News & Updates

A signature serves as a universally recognised symbol of proof of agreement. It seals the deal in many agreements and contracts and makes them legally binding. Like in any contracts, one should scrutinise loan documents before signing them. 

Housing loan documents prepared by financial institutions are usually standardised and vary with the letters of offer from the financial institution to the prospective borrower as they are tailored to the prospective borrower’s circumstances and capabilities to finance the repayment of the loan. With the idiom “The devil is in the detail” in mind, one could avoid being taken unawares by certain terms and conditions that might have been missed. Thus, the following are 10 things to look out for when signing housing loan documents. 

The property market remains resilient despite of the challenging economic environment, according to observers. 

Rahim & Co Research director Sulaiman Saheh said although the number of launches and sales performance of developers have been declining, there were projects that were performing well due to the nature of the product, concept, location and marketing strategies. 

“Market fundamental is still resilient and the market has the holding power, in spite of some expectations of rising unit sales,” he said during a presentation at the Rahim & Co property research seminar recently. He said affordability is still a major concern. 

“The market is leaning towards the affordable market segment. Creative products within the affordable segment are going to be well-received,” he said, adding that there is still demand but the buyers were hindered by end-financing woes. 

“We expect a rationalisation of high-end and branded residences as the global economy remains challenging,” said Sulaiman. 

Penang property owners will receive massive savings on their assessment rates for next year, the Pakatan Harapan state government announced today.

Chief Minister Lim Guan Eng said low- and medium-cost homeowners as well as those living in kampung houses will be fully-exempt from payment while other property owners, including commercial, will receive a 6 per cent exemption.

He said the move is to alleviate the economic pinch felt by some 1.7 million Penangites as living costs rise even as the value of the ringgit fell.

The assessment rate exemption to residential property owners is expected to cost the state councils some RM14.1 million while commercial property owners will save a total of RM21.74 million.

Lim also said his state administration has ordered Penang’s two city councils, the Penang City Council on the island and the Seberang Perai City Council on the mainland, to bear the still controversial Good and Services Tax (GST) of 6 per cent to be charged on the assessment rate.

“This means Penangites will save as much as RM19.36 million from the GST payments,” he said in a statement.

“This measure by the state government and the local authorities is able to save 1.7 million Penangites RM55.19 million for the year 2017,” he added.

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