Hi All,

My home loan was not being approve because bank are not convinced that I am working under contract for MNC company but permanent staff under manpower staffing.

Anyone have experienced that before? please share and how to get my loan approve as my credit record is clear.

Your loan amount / salary / bank ?

Any outstanding loan under your name ?

did you submit your epf statement together?- to prove that you are working there

Loan amount: 200k
Salary: above 10k
Bank: RHB

Outstanding Loan: 1 car loan - RM800
1 joint account housing loan - RM1200
2 Credit Card - RM3k

Dont know why not approve and the joint housing loan is non-priority loan. CCRIS Clean with all 0.

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Added on February 1, 2010, 8:38 pmYes, submitted all the document.

This post has been edited by vaio_me: Feb 1 2010, 08:38 PM

Try to understand why was it rejected, at the same time, try another bank.

You shouldn't have any issues securing the loan base on your financial situation.

I am trying to understand your outstanding loan; is it because you are currently paying half of your salary for loans?

The bank is basically just concerned about the consistency or permanence of your income. Although they say that they require 3 months income and bank account statement, providing with more than that will help your case. Talk to your banker, if you can show proof that you've been regularly receiving income over the past 1-2 years, I am pretty sure they can help you out.

Some time bank did that simply can't understandable. Same happend with me,

Loan 450k

Monthly combined income 12k
Monthly comitments

housing loan 1500
one car 650
credit cards, 3000


to my surprise they reject my loan and the funniest part i am one of theire preferred custmer.

some curious question here, credit card rm3000 means total debt is 3k or monthly payment is 3k ?

Hi Leongal,

Nope...I just pay rm800 for car loan and the other joint account housing loan is paid by my siblings. I just spend 8% of my salary for loan.

Benardyong,

Yes, I am still waiting for other banker news.


Sheakhu,

I see, did other bank approve your loan?

dvinez,

3k is outstanding balance not monthly payment.

bank dun dig into details ur affair with ur sibilings... who pay who don't... if name is there, that's ur commitment.
first impression if i were the bank officer on the credit card... "12k income still cannot settle a 3k hutang... hmmm .. something fishy."

Yes they did, SCB within 3 days, but refuse to take.

I see...because of the 3k? I don't think so, i do not have any late payment and the 3k is outstanding amount. I think bank will only concerned about default in payment.

I see,so fast. I am still waiting for 3 more banks to come back.

so u meant the 3k havent reach the statement date ?
then it will definitely not the cause of it.

I also on contract based with manpower and planning to buy a house soon. pls let me know your outcome vaio_me before I paid deposit to seller. Damn, should have not quit my perm job for this stupid contract job!!!

Its not because of contract I believe. Previously when I bought my house, I with ManPower Staffing as well... And I got the loan approved.

most probably is it becos your bank account statement cannot prove your monthly salary exact amount??? juz guess...

dun have to inform them that u r a contract employee. they asked u for appointment letter or did they make reference check with ur hr?

even if u r a new joined employee, ur continuity in contribution to epf is sufficient to convince bankers.

i have known those who r self-employed (with so-so financial support but good repayment record) have only few issues in getting approval.

however, those whose basic salary is low but fixed say, rm500 pm but earns on fluctuating commission which can sometimes exceed say, rm10k may still subject to rejection.

I as well just got rejection from Maybank due to contract employment.

ask your co for a letter of permanent stuff there..then will be better..

mine work out fine with MBB (and cos this is my first home):

loan: 300k
combined income: 4.5k (principal = under contract; joint = permanent job with <2 years of working exp)
car loan bal: 6k
credit card: 0

the bank do look at ur savings as well..moved all ur $$ into the saving acc that u declared when applying...cos with a 10k income they expect some amount of saving..

N also this is not your first house as u have an existing joint housing loan, so it'll be a lil tougher

Maybank will likely move to community banking soon n reversal to its current position. Meaning, if u look at Maybank, they are more interested with properties value above 250k and anything below will be a bit longer if not unsuccessful. This has impacted lots of low cost buyers whom for many years looked to Maybank for this loan.

Do bank look at monthly income or annual income?