To be completely honest, I don't really understand the part where the bank approve the loan conditionally or unconditionally. The first correspondence that we got from the bank said that we were approved conditionally and provided that we can satisfy their list of requirements.
So we went and get all that are needed such as:
- The valuation of our current house
- The rental valuation of our current house
- The lease agreement of our current house
- A letter from my accountant
There was also a bunch of other things but our mortgage broker has taken care of it, which puzzles me even more??
Anyway I'm just glad that our loan application for both the land and the construction have been approved. At least I know that I will have some money to pay for the house. Someone once said to me, getting the loan is the easy part but paying it off is the difficult part... I couldn't agree more...
However for every good news, there is almost always a bad news. I checked the status on our land registration yesterday only to discover that it has been delayed for another two months.
We were initially hoping that by this time that we have already settled on our land. That was the scheduled date when we bought it. Then it was delayed until January. However the latest update said otherwise and we have to wait until February.
Looks like we have more waiting game and biting our nails while we're at it.