Loan Update

Fresh from the bank

Just came back from bank checking on the loan agreement document prepared by them. As I have thought, the document is thick (don't mentioned how many copies they made!) and full with 'I don't know what' words and terms. Having two times experience before with the same bank, I am quite familiar with the way they arrange the terms and where to find certain clause on something. Being 100% Islamic Bank, I can understand the bulk of financial commitment waiting us for the next 30 years. My 1st installment will amount almost RM 1, 700.00 that that will be revised following the increase and decrease of the BLR. Peace though that islamic banking system has this capping rate which they used for 'akad' purposes. The rate has been capped at 10.50% and whilst I am borrowing them RM 360,000.00 the akad for the property will be at RM 1,200,000.00!! yes, 1.2 million. I wonder if let say, I still can work at 80, do I have all the sufficient to keep and raise 1.2 million? Well beyond imagination.

Other terms

Other terms seem similar which I don't bother so much to read. I just go and checked the upfront that need to be paid upon signing the document and to my suprise I just need to pay RM 200.00 for processing fee or something. Just hope that the lawyer that the bank appoint now will be okay. Not like the previous one who easily karap my money hoho. Their service okay though but when this refund issue come to surface, ooooo. hate to mention this.

Note to those who plan to purchase a property

Don't worry if you don't have much money. Well planned, organized and structured plan will save the day. But, if you don't have at least the deposit, then perhaps some other time hahaha