
I have a few formulas for HL. If you seek the lowest interest rates, look for the smaller banks. EON and Alliance have very good offers. EON advertise -2.3 at one point (whole tenure).
I don’t like internationals banks. They are not really competitive.
If you opt for fix rate, I doubt you can get good rate.
After that look for convenience. Going bank every month can be quite a hassle.
Lastly, get flexi if possible if you’re planning long. Don’t under estimate how much you can save by holding off your Credit Card bills before the last day.
Don’t forget that you can negotiate with your banker to counter-offer your rate.
oooohhh…guys, thanks a lot for your suggestion. sighhhh….i sakit otak betui…..erm ermm…but the sales agent told me if i were to get international bank, there are more changes that they have to do (which they should, since i’m buying a property from them!) and hinted that i might have to pay the lawyer fees for S&P. wtf wei?! sighhhh
[...] Calvin leong has shared some useful tips on getting the right bank for a suitable package here. Some of you like Ewyong, Sim, wayloon, and perrin share their homeloan experience too. Thanks to [...]
Congrat to Bayan Villa buyers. After so long, the project is finally on the track to completion. Good luck guys and look forward to more good news.
Aman Heights buyer
hap,
good luck to you on Aman Heights too.
[...] is telling me are the Bukit Ciri and Sun Garden one. He continued, Bukit Ikhlas will be charging us 2(h), which is another 5% of the payment in this month. It is a good idea, I suppose. Perhaps I will [...]
Thanks all for your comments and special thanks to Sim for the excel file, i still dono how to use it yet thou i downloaded it, i’ll spend sometime learning it once i got time, thanks so much!
Bayan-villa…
[...] something about bayan-villa[...]…
I am looking for grilles contractors. Pls message me with quotes. 3 + 1 unit.
Ryan,
kindly check out or renovation contractors’ contact in the forum, we are actively discussing about it.