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Try to ask many mortgage consultants but they say cannot. But still heard someone apply joint mortgage loan with friend/non family. Any insight? or Contact.

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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?

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no idea. that why i ask. 

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Seriously have no idea on it. Is it a good idea to own a property with a friend?

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for investment purpose only. 

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I see cases where unmarried couples who co-own properties and take bank loan together before marriage... ofcourse there are pros and cons to this arrangement.


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You can joint mortgage with anyone u like isnt it?

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I think the bank will evaluate every joint mortgage on a case by case basis and there is no hard rule on this. Please correct me if i am mistaken. :^P


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I think some bank "can" do it, as long as they declared it as "cousin" or "married".... never seen a single bank check on the matters


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I see. Which means the bank will not ask the joint mortgage applicant to produce married/birth certificate as supporting document?

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if the credit officer felt suspicious, then they will request it.

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never try, never know... no regrets!

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@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.

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@Yean... thanks for sharing. good information from Standard Chartered Bank. May I know if the criteria applies to foreigners applying for a loan?

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@domng yes. If it's two foreigner our loan margin is up to 80% if it's Malaysian Citizen + Foreigner is up to 90%. SCB is the preferred bank for foreign investor for our highest margin in the market and we also process pure foreigner investor who don't work here.

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@Yean... does it matter if the person taking the loan is earning a salary in Malaysia or Singapore. or only the nationality matters?


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@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. 

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if decided to buy the property, put under company name, then the mortgage loan is under company or personal?

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@douglas_mhpg yes, your are right. get a pandai pandai banker instead.

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@6011_3531_5354 if purchase under company, loan can be under company name but director hv to be guarantor. or either way, director use their personal name to apply for bank loan which called 3rd party charge

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what is the margin or finance under company name but director as guarantor? 70% capping on 3rd loan still apply?

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I would like to know... if the property is not under your name... can you still apply for a bank loan to finance it?

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@6011_3531_5354 that is under company and margin depends on whether it's resi or commercial mortgage. 

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@domng nope you can't 

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Good information shared guys.

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Any idea about Serviced Apartment under Commercial title?

Is this a grey area or follow strictly, Residential or Commercial

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not sure about the latest regulation.

last time is under commercial

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@domng depends on whether is it with hda, if it is it is usually residential 

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I know of a friend who bought a unit under commercial serviced apartment. His quit rent and "Cukai Pintu"  is much more expensive compared to similarly sized residential condo. 

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try check in S&P if stated the developer will apply to change the status from commercial to residential. if yes how long the period stated. if not then the owner must discussed with the developer. not only quit rent, the utilities bills will be charged on commercial rates !!

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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.

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@domng agreed with u, last time buy home never think about that costs. now assessment free and management fee also need to take into consideration while making property investment

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@Nic... which bring up another topic... about the sinking fund... usually it is charged at 10% of monthly maintenance fee?

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@domng based on my current exp and bills i saw is 10% of management fee. 

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@6011_3531_5354

I reckon this 10% is to maintain the shares facilities such as playground, lamp post, grass cutting, painting, guard houses etc etc 

I wonder if sinking fund applies to residential and commercial landed property?

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@domng sinking fund mainly for repaint the building, if not mistaken

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@6011_3531_5354 

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.

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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 

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@domng for landed normally painting is cover by own cost within unit premise. 

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@Nic. I wonder if they really misuse the term Sinking Fund nowadays. So that they can collect more funds. Hmm... 

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@domng join the management committee then u will know they got misuse or not. and also the annual report

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@6011_3531_5354 

Maybe an internal auditor role would be good enough to detect any anomalies in the accounts... This is a requirement to submit audited account to the ROS annually...

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@domng 

what is ROS?

is there external audit they required to hire?

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Registry of Societies (ROS)

www.ros.gov.my

In the constitution, there is a requirement to have the accounts audited and submitted to ROS for verification.

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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.