What should I key in?
You could just in the estimate price of the property you are planning to purchase. If you are not sure about the property, please seek our consultant for obtaining an indicative valuation for the property.
Indicative Valuation by Bank is Crucial.
We always advise our client to obtain an indicative valuation from banks before making offer to the seller. It is crucial for the bank valuers able to match the transaction price. If your offer price is too high and no way for the bank valuers to match the price, your actual loan amount will be based on the highest valuation by the bank. This will result a lower loan amount.
For example:
You offer to purchase a condo unit at $1.6 mil and you are applying for 75% loan (or $1.2mil). Assuming the bank’s highest valuation is only $1.35 mil, the loan amount only $1.0125mil.
