In other words. The property can be co-owned and sign on the same SnP. But when come the mortgage... bank cannot process joint mortgage with a friend?
@6011_3531_5354 Hi, two friends with no immediate family relation can JV to get mortgage loan ( up to 90% ). Provided both individual do not have two property being financed already or there will be a slash in margin. As 3rd property for two no relation individual is 50% LTV rather than the usual 70%. This is my banks policy anyway not sure about other bank. The bank I'm referring to is standard chartered bank.
@domng source of income do not really cause a problem, nationality may prove to be a key factor thou as loan applicants from high risk country tend to be rejected unless they are working in Malaysia and salaried in Malaysia. Pure foreigner from high risk/sanctioned country definitely will be rejected.
An investor need to factor in the pros and cons of commercial title vs residential title for apartments... if you plan to use the unit for Airbnb, a commercial-title designed property (dual access door units for example) would take into consideration the high turnover of tenants (guests) while still maintaining the privacy of other residence...
A residential-title designed unit might not be suitable for Airbnb business.
I see. My buddy bought a house in landed residential strata, everything within the boundary of the fence is managed by the management company... including rubbish collection, grass cutting, playground, lamp post etc etc. Not sure if it applies to repainting the houses... One thing is for sure, the owners cannot anyhow repaint or modify the exterior.
i think sinking fund is a new term for most of the property project. previously we only know maintenance fees applicable to stratified properties only. then come sinking fund for stratified properties. and now landed property have started the maintenance fees + sinking fund package. so the definition still not clear, on what do they covered under those packages
You can joint mortgage with anybody you want... what the bank does not allowed is 3rd party loan with friends (meaning joint name purchase of property) but only 1 person is applying 100% loan...
3rd party loan is only available to siblings, family members that you can proof to the bank that you have direct relationship with the family member.
however there are some banks that still accept 3rd party loan depending on the property type as well as the credentials of the applicant.