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Newbie questions

Walker said:
Thanks Mingchye for sharing that.

But just beware that some banks may share or get info from their Singapore Branches. :(
For example, I found that Standard Charted Bank application has a clause that allows them to check on SG credit bureau info thru their Singapore branch and give it to the Malaysian side. This info can go both ways so be careful about this.
Click to expand...

Wow...this is new to me!!
 
Conflicting ,r other banks beside chartered bank doing this thanks.
 
Skooz said:
Conflicting ,r other banks beside chartered bank doing this thanks.
Click to expand...

Not sure about other banks but maybe have to be more careful with banks that have branches in Sg.

We just have to read the application carefully before we sign.
There was no option not agree with the clause on the Stan Chart application.
They just state that in signing the form you agree to let them do it.
I just stop filling the form when I came to that Clause...:mad:
 
Walker said:
Not sure about other banks but maybe have to be more careful with banks that have branches in Sg.

We just have to read the application carefully before we sign.
There was no option not agree with the clause on the Stan Chart application.
They just state that in signing the form you agree to let them do it.
I just stop filling the form when I came to that Clause...:mad:
Click to expand...

Just to share this with all.

My husband applied the loan application with Stan Chart but the loan executive did not ask him to sign any form. (in total, he applied to 4 banks, only one bank asked him to sign on the application form)


After applying to Stan Chart, he applied loan to other banks. All the banks asked for Singapore CBS report from him except Stan Chart. Stan Chart actually went to review the report themselves. Caution: the bank could review the record if they wanted.

Next, one bank came back to tell him that his loan was rejected because he had a total of 3 loans taken in Malaysia for property purchase. OMG, he only took one loan before this application, why the sudden 2 more loans. :*: Then he realised that the previous loan taken from Ambank was updated twice into Malaysia credit bureau and Stan Chart updated into the system that he took the loan from them without he signing the letter of offer. Anyhow update without any acceptance of offer. Sigh .... :mad:

One by one, the other 2 banks also asked the same question, why he had taken so many loans and did not tell them. After understanding the situation, they asked for more supporting documents for appealing to the headquarters for loan approval. Busy and tiring with this Stan Chart and Ambank nonsense.
 
Why in the Letter of Offer for housing loan, there is a condition attached that "the property purchased/constructed/refinanced is for own occupation"? Received 3 letter of offers, two banks stated this condition. Isn't foreigners are not suppose to buy the property for rental ?
 
jade apple said:
Why in the Letter of Offer for housing loan, there is a condition attached that "the property purchased/constructed/refinanced is for own occupation"? Received 3 letter of offers, two banks stated this condition. Isn't foreigners are not suppose to buy the property for rental ?
Click to expand...

You can state on the loan application if the property is for own occupation or for Rental.
I remember I was told that own occupation is easier to approve.
Maybe the loan officer just put it down as own occupation to help your application along.
 
Walker said:
You can state on the loan application if the property is for own occupation or for Rental.
I remember I was told that own occupation is easier to approve.
Maybe the loan officer just put it down as own occupation to help your application along.
Click to expand...

Thanks Walker.
 
Hi all experienced bros,

I have signed the SPA for my first Malaysia purchase today and would like to ask the experts here on a clause on loans. If I have been granted a loan approval of only 60% vs. what I expected/planned for at 80%, what is the standard penalty if I were to terminate the deal, even though I have technically been granted a loan but do not have the extra cash for the lower LTV approved. Many thanks.
 
dince said:
Hi all experienced bros,

I have signed the SPA for my first Malaysia purchase today and would like to ask the experts here on a clause on loans. If I have been granted a loan approval of only 60% vs. what I expected/planned for at 80%, what is the standard penalty if I were to terminate the deal, even though I have technically been granted a loan but do not have the extra cash for the lower LTV approved. Many thanks.
Click to expand...

how many banks have you looked for? all come back with 60%? :rolleyes:
 
dince said:
Hi all experienced bros,

I have signed the SPA for my first Malaysia purchase today and would like to ask the experts here on a clause on loans. If I have been granted a loan approval of only 60% vs. what I expected/planned for at 80%, what is the standard penalty if I were to terminate the deal, even though I have technically been granted a loan but do not have the extra cash for the lower LTV approved. Many thanks.
Click to expand...

Just a suggestion , never try before . U can negotiate with the bank whether they can help u to write a letter of rejection for loan.
 
If the property is for own occupation, the loan margin higher with lower interest . If it is for investment / rental, then the loan margin is lower with higher interests. I believed this has something to do with low interest loan package in compliance to the Bank Negara regulations.

jade apple said:
Why in the Letter of Offer for housing loan, there is a condition attached that "the property purchased/constructed/refinanced is for own occupation"? Received 3 letter of offers, two banks stated this condition. Isn't foreigners are not suppose to buy the property for rental ?
Click to expand...
 
Funniman said:
If the property is for own occupation, the loan margin higher with lower interest . If it is for investment / rental, then the loan margin is lower with higher interests. I believed this has something to do with low interest loan package in compliance to the Bank Negara regulations.
Click to expand...
Hi Funniman, thanks ! You are right . Today one of my banker replied to my question on this. Same as what you said . He said if I insist for investment then he can only loan me 70% .
 
jade apple said:
Hi Funniman, thanks ! You are right . Today one of my banker replied to my question on this. Same as what you said . He said if I insist for investment then he can only loan me 70% .
Click to expand...

Any problem if you say for "own stay" but later decide to rent out first because not "ready" to move in yet? :D
 
Thanks all the brothers . Will wait for the other banks and if no choice then will take risks lor . 怕输又怕死！
 
potter said:
yap yap, bank wants in the end is "chi chin..Money..Money.." :D
Click to expand...

I just imagine the conversation between a property investor and a Banker

Banker: Mr Tan, you stated here that this loan is for a House that is under "own Stay" but you already have six other houses under "own stay"

Mr Tan: Ah.... I stay in one different house everyday, Monday house #1, Tuesday house #2.....
..... Saturday house #6 so this new house is for Sunday :D

Banker: :rolleyes:
 
Walker said:
I just imagine the conversation between a property investor and a Banker

Banker: Mr Tan, you stated here that this loan is for a House that is under "own Stay" but you already have six other houses under "own stay"

Mr Tan: Ah.... I stay in one different house everyday, Monday house #1, Tuesday house #2.....
..... Saturday house #6 so this new house is for Sunday :D

Banker: :rolleyes:
Click to expand...

Are you referring to Wuqi kor kor...:D

btw, buy 6 properties can give u great discounts in taxes..:D
 
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