JL - Tripple Storey DREAM HOUSE in KL/PJ with a cost of fund of RM3400/month. This 24x75 Tripple Storey Link house is really one of its kind that i have seen in the market. You dont get to see developer building such design in the market today, if there is...? It will be RM2million ATLEAST. However there are possibility that you can actually own a dream house like this at the cost of installment ar approximately RM3000++ per month. BONUS is, it can be in Kuala Lumpur or Selangor. *TERMS & CONDITIONS apply here... Lol... Well, this is a piece of advise ONLY for those who has parents that owns any Landed property in KL which is FREE OF ENCUMBRANCE aka DEBT FREE. I assume any Landed house now in KL or Selangor is within the value range of between RM600,000 - RM1,000,000. I did asked my contractor and architec friends on the gross cost of construction for building such a beautiful modern contemporary design house and their advise base on their expertise experience is approximately at; - RM150psf for the built up cost of construction (assuming a 2800sf x RM150psf = RM420,000) - RM50psf for the Interior Design @ cost of RM140,000 *COST OF BUILDING can range between RM400,000-RM600,000 depending on what Quality & Material you wish to use. *TIME PERIOD to build take approximately 8-12months. There are 3 OPTIONS here for owning a dream house like this with a minimum repayment of RM3000++ per month. 1. REMORTGAGE ::: assuming that house this is an old that is worth RM800,000 double storey at any address in KL/PJ. Your parents can refinance this property at 80% financing that you can free up the equity at about RM640,000 @ 20years with a monthly repayment of about RM4000/month. Once the loan is granted, the credit of RM640,000 can be immediately leverage and utilise to build this dream house. 2. DEED OF TRANSFER - your parents can assign this property to you as a deed of transfer on ownership of this property and then you can remortgage this property under your name with a longer tenure of 35years @ 90% refinancing cashing out RM720,000 with a repayment of only RM3400/month. Refinance wil be tougher because nowadays banks derive refinance repayment capability base on 10years tenure repayment for credit reference purposes, if you find this option not so favourable you may consider option 3. 3. PURCHASE OVER FROM YOUR PARENTS - you may consider this last option by buying over from your parents at the HIGHEST VALUATION as possible, because u may want the loan of 90% you applying for to be paid to your parents as the capital for this project. Assuming u transact at RM800,000 and u take a loan of 90% which is RM720,000 for 35year tenure, your repayment is also RM3400/month. U may need to wait 3-6months before the money is being disburse to the vendor (your parents). Your dream house is on its way then. CONCLUSION ::: Once your loan is granted the clock starts ticking and your credit of RM720,000 with a repayment of RM3400/month will be directly deducted from the Full-Flexi Loan Account without actually needing you to serve repayment for the mean time as long as you have sufficient funds in the account. *As long as u dont go to Genting Highland then everything is fine... LOL!! If you wish to take up this DREAM HOME project you may definitely need to structure properly your checklist before you blindly executing without any direction for example, cashflow management, time management, project management, construction progress management, Quality management, bla bla bla... The rest are history; 1. Engage a architec (Allocate a budget) 2. Quote for construction cost 3. Quote for Interior design cost 4. Buffer an amount for loose piece furnishing budget 5. Prepare your income profile 6. Check with bankers your credibility 7. Get everything ready....... 8. If everything within your plans? 9. EXECUTION is awaiting then. P/s ::: if you are still unsure of what i am writing above, you can always drop me a PM private message and i will attend you at my earliest convinience. TIPS ::: try considering FULL-FLEXI-LOAN@ and ISLAMIC FINANCE. If you dont understand, google it up or ask the mortage bankers. Happy Hunting your dream house ✌️ JL™
Posted on: Sun, 21 Dec 2014 22:25:35 +0000
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