Purchase of House

Last Friday, I went to Wong & Loh Associates and Solicitors near i-Avenue. I went there due to purchase of house. I'm not sure who was I dealing with. My dad followed me there. The boy asked for a 10% deposit, RM2,520 because my agreed price with the house owner was RM252,000. The boy said I had 14 days to wait for loan approval as I was protected by the law and the house owner can't sell his house to third party within this period. I was given a photocopy of the house's grant and title. I decided to go for all the banks on Monday since I had been waiting for Public Bank's approval for one week. So, RM252,000 - RM2,520 = RM249,480 remaining to settle later. The boy said I can apply for loan from any banks, just that HSBC is not their panel bank and CIMB as well as Maybank will be late on payment efficiency.

Around 6pm, the banker from Public Bank called me. He said that my loan under my individual name was approved and I had the waiver of house's valuation fee, which was about RM800. Now he is just waiting for the approval of special rate which he applied for me. He said my insurance was just within RM1,000 since I am an insurance agent and I informed him that Maybank could provide me a rate of 3.8% with insurance charge of RM500 only. Hopefully my special rate of 4.2% can be approved instead of 4.3%.

Well, I applied for RM200,000 loan with 35 years term in flexible account but I can't settle the loan within three years unless I don't mind to be fined a penalty charge. The banker said the loan instalments are still the same even though I have dumped in a sum of money. It will deduct  one month's instalment before subtracting my loan's principal. It won't deduct my loan instalment instead it will minus my terms. Ergo, I asked him to quote me 35 years instead of 30 years or 25 years. I have seven days to pay the instalment before additional interest will be charged. I sent him the name card of my lawyer via WhatsApp. 

Now, I still need to find RM49,480 to finalise my purchase price. The boy from the lawyer firm there said they won't represent us to deal with house owner regarding which electric equipment or furniture will be left over to me. They will ask us, the buyers and sellers to communicate with each other before the S&P is signed later. So God bless, hopefully the house owner will leave whatever in the house when my dad eye-sighting the house to me.