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Financial How long time to have loan approve?, For public bank

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whojen
post Jul 14 2009, 04:12 PM

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Hey Guys
I am Mortage Consultant in PBB Bank Penang

Some of the statement is untrue. Maybe is really depending on the location(KL)

But for Penang,

Standard case: Letter of Offer can be release in 3 days.
Much Complex case such as 1mill above normally around 5-7working days

But no doubt, as a mortgage consultant, Some branches can take a long time to process your loan. For us in Penang, It really depends on the Braches Credit Officers.

For KL it is different as most of the application is done through central, Head Office. That why slower

TSHappyGuy
post Jul 15 2009, 12:37 AM

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Do you mean that for branch in Penang can approve the loan? Perhaps this is the reason can get the LO faster compare to KL which head office have to handle large volume of applications for numerous of branches in KL & Selangor.

For my case, it is pending very long to verify developer financial. Even though the loan already approved and we knew the rate already, but the LO still cant be issue, due to developer status haven't verify yet.

So I believe in my case, the waiting time should be same/not big different across all region in Malaysia, as the process should be same.
whojen
post Jul 18 2009, 08:53 AM

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QUOTE(HappyGuy @ Jul 15 2009, 12:37 AM)
Do you mean that for branch in Penang can approve the loan? Perhaps this is the reason can get the LO faster compare to KL which head office have to handle large volume of applications for numerous of branches in KL & Selangor.

For my case, it is pending very long to verify developer financial. Even though the loan already approved and we knew the rate already, but the LO still cant be issue, due to developer status haven't verify yet.

So I believe in my case, the waiting time should be same/not big different across all region in Malaysia, as the process should be same.
*
basically from your explanation, it has nothing wrong with you and your application.
the bank is now either doing a search upon the developer ( could be financially, or etc as well)
developer issue with bank now only.

so sorry to hear that. what you can do is call the head office and give your case. where is my letter of offer now and etc
bla them out
TSHappyGuy
post Jul 18 2009, 11:30 AM

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Hi whojen,
Thanks for your explanation. My loan actually approved quite long time already and I accept the offer from PB as well.

But the waiting time is true, which is about 3 weeks to get offer letter.
shchoy
post Jul 18 2009, 02:43 PM

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It also depends on your property agent.
The faster the agent submit your application
and follow-up with the bank... the better

Typically, it takes around 2-3 weeks for the loan approval letter. (if it's approve of course)



user posted image
www.shchoy.com

This post has been edited by shchoy: Jul 18 2009, 02:52 PM
whojen
post Jul 24 2009, 12:21 AM

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actuallly
if full documentation such as Strata Title( which is very important) and vendor name is given
it would help to increase the speed of processing

normally with full documentation, officer do not have to chase here and there to get missing documentation , to submit the case for approval.
TSHappyGuy
post Jul 24 2009, 09:35 AM

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Point to add on, make sure your office contact number is reachable and not always engage, they will call to your office to verify.
kento
post Sep 6 2009, 11:25 AM

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how bout PBB car loan? how long will it takes to be approveeee yawn.gif
eric.tangps
post Sep 6 2009, 11:34 AM

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QUOTE(kento @ Sep 6 2009, 11:25 AM)
how bout PBB car loan? how long will it takes to be approveeee  yawn.gif
*
Car Loan is within 1 - 3 days.

HL is within a week, normally it is less than 3 days but depending on circumstances.

BTW if you apply from the Bank Officer, you can really chase them for approval as they are the one facing you. FYI.
kento
post Sep 6 2009, 05:51 PM

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QUOTE(eric.tangps @ Sep 6 2009, 11:34 AM)
Car Loan is within 1 - 3 days.

HL is within a week, normally it is less than 3 days but depending on circumstances.

BTW if you apply from the Bank Officer, you can really chase them for approval as they are the one facing you.  FYI.
*
o i c...is it same as used car loan? or is it for new car only?
neway,arigato! smile.gif
leongal
post Nov 13 2009, 02:10 PM

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my ocbc loan takes four days, and it is from the date the broker submit it to the bank, and i got my offer letter the day after - my broker got it for me
dvinez
post Nov 13 2009, 03:18 PM

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RHB approved on the submission date. Morning submit, afternoon approved. Offer letter takes 1 week.
Shazzac
post Dec 22 2009, 07:54 PM

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submitted to pbb for home loan.

officer called me just now asking if i have degree then less criteria to check upon. i was like wtf?

i dun have any other loan etc and some more ask me got degree coz she say may not approve.

but i told her mbb said no prob .... see if she'll fight for my case or not. sigh.
king4891
post Dec 23 2009, 03:10 PM

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QUOTE(HappyGuy @ Jun 26 2009, 04:35 PM)
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.
*
If get MRTA from insurance company then we can get back some money when matured, better than buy MRTA from the bank which will not return any amount after that. This is what the credit officer told me.

Please tell me the disadvantages buy from insurance company. Tks.

Added on December 23, 2009, 3:50 pm
QUOTE(Shazzac @ Dec 22 2009, 07:54 PM)
submitted to pbb for home loan.

officer called me just now asking if i have degree then less criteria to check upon. i was like wtf?

i dun have any other loan etc and some more ask me got degree coz she say may not approve.

but i told her mbb said no prob .... see if she'll fight for my case or not. sigh.
*
Not only that, my friend without any loan and credit card history also cannot get 90% loan especially those oversea bank. But local bank can get.

Somemore now want to open a saving account from Hsbc, the require documents like you want to borrow a lot of money from them. lol....

Thus, the statistic of complaints from tribunal department show that 30% related to bank.

This post has been edited by king4891: Dec 23 2009, 03:50 PM
peachy88
post Aug 12 2010, 08:20 AM

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hi,
if A& B joint name to buy a property (direct with developer) and A will not b in town within the 14th day after booking is made, but assuming loan approved withn the 14th day,
can B sign the S&P alone 1st?
A sign it after A bk to KL?
or A&B should just write to developer to request extending the S&P signing?

To those who well verse in law, is there any consequences on this action?Which action is better.
TQVM
TSHappyGuy
post Aug 12 2010, 11:30 AM

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It is normal for buyer to postpone to sign the S&P because need to withdraw money from KWSP and get offer letter for loan.

So for your case, I believe should be no problem for you to request for it. For my case, I just verbally inform the S&P lawyer and developer to sign S&P later, after received my KWSP & confirmed secured my loan.
column3
post Aug 12 2010, 12:11 PM

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My loan approve with in 2 days and sign offer letter at the same day..Public Bank Bintulu...
jeff_v2
post Aug 12 2010, 03:07 PM

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for normal case loan can be approve within 3working days and LO can be generated 1day after loan approval.
all bank mostly the same but the difference is with the loan officer itself.
master_zool
post Jun 13 2011, 07:21 PM

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wow!! i'm very scared read the all posting here, i'm already submited the full documentation on 27th may 2011 at pbb sri muda, shah alam. until today never recive any feed back... booking fees already paid to owner...
vada
post Jun 2 2014, 10:53 PM

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Hi all, hope able to reveal some help in my housing loan presently. I been awaiting for my housing loan Application approval frm PBB,Maybank,AM Bank,OCBC and HSBC. It has been almost a month since they able to approve my housing loan with my bf. Is it normal to have the approval pending for so long? My developer agent oso lack in catching up my case. They missing in action and hoarded my friends whom approval has been confirmed and approved instead. Damn it.
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