Loan for Bungalow Land

The major obstacle that deprives the average joe from buying bungalow lots = limited financing options.

Last time i scouted 2 years back, the best margin that i got was 80% with 20 years tenure. Its from EON bank. The interest follows Islamic rate of 2.5% (1st year), 5% (2nd year) and 7.5% from 3rd year onwards.
The second best was Bank Rakyat with MOF of 70% and 15 years tenure.
Others, Maybank, Alliance, Hong Leong - the margin max to 50-60%.

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Summary (2008):
EON Bank - MOF 80%, Tenure 20 yrs, Rate 2.5%(1st), 5%(2nd), 7% (3rd onwards)
Bank Rakyat - MOF 70%, Tenure 15 years, Rate 2.5%(1st), 5%(2nd), 7% (3rd onwards)
Maybank & most banks - MOF 50-60%, Tenure 10-15 years, Rate (i didnt even bother to ask)
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So, clearly EON bank was the way to go. The mathematics works like this:
Land price - RM50psf x 9300sf = RM465000.
Loan amount (MOF - 80%) - RM465000 x 80% = RM372000.
The rough monthly installment - RM2400 (1st yr), RM2800 (2nd yr), RM3000 (3rd yr).

Back then, the EON broker told me that the cost of house construction can be merged later into 1 single package with the benefits of normal housing loan package. Buttt somehowwww, this year they had a change in policy & the single package offer is no longer valid. Meaning, i need to apply another home loan, on top of the inital loan for the land. Warghhhhh.

Again, i began scouting but this time for land refinancing + home loan. Alhamdulillah. I managed to get a good package from CIMB. For land + house, they can offer MOF of 90% out of the total current land value and house construction cost. The tenure can stretch up to 40 years, with maximum age till 70 years. The rate? Uses conventional rate of BLR-1.9.
I love CIMB!! haha. And your total monthly commitment must not exceed 85%, which i think should be alrite for me. Even for bungalow land financing, CIMB can offer MOF up to 85% with max tenure of 30 years.

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CIMB Package (Land + House) - MOF 90%, Tenure 40 yrs, Rate BLR-1.9
CIMB Package (Land only) - MOF 85%, Tenure 30 yrs, Rate BLR-1.9 or -1.8
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Now, i just need to finalize the layout plan with my architect and the architect will have it submitted & approved by MBPJ. Then only i can send all the required docs to CIMB. Hopefully, there won't be any catch like 'a change in policy'.