Advise needed, I'm a co-borrower to a housing loan with my sis and she's not paying on time and having default for 3 months all the times. I am planning to get a house soon and I only have one car loan with no default and no credit card debt. I am earning 5 figures, do u think I am able to get a loan approval from bank due to bad credit rating from my sis housing loan as a co-borrower?

If it does, what's the alternative ways I can do to get loan approval? My sis ask to give her time to settle but I think it will take ages.

Please help...

This post has been edited by vaio_me: Jun 15 2009, 12:43 AM

Your sis needs one year to clear her record as CCRIS keeps records of 12 months..
If you check/print your record on May, the CCRIS record shows report from may of prev year till apr of the current year. If you check the ccris record of August, the record shows a report from Aug of previous year till july of the current year.

Well, postphoning for one year may not be too long.. still sounds ok..

This post has been edited by zeese: Jun 15 2009, 11:22 AM

Go and apply MBSB bank ... 100% sure get ...coz they dont check CCRIS ...

That's what I heard also. MBSB don't check for CTOS and CCRIS.. but the interest is high.. Well.. nothing comes free..

go for freehold property with big developer. Bank doesn't care if u r bad pay master or not fully qualified for the loan. most important thing is the bank can take back ur property & sell it out easily. Incase u can pay

This is how subprime crisis get started....

in order to apply for a new loan you have to provide a satisfactory explanation to your bank as to the reason why you are defaulting the current loan with your sis.

beware that your sister's failure may not be satisfactory as the terms of any loan agreement is "joint and severally liable" that is all applicant are liable for the loan regardless of the parties arrangements.

if you fail then you might have to pledge Fixed deposit or apply from MBSB or Bank Rakyat. If you need assitance in applying from MBSB pm me

Yes, 1 year seems to be okay, but the loan is 30 years, and how many 10 years I have to bear this.

Thanks for such a good information,

If worst come to worst, I have no other option.

Yes, but I still need loan approval.


Thanks, I'll keep that in mind and currently looking for houses to buy.

Wrong answer. Bank cares about one's credit worthiness. Higher risk equals higher interest. It's the trade off between risk vs rewards.


Nope, subprime is not because of that. Subprime is because of over lending and working on the assumption that property price wouldn't drop. So either of this scenario topples, there goes a major crisis. At least Asia is not doing 2nd mortgage unlike the States.


@TS
As long as your sister don't pay; you're record in CCRIS wouldn't look good also.
If it's 4 months didn't pay, the banks would issue a letter of demand (a legal notice) to both of you and that's when CTOS would pick up your names in the paper and sad to say; you'll be listed in CTOS.

CCRIS is known as positive bureau whereas CTOS is known as negative bureau. More understanding here: http://forum.lowyat.net/index.php?showtopic=741069&hl=CCRIS
It's not a good thing to be listed in CTOS although some banks does have judgment leeway against those listed in CTOS by supplementing good conducts in CCRIS; it's still not a good impression.

So my suggestion is lend some money to your sis to at least clear a few bucket or to clear the 3 months. If not, be harsh and ask for separation of names from the loan and you'll pay the legal fee. When it comes to money, yes it's complicated; but you have to remember that such conduct would effect your credit worthiness. So you have to make a tough decision. Good luck!