27/05/2021
๐๐ ๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ / ๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐!
(If you have friends who are about to embark on this journey, please, ๐๐๐๐๐ this article with them)
Lately, I am getting WhatsApp messages from various โloan consultantsโ claiming they can help me do multiple submission aka loan compression for a fee.
Hey guys!
Wake up!
๐๐ฎ๐ฅ๐ญ๐ข๐ฉ๐ฅ๐ ๐ฌ๐ฎ๐๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง ๐ข๐ฌ ๐จ๐๐๐ข๐๐ข๐๐ฅ๐ฅ๐ฒ ๐๐๐๐! ๐
๐ข๐ง๐ข๐ญ๐จ! ๐๐๐ญ๐ข!
Property investing is one of the most popular means of diversifying oneโs investment portfolio.
Properties in general are considered as one of the best long-term invesments and a very good hedge against inflation.
Because of this common sentiment, the market is full of investor clubs and classes by property gurus (and yes, I am categorise as one of them, ๐คท๐ปโโ๏ธ unfortunately).
Anyway, most will consistently advertise that they have an โout of this worldโ method to leverage oneself out of debt.
Most common modus operandi of these gurus is to buy cash-back projects and use that cashback to cover existing debts.
Some called it financial engineering.
Others called it debt restructuring.
I call it bu****it.
B-U-L-L-S-H-I-T
Recently on one of the WhatsApp groups I am in, one guy even proudly proclaimed that he is able to repay all his personal loan debts amounting to RM400k by buying multiple cash-back properties (that he claimed can give him positive cashflow despite the cashback amount).
And because he is able to do so, now he wants to invite us to a webinar and โshareโ with us this secret on how he did it.
Oh come onโฆ.๐คฎ
Why should we learn from someone who fails in his financial management?
๐ธFinancial 101 : NEVER TAKE PERSONAL LOAN.
๐ธFinancial 102 : NEVER LEARN FROM SOMEONE WHO TAKES A LOAN TO COVER ANOTHER LOAN.
Anyway, back to the main point, ๐ฌ๐ญ๐๐ซ๐ญ๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐ฒ๐๐๐ซ, ๐ฆ๐ฎ๐ฅ๐ญ๐ข๐ฉ๐ฅ๐ ๐ฌ๐ฎ๐๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง ๐ข๐ฌ ๐จ๐๐๐ข๐๐ข๐๐ฅ๐ฅ๐ฒ ๐๐๐๐!
Donโt say I didnโt warn any of you guys.
Bank Negara and all banks are taking this issue very very very very very very seriously.
Some even resort to tracing back loans of the past since 2019 for traces of multiple submission and issuing show cause letters to these buyers.
With some high profile โinvestment propertiesโ dying like flies and being auction left right centre in Ampang, Penang and Mont Kiara (all from the same developer ๐)โฆ.most banks are burnt by these multiple submission.
And therefore, they are on the head hunt right now.
๐๐ฅ๐ฅ ๐๐๐๐๐ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ฌ๐๐ซ๐๐๐ง ๐๐ญ ๐ฅ๐๐๐ฌ๐ญ ๐ ๐ญ๐ข๐ฆ๐ ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ข๐ฌ๐๐ฎ๐ซ๐ฌ๐๐ฆ๐๐ง๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
Some up to 2 times.
There is no running around.
There is no hoping that this will be โrandomโ affair.
Mortgage specialist, loan consultants, loan Aladdin whatever you want to call yourself, please, stop doing what you are doing.
So friends, what happens when bank finds out that you commit โfraudโ?
โBest case scenario, they will sslash margin down to 70% from your existing loan (therefore you will need to pay the 20% difference)
โTerminate your mortgage loan acceptance offer in which you willโฆ.
โLose all your booking fee + downpayment money
โRequired to pay all the SPA and legal incurring fees (which can cost you around RM8000-15000) since you are terminating your SPA agreement
But the WORST PENALTY is thisโฆ..
โโโ ๐๐ฎ๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐ง๐๐ฆ๐ ๐ข๐ง๐ญ๐จ ๐๐ฉ๐๐๐ข๐๐ฅ ๐๐ญ๐ญ๐๐ง๐ญ๐ข๐จ๐ง ๐๐๐๐จ๐ซ๐ ๐จ๐ง ๐๐๐๐๐ ๐๐ง๐ ๐๐๐๐ (๐ฆ๐๐๐ง๐ข๐ง๐ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐๐๐๐๐๐๐๐๐ ๐
๐๐ ๐๐๐
๐, ๐ง๐จ ๐ฆ๐จ๐ซ๐ ๐ฅ๐จ๐๐ง๐ฌ ๐๐จ๐ซ ๐ฒ๐จ๐ฎ ๐๐ฏ๐๐ซ ๐๐ ๐๐ข๐ง)
So, friends, the era of multiple submission is officially over.
This loophole is officially closed. (PAST TENSE here)
Donโt believe me?
Yeah go ahead and try it.
Good luck!
Do you think your property guru is going to be there for you holding your hand if you get blacklisted by Bank Negara?
All they care is selling you that damn project!
So wake up!
Be wise.
Times have changed.
And therefore our property investment strategy must change too.
