Property Financing - Know Your Borrower's Rights

Many have not realized their rights and responsibilities when it comes to property loans or financing. The excitement of getting a mortgage could sometime lead to the ignorance of understanding their rights and responsibilities. Inadequate knowledge of the rights as a borrower may later causes to unnecessary stress, waste of time and effort dealing with the legal department. As for not knowing your duties, your property might be at stake. Get to know the rights that you have as a borrower.
Borrower's Rights
• A borrower has the right to gain access to all information concerning the loan. Buying a house is not like getting a new pair of shoes. It costs a long term commitment and you have the right to know every detail about your property loans.
• A borrower has the right to be treated as a customer with professionalism, manners and without prejudice. Regardless of any events, as a client, you have the right to be served professionally and with manners. This is a common practice of any business deal and property loan is the same as any other.
• A borrower has the right to know any amendments to the contract of his loan. If there happened to be any modification or adjustment to your loan's terms and conditions, the banks should give you heads up as you have the right to know.
• A borrower has the right to have precise information on time, every time. At all times, you need to ensure that the information given regarding your home loan is correct and you deserve to question if it is otherwise.
• A borrower has the right to impose legal action if the contract is breached. Most importantly, you have to know that you have the right to bring them to justice if it happened to be a breach of contract during the period of your loans. As a borrower, you are also obliged to fulfill your responsibilities regarding your loans. Borrower's Responsibilities
• A borrower is responsible to comprehensive understanding of the contract loan. It is vital to fully understand the terms and conditions of your loans. This will prevent you from getting tricked by irresponsible parties.
• A borrower is responsible to monitor the loan details at all times. This is to ensure both parties are on their right path and to avoid unpleasant event of any breach of contract.
• A borrower is responsible to find out about all information of their loans. It is your duty to ask to get the clear picture of your loan. The banks might have explained, but you can still enquire for anything uncertain from your side.
• A borrower is responsible to make the payment on time, every time. Last but the most important of all, you are responsible to make payment in time. There are many channels that you can get help for any inquiries concerning you property loans. You can always count on the loan officer for assistance and advice or searching the internet for additional information.

Finding Good Hospitals in Kuala Lumpur, Malaysia

Out of many methods, visiting new places and knowing about different cultures is a part of refreshment. So, if the primary goal is to get an idea of some new places and to escape from a chill weather from some of the cold countries, then visiting Kuala Lumpur can be a good choice. Located in between Titiwangsa Mountains in the east and Indonesia's Sumatra Island in the west, Kuala Lumpur has a tropical rainforest climate which is warm and sunny, along with abundant rainfall
Kuala Lumpur has the world famous Petronas Twin towers. Along with fun, it is always better for any foreign visitor to have first hand information regarding the medical facilities available within the city. As visitors will be going to various locations which are in different corners of the city, it is better to know which hospital offers which kind of services. This paper lists the best of the best hospitals available within Kuala Lumpur city, suitable for foreign visitors.
It is a must that the hospital management should understand the difference between patient expectations and its perception of patient expectations. The closer management is able to evaluate true patient expectation they better they are able to meet these expectations. The following are some more points considered in listing the top hospitals.
· Can the hospital monitor the difference between the service quality specifications and the actual service delivered?
· Does the hospital meet patients expectations of service quality?
· Are they give a feel of reliable, responsive and empathetic to patients?
· Do they focus on medical quality and its good outcomes?
· Do they concentrate on patient safety and security?
Considering the above mentioned factors and depending on the location of emergency or medical treatment needed, a list of top 5 hospitals in Kuala Lumpur providing service which is suitable for foreigners are listed below.
HOSPITALS CHART
Hospital Name, Location
FEATURES
Hospital Kuala Lumpur (HKL), Jalan Pahang
1. Have 49 different departments and units. These include the administration & finance department, the pharmaceutical department, training and research, 27 clinical departments and 12 clinical support services
2. HKL is now the largest hospital under the Ministry of health of Malaysia and is considered to be one of the biggest in Asia
3. It is a government tertiary referral hospital, located on 150 acres of prime land with 83 wards and 2302 beds
Damai Service Hospital (DSH), Jalan Ipoh
1. Established in 1981, the Damai Service Hospital is a premier Malaysian hospital group offering secondary level healthcare
2. It was built with a vision of providing "Quality Healthcare at Affordable Cost to Everyone" in every aspect of its services
3. It has a full range of diagnostic and therapeutic facilities capable of treating up to 95% of the spectrum of illnesses
Pantai Holdings Hospital, Jalan Bukit Pantai
1. At Pantai, the primary focus of essence will be the patients
2. They remain the most important element in the structure of Pantai, and the centre of all their activities
3. The hospital declares itself to be in first place in terms of services offered
Prince Court Hospital, Jalan Kia Peng
1. The patients will enjoy the superior care, expertise, and facilities that make the hospital one of the top medical centers in Asia
2. At Prince Court, the management is committed towards providing the highest possible standards of patient care and services
3. They provide a comprehensive range of family centered healthcare services, which are underpinned by clearly defined Centers of Excellence
Tung Shin Hospital, Jalan Pudu
1. Was founded in 1881
2. In 1894 it was converted into a non-profit organization with main objectives to render health services to general public
With this list you are now more prepared for a medical emergency in Kuala Lumpur.

Douglas M. Fey

Fey Insurance Services morns the loss of Douglas M Fey who served those in our agency as an owner, brother and uncle.  We will greatly miss him and his warm spirit around the office.  Below is his obituary.

FEY, Douglas Michael age 64, went home to be with the Lord on Friday, September 27, 2013. He was born on December 30, 1948 in Cincinnati, OH, the son of Ralph N. Fey and Ruth Yvonne Curpen "Bonnie" Fey. He attended school in Oxford graduating from Talawanda High School and later attending Miami University in Oxford where he was awarded a Bachelors of Science Degree in Business Administration in 1971. While at Miami he was a member of Beta Theta Pi Fraternity where he served as Chapter Treasurer. Following graduation he entered the U. S. Army serving in the Finance Branch in the United States and for 18 months in South Korea. Upon completion of his military service he returned to Oxford to begin working in the family insurance business with his father, older brother, his sister-in-law and later his nephew. Doug was Vice President of Fey Insurance Services. He loved to fly and held a commercial instructor's rating, and at one time he owned a vintage 1946 Piper Cub which he hangered at his family's farm. In addition, he was at various times a member of the Oxford Presbyterian Church, the Oxford Kiwanis Club, the Oxford Rotary Club and the Oxford Country Club. On October 17, 1993, Doug married his beloved Paulette, and they moved to Lebanon, OH where he lived the rest of his life. Doug and Paulette loved to travel and spend time with their children and grandchildren. He leaves his brother, Thomas Curpen Fey (Cathy) of Oxford, Ohio, Paulette's daughters Amber Mitchell (Jon) of New Carlisle, Ohio, Kim Martin (Zach) of Loveland, Ohio and Laura Hockett of Lebanon, and thirteen grandchildren including Samantha Mitchell, Milo Mitchell, Ulyana Mitchell, Ilia Mitchell, Anastasia Mitchell, Slava Mitchell, Olga Mitchell, China Martin, Nova Martin, Cherokee Martin, Zion Martin, Ivy Hockett, a niece, Elizabeth Fey Mundy (Al) of Cincinnati, Ohio and nephew, Brian Douglas Fey (Kate) of Cincinnati, Ohio and their children. He was preceded in death by his parents. Visitation will be held on Wednesday October 2nd from 10:00-12noon at Oswald-Hoskins Funeral Home with a service immediately following. Interment will take place in Lebanon Cemetery. Arrangements were made by Oswald-Hoskins Funeral Home. Online condolences may be sent to the family by visiting www.hoskinsfh.com

Getting Life Insurance is Easy and Affordable!

  September is Life Insurance Awareness Month. You’ll probably see TV commercials and magazine articles talking about why this coverage is so important. And you probably already know it’s important. But that doesn’t mean that you’ve got your policy set up yet!

  The Life Foundation says that only 62% of people who believe they need life insurance, actually have it. And even those that have it only carry enough to replace their income for 3.6 years. If you have young children to support, that is simply not enough time. If you're skipping life coverage all together, then you are putting your family's well being at risk.

  So why do people wait too long to purchase life insurance? The Life Foundation also says that 86% of Americans say they haven't purchased it because it's "too expensive”, yet overestimate the cost by more than 2 times!

  Life Insurance rates are based on a number of factors, including age, health conditions, and smoking status. By not smoking and purchasing when you're younger, you can save substantial money. In fact, many term life policies are less than $50 per month!

  Don't delay! Call the office at 888-867-2866 and set up an appointment with our life insurance specialist. Bring information on your annual income, as well as any debts (like your mortgage). We’ll give an accurate picture of how much coverage you need as well as different ways to make it affordable.

Now Get Life Insurance Online!

  For those who want a quick, online method of getting life insurance, SAV-ON is proud to announce a new partnership with EQUOTE to provide an easy-to-use online platform that requires no medical exam. It's the simplest and quickest process in the industry!

  Go to www.sav-on.com to find out more about EQUOTE, or call us at 888-867-2866 to set up an appointment.

The Rise and Rise of Malaysia Property Prices

According to statistics from the National Property Information Centre (Napic), approximately 1,170 units of residential property costing RM1 million and above exchanged hands in the first quarter of 2010. This is a significant increase of more than 50 per cent compared to the 750 units sold during the same period last year. Excluding residential housing transacted between RM50,000 to RM100,000, all the other six price categories between RM100,001 to RM1 million witnessed an increase in transaction numbers.
This situation is not entirely surprising though, and according to Malaysia property consultants polled, it has a lot to do with consumer confidence. Although the world has yet to completely come out of the financial rut started by U.S. sub-prime problems, the matter of the fact is that Malaysians have become richer - whether it is because of the stronger Ringgit or the red-hot local stock market. Personal incomes have also increased and hence, people are willing to put down more money on big ticket items.
The increased confidence and stronger purchasing power are motivating first-time home buyers to snap up entry-level properties, existing home buyers to upgrade to bigger homes and the higher-income group to purchase for investment. Naturally, the easy financing arranged by property developers with the banks and record-low interest rates of up to Base Lending Rate (BLR) minus 2.5 per cent are supporting factors as well.
Although the average price of houses in Malaysia have creeped up a mere 37 per cent in the last 10 years based on the national Housing Index, this number does not apply to major cities like Kuala Lumpur, Johor Bahru and Penang.
In fact, it was only in June this year that a local corporate figure made headlines for paying a whopping RM38 million for a triplex penthouse unit at The Binjai On The Park in Kuala Lumpur City Center. Located on the 42nd-storey of Tower B, the buyer was said to be attracted by the 360-degree unobstructed view of the beautiful KLCC skyline, similar to London's One Hyde Park, according to newspaper reports. At RM38 million, the price for the 14,300 square feet private apartment works out to almost RM2,700 per square foot.
Will Malaysia property prices continue rising at its current blistering pace or will the prices collapse, is anybody's guess. While countries like China and Singapore have already begun implementing new housing policies like higher down-payments and property gains tax, and also increased interest rates to rein in property prices, the Malaysian government has not shown any signs of concern. Instead, Prime Minister Najib Razak announced stamp duty exemptions for first-time home buyers and zero down-payment for residential property costing up to RM220,000 during the recent Budget 2011 in October.

GST Implementation in Malaysia - The Argument

There were many responses when the Malaysian government first announced the Financial Budget for Malaysia, year 2010, both good and bad. But when they were undecided about GST, it sparked more conversation on whether it'll benefit the Rakyat, or further threaten poorer communities in Malaysia.
What goods GST covers
As proposed by our dear government, GST covers all types of goods & services sold to Malaysian & non-Malaysian residents (therefore consumers) except for a common commodities such as rice, flour & sugar.
This goes to mean: Whenever you walk into your favorite hypermarket with the family to get some groceries in the future, you will be charged additional ~% (the proposed additional 4%) on top of your bill except for certain controlled items.
Further, Malaysia's main revenue shouldn't just live off petroleum. In other words, we shouldn't put all eggs in one basket because petroleum revenues have risks of its own, seeing that it's a natural resource.
What reason did they give? More funds for development and expenses.
How much would they probably get? RM1 billion (RM1,000,000,000) per annum in estimated rounded-up revenue.
Will it hurt the poor & middle class?
To a certain extent, it will somehow affect pockets of middle and lower income group Malaysians.
The arguments:

1. Recent price hike in petrol, prices of commodities have increased drastically. And now another one called GST?
2. Income tax brackets for high earners aren't as 'expensive' as middle-to-low income groups.
3. The Malaysian government has saved approximately RM2 billion (RM2,000,000,000) by lowering fuel subsidies - What's the take on GST now for lower income groups?
4. GST is tax on SPENDING. Basically, everything from parking fees to purchasing mattress. Even with GST-exempted items, this would still hit lower income groups in Malaysia.
5. Private sectors aren't paying much to Malaysians - Other more developed countries such as Singapore could take this hit because wages & salaries are much higher.
6. Other countries such as Britain, India, Hong Kong, Japan and Singapore has GST - Doesn't mean GST has to be implemented in Malaysia. Their economic status and way of gaining revenue varies from Malaysia. (GST is also called VAT - Value Added Tax in other countries)
7. Inflation may happen. Prime Minister Mr. Najib has guaranteed no inflation - But with the introduction of GST, the chain of 'passing the cost' will end up usually at the hands of consumers.
8. Corruption isn't a rare thing in Malaysia - So businesses has already included 'corruption prices' in goods & services. How does that not reflect additional costs to consumers?
9. Out of inflation pressures, higher prices for goods & services are sought.

Prime Minister Mr. Najib has promised Malaysians that they will be tabling a public discussion on GST (called the GST Bill) on December. There are also several upsides that could be seen - But until Mr. Najib tables the meeting on GST Bill, we shouldn't be skeptical of anything yet.
Other side of the GST story
GST has been said to promise a few things:

1. Implementation will not be abrupt. It will be a slow & steady tax preparation so that individuals and small businesses will not be adversely affected.
2. It will replace the 10+5% services and goods tax. This means taxes are lower now - Consumers need not pay more for one area, but it's divided into many other source of 'tax' payments.
3. GST rates are promised at 4%, out of the normal 10% or 5% charged in restaurants.
4. Implementation will not occur until middle to late 2011 or 2012. Planning time is essential to not put 'inflation pressure' on small businesses.
5. Government's coffers will increase. This will enable further development and budget control to the country, other than relying just on petroleum or income tax revenues.
6. Tax when consumed, not when earned is much better. It allows better control. Spending influences will be "Careful" and "More controlled" when purchasing on higher prices are made rather than "taxable incomes" generated from work.
7. It's a broad-based tax system. Some items may be slightly more expensive & cheaper. It's not a overall standardized taxation method.

Your opinion on GST
Of course, there are many pros and cons of the new GST system - And the implementers should look more intricately into all income groups, balance their sheets and understand what are the effects first. While we can only propose so much, there's only so much we can do.
Here are some of the 'preparation techniques' the tablers of the GST Bill can adopt:

1. Be intricate with details: Tax is a complicated subject, like a science of its own. If you make the subject complicated, it may lead to more misunderstandings and later, more arguments.
2. Introduce 'layman terms' for further understanding. Giving examples always help. Examples on implementations always help. Tell a story to the public - And make it make sense to them.
3. Use other form of publicity media: Tabling the GST Bill on national newspapers and mass media isn't going to cut it. Find other means such as introduction campaigns Malaysia-wide.
4. Engage community understanding: Allow certain private and public (individual or company) figures to table talks and debates on GST Malaysia-wide. This encourages engagement and allows more problems & solutions to be seen.

The Malaysian government or finance department has a long time more (approximately 15 - 20 months) to table talks around Malaysia with regards to GST.

Tips for Foreigners Buying Properties in Malaysia

Tips on Investing Properties In Malaysia
If you are foreigner and plan to invest in a property in Malaysia, here are some tips that you will find useful.
Financing your property
As a foreigner, you are allowed to borrow up to 70%. In most case, the banks are more than willing to finance your purchase of 50% of your property price.
Restriction in Disposing of your property
You are not allowed to sell your property less than 3 years from the date of your purchase.
Number of units you can own in Malaysia
As a foreigner, you are only allowed to own not more than 2 properties. Should you intend to purchase a third property, you will have to appeal to the Foreign Investment Committee and provide a valid reason for the third purchase. There is no guarantee that your appeal will be granted.
Remitting money into Malaysia
If you intend to purchase or have purchased a property in Malaysia, you are allowed to open a bank account to remit your funds from your domicile country for purpose of paying for the property.
Taxation of your property
Should you intend to dispose your property within the 5 years after the date of your acquisition, you will be taxed 30% of the gains only. If you dispose your property after the 6th year of your purchase, you will be taxed on 5%of your gains.
Minimum purchase price allowed to purchase
As a foreigner, you are allowed to purchase a property costing more than Ringgit 150,000. In some states such as Johor, Melaka and Penang, the purchase price of the property must be more than Ringgit 250,000.
Types of properties you are allowed to purchase
You are allowed to purchase residential apartments, condominiums, service apartments and landed properties such as terrace, semi-detached and bungalows.
Fees involved in purchasing a property
You are required to pay legal fees and disbursements for the preparation of the sale and purchase agreement whichis a percentage of the value of the property. Should you plan to take up financing from a bank, you will have to pay legal fees and disbursements for the preparation of the loan documents.