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If this website fails to provide the property valuation you need, please select "Other" to manually enter the property address.
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Verbal valuation and pre-approval
To avoid the problem of undervaluation, you should do a verbal valuation and pre-approval by mReferral or bank before signing the contract.
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Sign the Provisional Agreement for Sale and Purchase
To avoid the problem of undervaluation, you should do a verbal valuation and pre-approval by mReferral or bank before signing the contract.
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Seek advice from mReferral
Apply for a mortgage loan from at least three banks. If you want to apply in one go, mReferral would definitely help.
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Provisional Agreement for Sale and Purchase, copy of ID card of borrower and guarantor (if any), income proof, e.g. employment contract/latest salary slip, bank book/statements showing salary income or latest tax demand note
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Bank approves mortgage application
It usually takes a week to a month for the bank to approve a mortgage. Compare and choose the bank with the most suitable terms, and sign the letter of loan offer with bank. The bank will send a letter to your law firm to inform the lawyer to prepare the mortgage deed.
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Sign documents at law firm
Before the transaction day, the buyer and the guarantor (if any) go to the law firm to sign the mortgage deed and other documents required by the bank.
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The law firm informs the bank that the bank will deliver the loan to the law firm to arrange delivery to the seller, and the transaction is completed. After the transaction is completed, the bank will issue a cash rebate for the mortgage within one month. In addition, a repayment process table will be sent to inform customers of the detailed information of the principal, interest and balance of the monthly payment.
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Mortgage

Quick Tips on Property Valuation

2022.05.04

Property valuation is essential in the mortgage application process of residential, industrial, commercial properties and shops. It does not only provide you with a reliable price indication of the property, but also affects the actual loan amount of the mortgage. 

 

 

When a buyer applies for a mortgage, a bank will appoint a designated surveyor to assess the valuation of the property. If the value is lower than the transaction price, the bank may adopt the valuation price for the mortgage loan amount calculation.

 

The property value defines the mortgage amount. For example, if a person bought a house with the transaction price of $8,000,000, and he applied for the mortgage with loan-to-value ratio (LTV) of 60%, the loan amount is originally $4,800,000. However, if the value of the property is only $7,500,000, the bank will adopt the lower one and the ultimate loan amount will be adjusted to $4,500,000 ($7,500,000 x 60%). The borrower needs to pay an extra $300,000 for the transaction. If he cannot afford the price, he may need to forfeit the deposit.

 

 

Factors influencing the property valuation

Many factors affect the value of a property, such as the property age, size, location, floor, direction, transport facilities and property management. If the value is much lower than the transaction price, the buyer needs to think about the reasons behind. Is the transaction price not reasonable? Is the property too old? Or is the house involved with murder or suicide event? 

 

Each bank appoints different surveying companies for conducting the valuations so the result may be varied from each other. The valuation of Bank A can be much higher or lower than Bank B. So it is important to compare the valuation with different banks. If the value quoted from Bank A is $6,500,000 but the value from Bank B is $7,000,000, the borrower can choose the second one.

 

 

mReferral offers a free valuation service

mReferral offers a free valuation service with different banks for borrowers. Before signing the sales and purchase agreement, you can contact our mReferral team directly for valuation. You may also fill in the form of property valuation, with the information of property type, address and personal information, our mortgage professionals will contact you shortly.

 

Alternatively, you may try to use our free online valuation services to get a valuation price from Bank of China instantly as a quick reference.

 

If you want to learn more information about mortgage or need help from our mReferral mortgage team, please feel free to reach us at 3196-6688. 

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