you can see the monthly statement and daily transaction with internet banking.

you probably have to email them to add your loan account to your internet banking.

They supposed to give you monthly statement.

Few months back they didn't mail to me the statement and I called up their contact centre and lecture them

They admit their back end delivery of mail got some problem.

Hopefully it's fixed

As a back up plan like what I do, I check thru Internet Banking

I've a pre-approved renovation loan from OCBC. Anybody know what's the required documents to submit to OCBC for loan disbursement?

Last I heard you need to send for stamping + renovation receipts and etc.

Better to call your banker again & reconfirmed.

is it normal for ocbc to ask for SD that the property is owner occupied?

this is in my offer letter

This post has been edited by ycs: Aug 12 2012, 12:17 PM

Boss,

None of the banker ask me this Q before

So if I wish to pay more than the monthly installment under the semi flexi type, is the extra payment I made goes to the principal n he ce reduce my loan interest or it treated as advance payment for the following month? Do I need to give notice via letter or call then to do that?

HLB is lousy. I had my 1st prop from HLB 5 years back, lucky I finally get rid of them now. The lump sum payment can be done. {Yes}
However the way they ask me to pay n process it makes me cry. My prop is join name with my bro. Every time want to give them RM30k to RM50k for principal reduction need to fill up forms. Need me to sign and also need my bro to sign to fill up that bloody form.

Secondly, that stupid bank require 14 days or more to process. then only they give u a call tell you to pay. The total of 14 days you need to put your money into your loan account or saving account both will be the same. No principal deduction yet so interest still count on you. Even money on their hand. Imagine RM 50k to 60k by giving you 0 interest if you put in loan account. That's crazy. If saving account u get saving account interest for 14 days. The principal reduction only appear on next month statement.

The system they have is sucks too. U can check your loan n get more details on the bank branch u get loan. Other branch say not too sure. Want to pay full also they delay. To me this bank system like oldies system. 100% sucks.

The only best part I get from HLB is 1 percent flat on my 1st year. Subsequent forgotten blr minus something.

Obviously the money you put in they don't allow to take out, some banker say can take out, some say cannot. However the process is very tedious, until I rather find other option to get money than take out the money I gave them. I did my full settlement already 3 months passed. But the idiot bank still on the process finalizing my stuff to give me back all my housing documents.

I do not really know why my father like to put his money into HLB. Just may be their style is neighborhood style which match my father generation.

I'm not a banker and also not their competitor, take my piece of advice research carefully before deal with HLB.

Now taking second house loan from OCBC, as explained by them they will not give me so much trouble on paying lump sum to reduce principal. However just sign, hope OCBC can perform better in terms of service.

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Added on August 14, 2012, 2:15 amFor HLB they initially let me pay advance interest only. When I see my statement, I called them. then they request a letter of acknowledgment from me, then the next month they start to carry out principal reduction. Lucky enough my 1st year of repayment interest only cost me 1%. Good experience and lesson learned.

This post has been edited by re_freako: Aug 14 2012, 02:16 AM

What type of loan you had with HLB?
Normally, for full flexi/semi flexi, borrower can pay additional amount anytime to knock off principle to save interest, but it also depends on different banks terms and conditions.

I am using OCBC for my first loan.. so far so good.

it will be treated as advanced payment if you don't give any notice to OCBC.
nevertheless, it will immediately save you interest too.

the only difference with principal reduction (aka capital repayment) is that you cannot withdraw the extra payment you made.

if you want to withdraw in the future, you have to do capital repayment by:
i. over the counter; or
ii. cheque deposit (by specifying "capital repayment" at the back of the cheque and the cheque deposit form).

wow, bro re_freakco, thanks for your input.... i heard from other people have the same experience few years back too... the payment put into does not save the interest....

last week, i double check with HLB agent, and they said the case is not like that anymore.. they have improved their system wor...

but still..... i will take OCBC la.. haha

I signed my contract loan contract about year 2006. I do not recall the name of the loan package. Just know they offer 1% for 1st of year repayment.

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Added on August 14, 2012, 3:32 pmImprove my @ss, beginning of this year about feb or mar. ask for full settlement. They say the only usual guy that familiar with full settlement on leave. Ask me go again tomorrow n ask again. %#@^%#%. The reply from the teller looks like very stress like that. totally puzzled dunno what to do.. Imagine u bring money in and out of bank very scary one, especially in malaysia. After found the so call expert he say okie, just fill form need to wait for application to be approve by main branch then only can pay money to them. (Give them money also need to queue. Damn attitude). wait for 14 days. So far I can reckon their service still sucks at pudu branch. Cos till now dunno wth they are doing not yet ask me to go to lawyer to get back all my document for my house that finished settlement which more than 4 month ago.

This post has been edited by re_freako: Aug 14 2012, 03:32 PM

Do you think OCBC bank sales staff are knowledgeable/ professional enough to answer the queries you have?

I kind of feel the SxB sales staffs are very pushy and rude. Encounter once where the staff is telling me are you genuine in getting thier loan, if want to compare compare than dont waste his time. Further he is doing the cross selling and asking me to sign up their credit card.

i still don't understand why ocbc inserted this requirement in my offer letter that the unit is "owner occupied"

waiting for the sales fella to revert

If it is owner occupied, then u get higher margin of financing..
if it is for investment, your margin of financing is automatically slash 10%..

but if you buy > 5 properties, you next property will still be considered investment, regardless if you declare owner occupied..



cheers!

Is this Islamic package? Thought Islamic package have different intepretation on their rules.

pening kepala when come to these islamic loan thing as their terms and wording read liao also cannto understand

IMHO, Islamic package= No

islamic loan, check the conditions for early/full settlement, banks normally have full discretion to charge an exit fee and you have no choice