Hi,

Is there any penalty if we were to cancel the loan after signing the offer letter from bank? It's Maybank to be precise. S&P haven't sign yet.

Yes you can do it.... as long as the loan agreement yet to sign.
Maybank ? all i can said are , all bank had thier pros and cons. and different people have different point of view.
Take it easy .

Do you have a copy of the Letter of Offer? If you have, you might as well check for any clauses stating if there is any form of penalty.
Worst come to worst, your loan application may be recorded in CCRIS, and then only will you have trouble getting loans from other banks.

if i remember correctly, there is no charge if the amount is yet to be disburse. if after the amoun has been disburse then u need to pay lo

oh, does that mean the loan cancellation will be reflected in CCRIS too?

Recently I took loan from PBB half way I cancel the loan then kena Rm2000 penalty (this is excluding legal fees) hehe

Yes check your LO it's written there whether any charges

This post has been edited by keithcky: Aug 23 2011, 06:17 PM

Once you applied for your loan it will automatic reflected in CCRIS. Example 3 bank you applied , 3 also approved and it will sure reflected in CCRIS.
No matter you sign or no sigh the LO.
and you can cancel if you dont like the service or package of maybank. as long as u dont sign the loan agreement from lawyer.
the officer sure tell you submit already and cannot cancel + blah blah........ ( u know they need to hit target and earn thier commision so on ) . anyhow, you can cancel.
For more info you should refer back to the S&P lawyer. he can clear all ur question.
just my 1 cent

This post has been edited by MaiGehGeh: Aug 23 2011, 06:15 PM

did you pay?

Yes I paid to my lawyer then the lawyer settle with the bank

Ok. If there are too many approval from different type of banks in CCRIS, would it affect my future loan? Lawyer said no problem can cancel the loan

yes, there is penalty clause in all LO once you signed the letter and returned to the bank....

LO has nothing to do with SPA.

if you signed SPA and back out...lagi teruk....1% of purchase price penalty...

wrong wrong wrong!!!!

please read the LO careful before signing the dot dot line...some bank will penalize you, some won't, not ALL...don't mislead people here..

speaking from experience, 1 celaka bank Uxx has this hidden clause until I ask the SA and the SA told me YES, penalty 2K if you sign and later cancel the LO...

but other bank like Mxxxxxx didn't change you at all even you already signed the dot dot LO and cancel later.....so LO is not a standard doc...it all depend on that bank policy!!!

So, I will never go back to that celaka bank anymore!!! WTF!!!

most will ask for few hundred for processing fees? Well it is for the effort of bank in processing your loan

if offer letter states a certain penalty you can always ask for modification. any normal bank will budge if they want you as customer. even a quick elimination by hand co-signed will do.

You can ask for modification in the Letter of Offer, but doubt most banks will entertain as it is part of their standard letter.
TS said that she has signed the LO. So for sure cannot change the conditions.
Like what someone has mentioned, you need to refer to the LO for the T&C.
If still have not sign the loan agreement, then still have chance to avoid penalty

the offer letter have validity, just let it expired, nothing bad will happen
won't penalise you.

But if signed, it won't be that easy rite? Or else, everyone can get the offers and let it expire, which would be unfair to banks

It's better not to simply sign any doc.

However, if in the case that you have signed the LO and with to make any changes, ie. change loan type, property details like description & price, u can check in ur LO if there is certain charge if u want to do any amendments... but if u wish to change bank for ur homeloan i think this LO will be lapse and will not be valid... since they also can't charge u as u r not using them

Thing will get worse if u have signed the loan agreement prepared by the lawyer firm... u will be penalized on the cancellation..

how about if just only applying for the loan & not yet even sign the LO?any penalty?

No worry. if you cancel the application then the bank must update ccris as well otherwise BNM will go after the bank.