Hi,

I was told by public bank agent that the bank need to take 1 week to approve the loan and another one week to issue the offer letter.
Is it normal to take that long time?

The developer asked me to sign S&P within 2 weeks from booking date, but how can I sign the S&P before secure the loan because I need to wait 2 weeks for the PB offer letter.

Can we delay the time for sigining S&P? Or ask the agent to speed up the process?

The other banks like OCBC and stand chart seems can get the offer letter within 1 week.


Thanks a lot for the advise.

This post has been edited by HappyGuy: Jun 3 2009, 11:49 PM

Loan approval takes about 3 days and offer letter in 1 week. Just call them and ask else you can apply for other bank. Bank nowadays very competitive to get loan business and will do anything to secure your business.

Totally agree with you. They should be competitive and aggressive to get business deal.

No choice, I still have to wait them slowly approve, their rate is quite attractive. Just want to ask is that normal or not.

Loan approval it depends on customer case to case basis. With full documentation without any ccris / ctos problem 3 days ~5days can gao dim. Or else it take 1week or more. Letter offer is based on approval. It wont take 1 week to issue letter of offer this is just bullshit. Loan once approved letter offer can b issued within 2 days. UNLESS the god damn branch or credit manager gone for vacation then byebye

Hmm. I have to double check with the agent again. Actually he is not banker, but should be called loan agent, which can apply multiple bank at the same time through him.

Can any public bank agent confirm on this, that normally take 2 weeks, assume everything is ok, complete document, no CCRIS or CTOS issue? Thanks

Yes if everything ok no ccris no ctos income enuff then 3 days can gao dim UNLESS problem come out from the property side like property purchase price exceed current market value / valuation of the property , surrounding area etc. Depends on which branch u sent to processing. If can just name me the branch name.

hi

for my case it took 20 days to process + approve my application (check ctos, ccris, job verification.......etc) plus i was pushing to raise the market value..that was the reason why it get delayed...i asked the officer when i can get the offer letter, she replied it can be prepare in 1-2working days.. it has been past 2days since i received call from her.. so in reality it will take more than 2days to get offer letter after approval.

pbb took 3 days to get offer letter out for me previously. rhb also 3 days.

Any way to check this prior to getting the loan?

I am buying property from developer, so should be no market value issue.

CCRIS record can check at Bank Negara at KL. CTOS I just assume dont have because don't have any problem with loan before.

PBB only took 3 days is very fast. I will tell my agent this. Thanks.

happyguy, are you going through an agent or a pbb loan officer? always better to go direct to the loan officer as this saves time - no middle man.

johnsonm, I apply through agent, as I thought they are neutral in proposing loan, which they will propose the best loan suite to our requirement and conditions.

And he is very pro in doing the analysis, comparison. So we decided to apply through him.

Now only the long waiting time worry me, as I need to sign S&P within 2 weeks.

for walkin customer who apply loan through loan officer they will not explain much to u and for it own sake ( branch itself ) they will just push watever that benefits to their own branch first instead of selling the best package to those walk-in customer.

There is always the best to have some guy who doing mobile sales to serve the customer directly.

if is the Public bank banker itself.... normally within 1 week they will get back to you. Everyone also would like to make the loan deal with you. Sure they will work hard to fight for you.

For your case you say he is an agent...better don't deal with this kind of person. what he intend to do just to earn some commision from the banker to help you get this done. somemore need 2 weeks to get it done...quite long huh?


about the S&P, you can send the letter to the developer to extend the signing duration. Reason: Wait for banker to feedback to you. This should not be any problem at all.

HappyGuy - they are not as neutral as you think. they have different arrangements with different bankers, and as such make more commission for some banks and less for other banks. they are going to push the one where they can make the most commission. it is better if you see bankers from a few banks and do your own comparisons. you can go to pbb and tell them you are also considering alliance, and ask them why pbb is better than alliance, then do the same thing at alliance.

at the end of the day, everyone wants to take care of their own interest, so its best if you take care of your own interest too.

fyi, from my limited knowledge (i could be wrong) - pbb does not give commission to agents who refer cases. they do not even give commission to their own staff. their staff will get bonus if they hit a certain target every month, but no commission on a case to case basis.

Agent should know public bank do not hav referral fees for the cases.
And public banker themselves got no commission from the banks too.
100% guarenteed

Finally get my offer letter after waiting for THREE weeks. This is very very slow from my opinion.

They did very thorough verification & valuation to approve the loan. From verify your information even by calling to your company, do bankruptcy search, check your profile, check developer profile.

And last thing my offer letter is pending approval on the developer profile for more than one week, even though the offer letter is ready by knowing the rates and everything, just the branch manager cant sign without getting the approval on the developer profile.

Ya. I confirmed with my agent and no commission given from public bank. However, in the other way, the agent will always persuade you to buy MLTA from them, which I don't like it very much as they will misleading you and have you to buy insurance from them.

PBB is well known to have the lowest non performing loans, hence the very meticulous checking.

You still have the option to not buy MLTA, they are only persuading. Some other banks make it a must, no MRTA/MLTA, no loan.

sorry guys... from my experience... Public Bank is the slowest. Ambank gave me the offer letter in 3 days time... Public Bank... 2 months !!! Ya i have some hiccup with the application... but still why other bank can do it in 3 days while Public Bank 2 months???

Hello all,

Anyone knows of a good home loan agent from either StanChart, Citibank or CIMB ?

I'm looking to refinance two homeloans from my existing f**k up bank who doesn't want to contact me to reduce my interest rates.

Can PM me with their contacts or if you're a homeloan agent lurking here please PM me?

THanks