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

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.

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

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.

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.

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.

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.

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.

Point to add on, make sure your office contact number is reachable and not always engage, they will call to your office to verify.

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.