Buyers secure a loan based on the inflated price in the sale and purchase agreement with extra cash at hand in what is termed as a “cash-back” feature.
“This use of the approved developers’ list has been in practice for many years. Banks have their own preferred list of developers. However, there are repercussions to this practice. Kong said PEPS has asked Bank Negara and relevant authorities to reinstate the need for new projects to be valued.A buyer who buys directly from the house owner has to get the house independently valued if he were to seek bank financing.A source from the Royal Institute of Surveyors Malaysia who declined to be named concurred with Kong.
Source: Real Estate Daily Report (realestatedailyreport.net)
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: msianinsight - 🏆 8. / 63 Read more »