Frequently Asked Questions (FAQ)
Others
- It is a public sale of property through open and competitive bidding. - The property will be sold to the highest bidder. There are 2 types of Auction:
(i) High Court / Land Office Auction: Individual Title cases
(ii) Bank Auction (LACA): Master Title cases
(i) High Court / Land Office Auction: Individual Title cases
(ii) Bank Auction (LACA): Master Title cases
1. Individual bidders who are 18 years of age and above, of sound mind and not undischarged bankrupts.
2. Malaysian Holding Company - majority shareholder must be Malaysian & hold more than 51% shareholding.
Qualified bidder may delegate another to act as an agent by submitting a Letter of Authority and NRIC photocopy.
2. Malaysian Holding Company - majority shareholder must be Malaysian & hold more than 51% shareholding.
Qualified bidder may delegate another to act as an agent by submitting a Letter of Authority and NRIC photocopy.
Usually at the auctioneer's office, High Court or Land Office. Due to COVID restrictions, most bidding is now held online. Bidder should register 2-3 days before auction date.
If Purchase Price is higher than Reserve Price, buyer must immediately pay the difference (Purchase Deposit Shortfall) by cash, bank draft or cashier's order. Also, successful bidder needs to pay stamping fee (RM100+).
Yes, subject to your income and bank discretion.
10% deposit, lawyer fees, outstanding maintenance (mostly covered by bank) and utilities (borne by bidder).
No. Successful bidder is responsible. If engaged with an agent, guidance will be provided.
Viewing from outside only. No internal viewing allowed.
10% deposit will be forfeited. It is advisable to get pre-approval before bidding.
1. Inspect the property
2. Obtain & review Proclamation of Sale (POS)
3. Loan checking & due diligence
4. Register for bidding with Iris Lua (017-7327868)
5. Prepare relevant documents & bid on auction date
6. Collect auction contract (if successful)
7. Prepare bank application & legal services
2. Obtain & review Proclamation of Sale (POS)
3. Loan checking & due diligence
4. Register for bidding with Iris Lua (017-7327868)
5. Prepare relevant documents & bid on auction date
6. Collect auction contract (if successful)
7. Prepare bank application & legal services
Salaried:
- Latest 3/6 months payslips
- Bank Statements with salary credited
- EPF statement
- Latest tax returns with tax receipt
- Saving proofs (FD, investment, savings account)
Self-employed:
- Business Registration forms
- 2 years tax returns with tax payment receipt
- 6 months bank statements
- Saving proofs
- Latest 3/6 months payslips
- Bank Statements with salary credited
- EPF statement
- Latest tax returns with tax receipt
- Saving proofs (FD, investment, savings account)
Self-employed:
- Business Registration forms
- 2 years tax returns with tax payment receipt
- 6 months bank statements
- Saving proofs
1. Full set SSM and CTC by company secretary
2. Three years accounting report or auditor report
3. Six months company bank statement
4. Three years LHDN documents
5. Property documents
6. All beneficial owner IC
2. Three years accounting report or auditor report
3. Six months company bank statement
4. Three years LHDN documents
5. Property documents
6. All beneficial owner IC
1. Debt Service Ratio (preferably not exceeding 60% if net income earned) (net income= after deducting statutory expenses such as EPF,Socso and Tax)
2. Source of Wealth (at least 10-20% of the loan amount)
3. Repayment track record (refer to CSIS report)
4. Loan Margin
Housing Loan = 85-90% of CMV/SPA price (whichever is lower)
Shop/Factory Loan = 80-85% of CMV/SPA price (whichever is lower)
2. Source of Wealth (at least 10-20% of the loan amount)
3. Repayment track record (refer to CSIS report)
4. Loan Margin
Housing Loan = 85-90% of CMV/SPA price (whichever is lower)
Shop/Factory Loan = 80-85% of CMV/SPA price (whichever is lower)