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Checking Buyer's Financing Eligibility
If the buyer requires loan financing, details such as income, financial commitments, and employment type must be provided to calculate the estimated maximum loan amount that can be approved. Cash buyers can skip this step.
House Inspection
The buyer will be taken to inspect the condition of the house. If the house price is negotiable, this is the time for the buyer to make an offer.
Pay Booking Fee of 3.18% of the House Price
Once the buyer agrees to purchase the house, they need to pay a booking fee of at least 3.18% of the house price as a sign of agreement. The booking fee will be refunded if the bank loan application is not approved. However, it will be forfeited if the buyer's bank loan application is approved, but they change their mind or decide not to proceed with the purchase. Hence, the buyer should carefully consider before making the booking payment.
Loan Application 14 Days - 21 Days
Complete documentation will be submitted to the banks to apply for the loan financing. The bank will contact the buyer for verification and other processes.
Signing Loan Agreement With the Bank
After successfully obtaining the loan from the bank, the buyer needs to visit the bank that approved the loan to sign the loan agreement.
The lawyer will prepare the Sale and Purchase Agreement (S&P) in 1 week
Signing the Sale and Purchase Agreement (S&P)
The buyer needs to visit the lawyer's office to sign the Sale and Purchase Agreement (S&P) document.
EPF Withdrawal for Paying the Remaining Deposit of 6.82%
Among the purposes for EPF (Employees Provident Fund) withdrawal is to pay the remaining deposit for the house purchase. Only withdrawals from Account 2 of EPF are allowed. If the loan margin is 100% or full loan, the maximum EPF withdrawal is 10% of the house price. If the loan margin is 90% or full loan, the maximum EPF withdrawal is 20% of the house price.
Transfer of Ownership will be Processed by the Lawyer
Waiting Period: 3-4 months for bank financing, plus an additional 2 months if buying a low/medium-cost house.
Handover of Keys