Process

Letter of offer: the seller will sign the letter of offer signed by you and accept your deposit of 2% of the property price which is kept by the estate agent as stakeholder until the Sale and Purchase Agreement (S&P) is signed.

S&P: S&P will provide details of the transfer and any warranties; the seller will now be given a deposit of 10% of the purchase price less the amount of deposit given at the letter of offer stage

State authority consent: Only for transfers of leasehold land or for foreign buyers, it can take from 6 weeks to 3 months

Completion: Completion will usually take place within 3 months of the S&P.

The paperwork for letter of offer, S&P should only be done by yourself if you are sure of the procedures. If not, it would be best to hand it to a lawyer as there are loopholes which you yourself would normally not find, leaving yourself at a disadvantage.

Ensure that you have the following financial documents for your loan application

a)      Loan application form

b)      Photocopy of I/C of all applicants (Front & Reverse)

c)       Latest J form / Borang B or BE (last 2 years)

d)      Pay slips for the last 3 months

e)      Copy of S & P Agreement/deposit or booking receipt/letter of offer from the housing developer

f)       A photocopy of the land title (if any)

g)      Bank account statements for the last 6 months

h)      Valuation report for completed house

i)        Latest statement of your existing home loan

Additional documents if required

1.       Latest EPF Statements

2.       Confirmation Letter on current salary from employer

3.       If you are self employed, you need to provide your business registration documents, latest business financial statements, 3 months business’ bank statements, and other supporting documents to support your income.