Application for housing financing to purchase a shop house is allowed provided that the shop house has the characteristics of a residential house that has the function and structure of living room, bedroom, bathroom and kitchen permanently.
Application for financing to purchase an apartment including a parking lot is allowed provided the applicant encloses 2 separate agreements for the purchase of an apartment with a separate parking lot. If the purchase of an apartment that has a parking lot in the same building, then the 2 agreements are not required.
Financing applications for the purchase of low cost houses are allowed to applicants from Support Group II provided that the Sale and Purchase Agreement for low cost houses and the Contract Agreement for additional work are submitted simultaneously together with the Financing Application Form. Application for additional work must be made simultaneously with the construction of the house and the amount of financing for the additional work allowed does not exceed RM20,000.
Type 1 financing is financing to purchase a completed property and the financing application process is the same regardless of the property status of the property. The difference only involves the use of different securities documents in the collateral process as stated in the relevant appendix.
Yes, a financing application can be made under the condition of purchasing a secondary property assignment. However, the buyer is not allowed to sell the parcel of the house to a third party until the Strata Title is issued.
What additional documents are required for the financing application to purchase LPPSA auction properties and how long will the completed documents need to be submitted to LPPSA?
Additional documents required are:
1. Contract of sale from the court / land office; or
2. Confirmation letter from the land administrator confirming the applicant is successful in the auction.
The document must be submitted after the successful auction