Hello. This is my story. on late June, I was shopping for a house, and I found the house that I wanted. I had an agreement with the vendor and they agreed to give me 14 days to get my housing loan secured, otherwise, my ernest money of 2% will be refunded.

So within a week, I managed to secure a 90% MOF housing loan with Stand Chart (Address:1st Floor, No. 2, Jalan Ampang, 50450, Kuala Lumpur). They even sent me the letter of offer. But! they made a typo for my name in the Letter of offer. So I told them to change it. I was changed and I was given a new Letter of Offer. This time they made a mistake with the date, and then I was given a new LO. It was almost end of the 14 days.

In the new Letter of Offer, i found out that they typed in the wrong LAND TITLE. I told them to change it, otherwise I will have to cancel the purchase of the house. Then they said it will be fine. Because my loan is already approved. There is no worries. At the same time, I received a Letter of Offer from Eon Bank. I have 2 Letter of offer in hand so I proceed to inform the vendor that I am buying the house.

Stand Chart finally got the Letter of offer right, I signed it. I choosed stand chart because they are giving a better rate and conditions compared to eon bank.Then I proceed to get the Sales and purchase agreement for the house done and duly signed by 8th of August.(delay by vendor).

At the same time, i contacted the bank to provide my solicitor for the loan with the Letter of instruction for the loan agreement. But the bank delayed for a week for some unknown reason. Because of time constraint, my solicitor for the loan agreement said that they can get the loan agreement done and signed first, while waiting for the letter of instruction from the bank.

On 22nd August, when I went to sign my loan agreement, my solicitor after reading the letter of offer, she found out that there is a mistake in the Letter of Offer again! Apparently, if I am buying the house and taking the loan for the house under MY sole name it is FIRST PARTY. But if I m buying the house with my name, and my fiance's name, while taking the loan under my name only, it must be stated THIRD PARTY in the letter of offer.

And so we contacted the bank on the 24th of August to get it changed. The loan officer told me that I can get the Leter of Offer on the 28th of August. So I waited till Friday and when I got no news, I tried calling them for 2 hrs and when the loan officer answer my call, she said, I can only get my Letter of offer on Tuesday, 1st of September. I waited till then, and when I got no news, I called her again. She told me that It will be done tomorrow.I waited till tomorrow, and then she told me tomorrow again. This went on till Friday, 4th of September.

Then on 8th September, when I call her, she request for my July and August Payslip and bank statement. I was like...wth...why do you need my pay slip again. I provide it to her anyway, and she said that the Letter of Offer will be issued tomorrow. Then on 9th September, they request for my EPF statement. I was very WTH...they have my EPF statment for year 2006 till 2009 (June) why do they need it again. I asked for their clarification and they told me that my income is insufficient for 90% MOF of the house! I m like WTH! If you are going to reject my loan, why didnt you reject me earliar. Why do it now?

I m currently in Germany and if I want to contact Eon bank again, I can only do it on Monday, 14th of September! I only have 3 mths from 8th of August to get the loan done and then pay the vendor the remaining 90%.

I m quite screwed now, but I will have to try my luck with Eon bank and other bank next week. I can only beg the vendor so that they dont penalize me for the late payment.

I m quite pissed off with Stand Chart now, and I am not sure If I can take legal actions against them, or do I have to sucker it up?

This post has been edited by Dagashi: Sep 9 2009, 11:24 PM

I think you can just complain to the supervisor. It is hard to sue large corporation unless you have deep pockets.

sad...the supervisor/manager knows about this and she is backing her staff. Trying to check with the Malaysia Consumer body now...

You should lodge a formal complain to Bank Negara. This is totally UNACCEPTABLE

In the meantime, you might want to try to get your home loan from Public Bank or OCBC Bank.

wow Lufthansa avatar

Yea, I am gonna call Bank Negara when I m back in Malaysia next Monday. I can only start applying from other banks starting next week when I am back. Quite screwed now. Stressssssss

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Added on September 9, 2009, 10:49 pmFound a complaint Unit for Stand Chart. Gonna try contacting them!

Standard Chartered Bank Malaysia Berhad

General Information
HQ Address: Level 16, Menara Standard Chartered,
No. 30, Jalan Sultan Ismail, 50250 Kuala Lumpur
Telephone: +60 3 2117 7777 +60 3 2117 7777
Facsimile: +60 3 2711 6006
Website: www.standardchartered.com.my

Complaints Unit
Department Name: Complaint Unit
Contact: Cik Bharathi Naidoo
Address: Level 10, Menara Standard Chartered,
No. 30, Jalan Sultan Ismail, 50250 Kuala Lumpur
Telephone: +60 3 2721 5290 +60 3 2721 5290
Facsimile: +60 3 2781 7266 / 7270
E-mail: malaysia.feedback@my.standardchartered.com

For anyone that is interested in complaining their financial service provider, follow the link below: Bank Negara.

http://www.bnm.gov.my/index.php?ch=13&cat=...=CB&fund=0&cu=0

This post has been edited by Dagashi: Sep 9 2009, 10:49 PM

yeah try to speak with your vendor about your situation with the bank.

and if you wanna file a complaint...try to find a 3rd party consumer complaint unit like BNM...you think its useful to file a complaint to standard charted from standard charted...?

No choice. I just checked BNM website. Their procedure is that I must complain to the Bank complaint unit first

http://www.bankinginfo.com.my/04_help_and_...a_complaint.php

usually this kind of case, if im not wrong u gotta lodge a complaint to the complain unit of the bank 1st be4 doing anything with bank negara, which of coz, u can expect the procedure to take months of time and, u noe.. complaining to the own bank is actually kinda like throwing a small rock to the ocean. they wont regard it important until u file a complain to BNM.. meanwhile u should just go and take up another housing loan from other bank and beg the vendor not to charge u anything extra. good luck!

oh btw, the chances of StandChart sending u deadlock letter is very high. they will blame this and that and push away the responsibility, so in the end u still need to bring ur case to BNM.

This post has been edited by LucasPSS: Sep 10 2009, 11:08 AM

So all the converstation with standard chart is through phone calls? It will be hard to prove what you say vs. what she say.

You can still make it but you have to hurry as you have about 2 months. I suggest to go to PBB or UOB as they are very efficient. PBB also has good rates. If you would like a referral, PM me.

As for SCB...I think you should make the complaint and perhaps try the press (like Malay Mail). Only with bad press will they learn.

Good Luck

Already lodged a complaint to the complaint unit and at th same time looking for another housing loan.Bad news is I am still in Germany now only back on Monday. More time lost!

Yes, its all phone calls. The only black and white is all the revised Letter of Offer.haihz

Dear cynthusc! UGPM!

@Dagashi,
An advice, when you file a complain with the complaint unit of SCB; cc also to BNM.

Banks are regulated by BNM and especially for foreign banks like SCB; BNM is stricter on them.

So a "cc" to BNM would get their attention to resolve the issue faster.

standchart pobably have phone recording. i noe their sales dept and CS dept have phone recording.. but not sure the one u r dealing with have anot. u can try to ask probably.

Stand Chart rejected my loan application immediately...but i got 4 letter of offer other banks

i think, the issue is the ability of the banker who handle ur case.............ask the Mortgagers here to help u or directly to contact the bankers

they did the great job for me but i only can select one

select the one who do the job effeficiently..good luck!

Sorry to hear about your incident

And thank you for sharing

I was considering Eon and stand chart too

Guess I got to go with Eon

My experience with EON bank is via SS2 branch. Ms Ong the loan officer there is very helpful and efficient.

Such incompetent staffs!

U can conclude that the person supervising them aren't competent either.

Took a loan with Standard Charted too, bad experience too......very in-efficient.

Normally, there is a PLUS ONE MONTH clause in the S & P but with interest, You should be OK.

I got Letter of Offer from Standard Chartered b4, but I didnt take it coz the salesperson attitute is unprofessional (Even the loan package is very good [ BLR -2.3] non moving cost ). My experience was I need to chase the salesperson with my loan approval status. . They should call me and not I call them. I submitted the application for more than a week, then only know the approval status. I applied Public Bank and the gal is very helpful and finally i took Public Bank loan.

FYI, RHB gave me a similar experience too for house loan. Avoid it if possible.
Eon & Public Bank have good services, based on my hire purchase.