View Full Version : S'pore private home prices rise 2.5% m/m in May: NUS
http://www.businesstimes.com.sg/sub/latest/story/0,4574,445347,00.html?
June 29, 2011, 5.04 pm (Singapore time)
S'pore private home prices rise 2.5% m/m in May: NUS
SINGAPORE - Prices of non-landed private homes in Singapore climbed at a faster pace in May, with properties near the city centre commanding the largest price increases, the National University of Singapore (NUS) said.
According to NUS's Singapore Residential Price Index, non-landed homes cost 2.5 per cent more in May compared with the previous month, up from April's 1.1 per cent increase and March's 0.2 per cent rise.
The growth was led by the sub-index for the central region, which showed prices of non-landed private homes in Singapore's central region appreciated by 3.5 per cent in May compared with a gain of 1.7 per cent for properties in non-central regions.
Singapore, like Hong Kong and China, has been trying to cool its property market amid flush liquidity and interest rates that are near record lows.
The NUS report comes a day after real estate consultancy DTZ said resale prices of private residential properties increased at a faster pace in the second quarter compared to the previous three months.
Private homes account for about 20 per cent of homes in Singapore, where the majority of citizens live in government-built HDB apartments.
Singapore's Urban Redevelopment Authority will release its own flash estimate for private home prices on Friday. -- REUTERS
http://www.businesstimes.com.sg/sub/latest/story/0,4574,445347,00.html?
June 29, 2011, 5.04 pm (Singapore time)
S'pore private home prices rise 2.5% m/m in May: NUS
SINGAPORE - Prices of non-landed private homes in Singapore climbed at a faster pace in May, with properties near the city centre commanding the largest price increases, the National University of Singapore (NUS) said.
According to NUS's Singapore Residential Price Index, non-landed homes cost 2.5 per cent more in May compared with the previous month, up from April's 1.1 per cent increase and March's 0.2 per cent rise.
The growth was led by the sub-index for the central region, which showed prices of non-landed private homes in Singapore's central region appreciated by 3.5 per cent in May compared with a gain of 1.7 per cent for properties in non-central regions.
Singapore, like Hong Kong and China, has been trying to cool its property market amid flush liquidity and interest rates that are near record lows.
The NUS report comes a day after real estate consultancy DTZ said resale prices of private residential properties increased at a faster pace in the second quarter compared to the previous three months.
Private homes account for about 20 per cent of homes in Singapore, where the majority of citizens live in government-built HDB apartments.
Singapore's Urban Redevelopment Authority will release its own flash estimate for private home prices on Friday. -- REUTERS
Why seldom people mention about RCR?
Why seldom people mention about RCR?Because its between OCR and CCR. Just study the 2 extremes already give big headache so cannot study further on the in-betweens! :D
devilplate
30-06-11, 10:42
Because its between OCR and CCR. Just study the 2 extremes already give big headache so cannot study further on the in-betweens! :D
recently, i realise analyst lump ocr and rcr together....they mentioned things like ccr and den rcr/ocr......
recently, i realise analyst lump ocr and rcr together....they mentioned things like ccr and den rcr/ocr......Sadly so. Some of the OCR prices have infringed into the lower RCR prices le... :doh:
bargain hunter
30-06-11, 13:47
no thanks to the NUS which only has 2 indices: either you are CCR or you are not.
recently, i realise analyst lump ocr and rcr together....they mentioned things like ccr and den rcr/ocr......
Wild Falcon
30-06-11, 14:59
Too many indices. Very confusing. Just a few days ago, another index says prices have "accelerated" to 3.5%? Now this one says only up 2%. I hope someone forward this to KBW to tell him, prices are stable liao leh and not accelerating. No more cooling required :)
Hi....nus index is based on month on month... Dtz index is based on q over q... Nus lump CCR and RCR together... All this is called central region based on URA master plan.... The rest is ocr
rattydrama
30-06-11, 21:00
industry players... pls set standard for reporting lah, why create so many perimeters. It is very confusing and alot of people could be mislead.
And MND, pls do something about this. It is not going to help anyone to come up with so many different reports.
And all this report/data.....did they carry out data validation?
I guess for the time being only URA data is representive. But even that, some of the buyers did not caveat their buying price cos lawyer lazy or buyer buy in cash ...so how?
OCR/RCR/CCR should stay but the boundary should be reviewed... and developer should not mislead the buyers...
set restriction to agents should be same to those developers as well.
and when are we getting the price list before every project launch?..talk and no action for so long.
Does anybody know that stamp duty can be paid by CPF? You have to pay the cash first, then get the lawyer to reimburse back for you. But already 3 months, no reimbursement has been done yet. I have called the lawyer and she is supposed to call me back, but so far didn't get any eply from her yet. Did anybody face such a situation? Normally how long it takes to reimburse back the cash?:tsk-tsk:
Does anybody know that stamp duty can be paid by CPF? You have to pay the cash first, then get the lawyer to reimburse back for you. But already 3 months, no reimbursement has been done yet. I have called the lawyer and she is supposed to call me back, but so far didn't get any eply from her yet. Did anybody face such a situation? Normally how long it takes to reimburse back the cash?:tsk-tsk:Well 3 months is pretty decent. Even the agents will only get their commission 3 months after the initial sale. Buying a property if its BUC vs ready condos, time frame may defer by about 2 to 4 weeks! Don't worry. This is Singapore. No problem! My last lawyer also not very attentive to my queries and I was quite unhappy but they were cheap so I just play according to their time and finally everything was done. All those talks were cold (no hearty talks, etc) so just get job done and off we go! So just wait awhile more. :spliff:
Well 3 months is pretty decent. Even the agents will only get their commission 3 months after the initial sale. Buying a property if its BUC vs ready condos, time frame may defer by about 2 to 4 weeks! Don't worry. This is Singapore. No problem! My last lawyer also not very attentive to my queries and I was quite unhappy but they were cheap so I just play according to their time and finally everything was done. All those talks were cold (no hearty talks, etc) so just get job done and off we go! So just wait awhile more. :spliff:
Thank you, I'll wait for 1-2 months more and see how is it. But I think the lawyer should have the courtesy to call me back, is already 1 week, never receive any call from her. :( BTW, it is stamp fee and not stamp duty, actually are they the same. :confused:
devilplate
01-07-11, 08:48
Thank you, I'll wait for 1-2 months more and see how is it. But I think the lawyer should have the courtesy to call me back, is already 1 week, never receive any call from her. :( BTW, it is stamp fee and not stamp duty, actually are they the same. :confused:
shd be stamp duty leh...
ssd...seller stamp duty....
its stamp duty lah
http://www.iras.gov.sg/irasHome/page_ektid1904.aspx
You are required to pay stamp duty for documents executed for a sale and purchase of property. Stamp duty will be computed on the purchase price or market value of the property (whichever is the higher amount).
Thank you, I'll wait for 1-2 months more and see how is it. But I think the lawyer should have the courtesy to call me back, is already 1 week, never receive any call from her. :( BTW, it is stamp fee and not stamp duty, actually are they the same. :confused:Just call them. Even if they still don't give you satisfactory answers, at least you get the assurance that they are still around to process your purchase, etc and not some run away lawyers! :p
Too many indices. Very confusing. Just a few days ago, another index says prices have "accelerated" to 3.5%? Now this one says only up 2%. I hope someone forward this to KBW to tell him, prices are stable liao leh and not accelerating. No more cooling required :)
that depends on which camp you are in now right? :cool:
shd be stamp duty leh...
ssd...seller stamp duty....
its stamp duty lah
http://www.iras.gov.sg/irasHome/page_ektid1904.aspx
You are required to pay stamp duty for documents executed for a sale and purchase of property. Stamp duty will be computed on the purchase price or market value of the property (whichever is the higher amount).
Very confusing leh, the 1st page of the lawyer letter asked us to prepare the stamp fee of $xxxxx but next page asked us to bring along the cheque for the stamp duty when going down for appointment. But we received a letter from CPF stating that we can utilise the CPF amount to pay for stamp duty. So, are they the same. :confused: :confused: I'm buying an uncomplete ppty.
Ur stamp fee is most likely the fee for the stamping of the mortgage doc itself, around 500bucks is it ? This has nothing to do with the 3% stamp duty of the pty.
rattydrama
01-07-11, 21:43
these days lawyers during a lousy jobs, nvr explain clearly to the customer....oops not the lawyer but the secretary...
Ur stamp fee is most likely the fee for the stamping of the mortgage doc itself, around 500bucks is it ? This has nothing to do with the 3% stamp duty of the pty.
No leh, I paid $12k+ which is 3% less $5,400, I think.
No leh, I paid $12k+ which is 3% less $5,400, I think.
For new projects, Your lawyer has to write to CPF Board to approve the use of CPF funds for stamp duty, 15% downpayment and the repayment of the loan. This is done immediately after you pay the 5% booking fee. You have to pay the stamp duty within 14 days from the date the S&P is delivered. CPF Board will write to you detailing exactly how much can be used Once option is signed (usually 8 weeks from the time the S&P is delivered to your lawyer), CPF Board will release the 15% and your stamp duty to your lawyer. Your lawyer will pay you the stamp duty within a week.
It is better if your lawyer is also on the CPF's panel of lawyers. He/She can act for you and the CPF. Saves time.
Why not leave it in CPF account which pays 2.5% and also can be used as a buffer for installment payment?
these days lawyers during a lousy jobs, nvr explain clearly to the customer....oops not the lawyer but the secretary...
Ya, I am quite surprised the my 'lawyer' is actually the secretary! At first, I thought that the lawyer will be present to tell me all the details. But till today , have not meet the lawyer at all! :banghead:
For new projects, Your lawyer has to write to CPF Board to approve the use of CPF funds for stamp duty, 15% downpayment and the repayment of the loan. This is done immediately after you pay the 5% booking fee. You have to pay the stamp duty within 14 days from the date the S&P is delivered. CPF Board will write to you detailing exactly how much can be used Once option is signed (usually 8 weeks from the time the S&P is delivered to your lawyer), CPF Board will release the 15% and your stamp duty to your lawyer. Your lawyer will pay you the stamp duty within a week.
It is better if your lawyer is also on the CPF's panel of lawyers. He/She can act for you and the CPF. Saves time.
Look likes my lawyer is a bit blur. Talk so soft also, can't hear clearly. When we went to her office to sign the S&P agreement, we had handed her 2 cheques (15% downpayment + stamp duty) and told her that we want to reimburse the stamp duty from my CPF account and she told me that once approve, she will bank in the cheque into my account for me. Luckily, either my agent or my banker (couldn't remember who) told me to tell the lawyer that I want to reimburse my stamp duty from CPF, otherwise we won't know that that can be done because the lawyer never tell us so.:doh:
I had already received an approval letter from the CPF board for the instalments/capital repayment/stamp duty but till todate there is no deduction of the stamp duty from my CPF account yet, don't know what happen, should I contact the CPF board or the lawyer to clarify.:confused:
these days lawyers during a lousy jobs, nvr explain clearly to the customer....oops not the lawyer but the secretary...
Her name card shows that she is a lawyer but to me her behaviour seems to be very unprofessional. She only gave 1 name card to my husband and can't even spare one for me, look down on me er, maybe I looked like auntie auntie lol. :scared-3: Either my ear got problem or that she really spoke so soft, I had to pay very attention before I could hear what she said. Sometimes seemed like mumuring to herself. A very very brief explanation and just asked us to sign on all pages, and when we told her that we want to reimburse back the stamp duty, she said, "oh, so you want to reimburse back," then she started to search for the page and tick the box. I hope for the next few transactions, everything can go on smoothly, really 谢天谢地:doh: This is the 1st time I encounter such a headache, no problem with my current ppty. The secretary was so helpful and she even recommended a painter for me to paint my house. Too bad, the law firm had already closed down because the lawyer is getting very old.
Her name card shows that she is a lawyer but to me her behaviour seems to be very unprofessional. She only gave 1 name card to my husband and can't even spare one for me, look down on me er, maybe I looked like auntie auntie lol. :scared-3: Either my ear got problem or that she really spoke so soft, I had to pay very attention before I could hear what she said. Sometimes seemed like mumuring to herself. A very very brief explanation and just asked us to sign on all pages, and when we told her that we want to reimburse back the stamp duty, she said, "oh, so you want to reimburse back," then she started to search for the page and tick the box. I hope for the next few transactions, everything can go on smoothly, really 谢天谢地:doh: This is the 1st time I encounter such a headache, no problem with my current ppty. The secretary was so helpful and she even recommended a painter for me to paint my house. Too bad, the law firm had already closed down because the lawyer is getting very old. Don't use them for subsequent transactions! :doh:
Don't use them for subsequent transactions! :doh:
But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.:doh:
But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.:doh:Is this firm from HDB hub?
Is this firm from HDB hub?
No.:tsk-tsk:
No.:tsk-tsk:Well there are definitely other law firms that can match the bank's legal subsidy. Just ask your banker to recommend another lawyer that can match the subsidy amount. :D Not a big problem.
But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.:doh:
I have bad experiences with lawyers recommended by the bank, esp for BUC projects. Many buyers to handle from the same project, so mass production. No personal touch. They seem to be more keen to protect the bank's interest than mine. Better to use your own lawyers. Afterall, it's a million dollar or more transaction.
The lawyer's obligation continues until CSC is obtained (usually 2 to 3 years after TOP). And when you want to sell the property years later, you can use the same lawyer. All your documents are with them. Nowadays with all the CM rules, lawyers have to do their due diligence to ensure you do it get into trouble with the Authorities when you sell.
propertyguru
03-07-11, 03:59
Conveyancing doesn't pay much, which is why the best lawyers don't do it, and why some of the problems being mentioned here arise...
HDB resale flat prices continue to rise
http://l.yimg.com/bt/api/res/1.2/CBkQQeoESq5jrTtaGQdk4w--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTQwO3E9ODU7dz00MA--/http://media.zenfs.com/249/2011/03/03/alicia_092210.jpg http://l.yimg.com/bt/api/res/1.2/CBkQQeoESq5jrTtaGQdk4w--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTQwO3E9ODU7dz00MA--/http://media.zenfs.com/249/2011/03/03/alicia_092210.jpg By Alicia Wong (http://sg.news.yahoo.com/blogs/author/alicia-wong/)
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By Alicia Wong (http://sg.news.yahoo.com/blogs/author/alicia-wong/) | SingaporeScene (http://sg.news.yahoo.com/blogs/singaporescene/) – 21 hours ago
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http://l.yimg.com/bt/api/res/1.2/f8UiBkgETGwMGNe3.j_EPQ--/YXBwaWQ9eW5ld3M7cT04NTt3PTMxMA--/http://media.zenfs.com/en-SG/blogs/singaporescene/400afp_singaporehousing.jpg (http://media.zenfs.com/en-SG/blogs/singaporescene/400afp_singaporehousing.jpg) HDB resale flat prices have increased by 2.9 per cent in Q2, compared to Q1. (AFP photo)
After moderating for three quarters, the prices of HDB resale flats increased by 2.9 per cent between April and June, almost double the rate of increase in the first quarter, according to HDB flash estimates (http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/9D1A1587770CD011482578C0000F917E?OpenDocument) released on Friday.
In comparison, the Urban Redevelopment Authority's (URA) figures (http://www.ura.gov.sg/pr/text/2011/pr11-87.html) show the prices of private homes increasing at a slower pace in the second quarter. The URA's price index for private homes grew by 1.9 per cent, compared to 2.2 per cent in the first quarter.
This is the seventh consecutive quarter in which the rate of increase for private home prices has fallen.
PropNex chief executive Mohamed Ismail told Today newspaper, the government's cooling measures have caused many owners to be reluctant to sell their flats. This supply crunch then drives up the median resale prices and Cash-Over-Valuation.
ERA Realty Network's data showed that median COV rose from S$30,000 to S$37,000 in June.
In April, HDB data showed median COV decreasing by S$2,000 to S$21,000 in the first quarter.
While HDB is on track to offer 25,000 Build-to-Order flats this year and plans to launch another 2,000 flats in August, ERA's key executive officer Eugene Lim said these new flats, targeted mainly at first-time buyers, will
not have much impact on the resale market.
http://l.yimg.com/bt/api/res/1.2/3IOQo78eWhnxbGoKINzVAg--/YXBwaWQ9eW5ld3M7cT04NTt3PTMxMA--/http://media.zenfs.com/en-SG/blogs/singaporescene/400hdb_flashestimates.jpg (http://media.zenfs.com/en-SG/blogs/singaporescene/400hdb_flashestimates.jpg) HDB's resale price index, comparing 2010 and 2011. (Screencap from HDB)
On the slower pace of increase for private homes, Lim said the prices are too high for HDB upgraders, who then postpone their upgrading plans.
Non-landed private residences in the city fringes increased by 1.2 per cent and those in suburban areas increased by 1.6 per cent in the second quarter.
In the first quarter, non-landed private residences in the city fringes increased 2 per cent while those in suburban areas increased by 3.1 per cent.
Chia Siew Chuin, director of Research and Advisory at Colliers International, told the paper, the statistics reflect the cautious stance and price sensitivity of buyers in those segments.
Analysts expect private home prices to grow between 6 and 8 per cent this year - lower than the 17.6 per cent last year.
However, Chesterton Suntec International head of research and consultancy Colin Tan cautioned, once the Euro debt crisis is resolved, market sentiment is expected to go back up because "the fundamentals haven't really changed much."
Many many years of supply crunch. Results in this super strong ran. So little seller but so many buyers, how not to chong?
Well there are definitely other law firms that can match the bank's legal subsidy. Just ask your banker to recommend another lawyer that can match the subsidy amount. :D Not a big problem.
Thanks, I might consider that.:cheers1:
But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.:doh:
I believe the subsidy is not restricted to the lawyers recommended by the banks. You can get any lawyer and the bank will still pay the subsidy, at the most the you top-up the difference if required which should not be very much if any at all (since the fees are quite standardised).
In fact, I thought the bank normally asks if you have your own lawyer or if you prefer to use their recommendation. I prefer to deal with the same law firms for all my transactions
But looking at your dealings so far, I think you've already gone waist deep with this lawyer (law firm) that the bank hooked you up with. It may be more complicated if you make the switch now as the vendor may have already been notified of who is acting for you. It may end up being more messy. Good Luck!
Does anybody know that stamp duty can be paid by CPF? You have to pay the cash first, then get the lawyer to reimburse back for you. But already 3 months, no reimbursement has been done yet. I have called the lawyer and she is supposed to call me back, but so far didn't get any eply from her yet. Did anybody face such a situation? Normally how long it takes to reimburse back the cash?:tsk-tsk:
u need to get special approval from iras first, - lawyers wont do it for you.
but must pay interest...
Most (if not all) banks will have a panel of approved law firms that the borrower will have to engage in order to qualify for the legal subsidy. This is based on my own experience as I wanted to use certain law firms which were not in the bank's approved list and they refused to provide legal sub if I had gone ahead with my choice.
I believe the subsidy is not restricted to the lawyers recommended by the banks. You can get any lawyer and the bank will still pay the subsidy, at the most the you top-up the difference if required which should not be very much if any at all (since the fees are quite standardised).
In fact, I thought the bank normally asks if you have your own lawyer or if you prefer to use their recommendation. I prefer to deal with the same law firms for all my transactions
But looking at your dealings so far, I think you've already gone waist deep with this lawyer (law firm) that the bank hooked you up with. It may be more complicated if you make the switch now as the vendor may have already been notified of who is acting for you. It may end up being more messy. Good Luck!
Why use CPF if interest from CPF is higher than money depo:beats-me-man: sit in the bank?
u need to get special approval from iras first, - lawyers wont do it for you.
but must pay interest...
Why use CPF if interest from CPF is higher than money depo:beats-me-man: sit in the bank?Money is not yours until you use it. What's the point of sitting pretty in the cpf with high interest but never use it? Housing purchases are probably one of those occasions you get to use the cpf funds you have been saving up for in the name of higher interest rates. :p
Maybe that is the reason why so many singaporean buy properties and service with CPF money. Collect cash from rental and re-invest the money in other instruments. However, they have to pay a rather high interest in the CPF account. It is good more than 10 years ago with high rental yield and high lending rate from banks. Not sure about now?
Money is not yours until you use it. What's the point of sitting pretty in the cpf with high interest but never use it? Housing purchases are probably one of those occasions you get to use the cpf funds you have been saving up for in the name of higher interest rates. :p
kingkong1984
05-07-11, 21:03
CPF money, only good for properties. Cannot see cannot touch so use it to leverage and get that cash.
CPF money, only good for properties. Cannot see cannot touch so use it to leverage and get that cash.
Its not a big amount of money.. its arnd 1600 PM.. right?
So even if someone work for 20 yr still less than 400K..
and if after working 20 yr , still have concerned with cpf money.. they really need to do something better..
Am always surprised when SG ppl talk so much abt CPF.. why not leave it for what it is.. i.e. retirement days..
Why care so much abt CPF?
Most (if not all) banks will have a panel of approved law firms that the borrower will have to engage in order to qualify for the legal subsidy. This is based on my own experience as I wanted to use certain law firms which were not in the bank's approved list and they refused to provide legal sub if I had gone ahead with my choice.
... hmm.....that's odd.... I have never had a problem with using my own lawyer and getting the subsidy. This is as recently as last year. Perhaps things have changed.
kingkong1984
05-07-11, 21:55
Its not a big amount of money.. its arnd 1600 PM.. right?
So even if someone work for 20 yr still less than 400K..
and if after working 20 yr , still have concerned with cpf money.. they really need to do something better..
Am always surprised when SG ppl talk so much abt CPF.. why not leave it for what it is.. i.e. retirement days..
Why care so much abt CPF?
Better than nothing, so many leveraging on CpF...u heard about CPF life?
:D
Its not a big amount of money.. its arnd 1600 PM.. right?
So even if someone work for 20 yr still less than 400K..
and if after working 20 yr , still have concerned with cpf money.. they really need to do something better..
Am always surprised when SG ppl talk so much abt CPF.. why not leave it for what it is.. i.e. retirement days..
Why care so much abt CPF?To someone who's earning $5k/mth, $1.6k is more than 30% of his monthly income and that amount can go a long way to provide that much needed roof over his family's hear, why not?
And yes with only less than $400k, not very impressive for retirement...
:doh: after going through so much not to use it...:scared-2:. Furthermore, the rates cpf offers is lower than inflation rate!!!
Better than nothing, so many leveraging on CpF...u heard about CPF life?
Read it now..lifelong annuity scheme..
What I mean to say is that if need to use CPF money to do leverage, then that person already have some issue with them....
You would already have arnd 2M if working for 20yr..and thats a very conservative estimate..
So why need to just leave that 400K.. why so much noise abt CPF..
And don;t tell me SG property is safer than SG govt.. if one goes down other will too..
:D To someone who's earning $5k/mth, $1.6k is more than 30% of his monthly income and that amount can go a long way to provide that much needed roof over his family's hear, why not?
And yes with only less than $400k, not very impressive for retirement...
:doh: after going through so much not to use it...:scared-2:. Furthermore, the rates cpf offers is lower than inflation rate!!!
Hmm.. yeah if using it for HDB and first home, I can understand, but still that person would do much better getting educated and retrained rather than spending his money and time on property..
Education in long run will pay much more than his HDB flat.
Hmm.. yeah if using it for HDB and first home, I can understand, but still that person would do much better getting educated and retrained rather than spending his money and time on property..
Education in long run will pay much more than his HDB flat.Hahaha! Depending who's the educator! Then again this person will be even better if he taps on his cpf as well as being educated so he can make informed decisions pertaining to his money. Well, some people may argue that cpf money is never completely yours... but that's another argument altogether... :D
No leh, I paid $12k+ which is 3% less $5,400, I think.
I got back my stamp fee upon purchase completion date
But in order to withdraw stamp fee from CPF, bank should first indicate this amount in the letter of offer for bank loan. Then lawyer will act accordingly.
... hmm.....that's odd.... I have never had a problem with using my own lawyer and getting the subsidy. This is as recently as last year. Perhaps things have changed.
Some banks do impose that condition, e.g. Citi, but not all.
The banks that I have used so far have that condition - OCBC, RHB, Maybank, BEA.
Some banks do impose that condition, e.g. Citi, but not all.
I got back my stamp fee upon purchase completion date
But in order to withdraw stamp fee from CPF, bank should first indicate this amount in the letter of offer for bank loan. Then lawyer will act accordingly.
But I saw my lawyer tick the box for the CPF reimbursement when I told her that.
The banks that I have used so far have that condition - OCBC, RHB, Maybank, BEA.
Ehhh..??? That is strange.. I just did a transaction late last year with Maybank but did not have such a restriction leh.
In the past few years I have never had any retrictions on lawyer usage to qualify for the legal fee subsidy be it for purchase or re-financing.
I can't see what's it to the banks anyway, they are paying up the same amount. Most of the law firms they recommend (you say "approve") are fly by night type operating out of HDB shop houses using their clerks to run the show and the lawyers just sign the paper work. I can't trust some of them.
I suspect the bank agents brokering the deal are getting a cut from these lawyers so they tell prospective lenders that only certain lawyers are "approved".
Just my view. Cheers!
It is only natural that banks will go for the cheapest lawyers in town, so that they do not have to pay the full subsidy ($2,000 or whatever) in the loan agreement.
It is only natural that banks will go for the cheapest lawyers in town, so that they do not have to pay the full subsidy ($2,000 or whatever) in the loan agreement.The bank I engaged recommended a lawyer without demanding that I use that firm which charged the full amount of the subsidy so not really saving on the cheap lawyers... :spliff:
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