Is a valuation report required for my housing loan application? Why do I need a valuation? How much is the valuation fee?
A valuation report may be required if you purchase a fully completed property from a houseowner.
The financial institution requires to ascertain whether the property provides sufficient security for the loan given. It also provides an indication that the property is worth what you are paying for.
The financial institution will appoint a property valuer from its panel of valuers to appraise the property.
The valuation fee for this service starts from a few hundred ringgit upwards, depending on the value of the property and you will be charged for this service.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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