Hi all, I found a nice property (first time buyer) at Kelana Puteri, so I applied for the bank loan for several banks, which was rejected. According to them I have good credit, but they said the reason my loan was rejected was because the property valuated was deemed "unacceptable" due to the fact that the strata title has not been transferred from developer to owner, and it has been 10 years. One of the bankers went on to mention that no bank will approve the loan due to this fact.

Has anybody else faced this problem, and how did you overcome it?

Appreciate your reply and effort.

this unit only or the whole building?

Should be for the whole building. Let me revert back to you.

Bank finds it risky to finance. But not all bank will reject actually. This must be mk land project lol.

its norm for bank to reject ur loan application for 90%. Try 60% finance. im sure they will approved. You just need to find out which bank is the end financing for this project previously. not that hard. actually.

Why bank categorized it as unacceptable? i believed it under master title and LEASEHOLD

Bank will NEVER reject any loan if they think u can pay. Bank will not approve because they think that u cannot pay after that, they look at the property see if worth loaning to u in case u default it.

I think u better look at your affordability again then decide if u can afford that piece of property. As what Peri Peri said, try to loan 60% if u have the cash.

CIMB and Public Bank should accept. Have you tried?
Standard Chartered also should accept.

Last but not least, AIA also accept but they dont offer Flexi Loan.

Wrong. Most bank does not approve loan if the property is above 10 years also not get strata title.
Especially if developer already bankrupt.

Then how are u going to explain for my case? I bought a 15 years old condo with no strata title and Developer also Bankrupt. That time i loan 50% and got it approved in 2 weeks.

In addition, i just bought a 3rd properties (at 1.5mil) and bank still want to loan me 85% (given that i that i have paid 95% of the 1st property, 40% of the second property). They some more beg me to accept it.

He said "Most" not all banks ... just to highlight to you..

Which bank?

Check above i mentioned CIMB and Public Bank confirm will loan.

CIMB loan me 90%+misc fees for a condo of 19 years without strata title and a bankrupt developer. I was offered 70% by public bank. First house btw.


you are wrong. when i was going around seeking for loan, when I told them about the status of the condo, without knowing my credit rating, they straight say sorry we can't. what say you?

This post has been edited by LoveMeNot: Sep 12 2014, 02:06 PM

Different Banks have different policies and 'blacklisted projects'.

Perhaps in your case, the project / developer is in the 'Blacklist'.

Once, in the 'Blacklist' very difficult to approve the End Financing Loan, unless for Special / VIP customer.

Then again, it is unlikely for Special Customer to be buying into 'Blacklisted' projects.

Hi all, thank you for all the help so far. It's really helpful to know all these things.

The condo was purchased in 1997 with no strata title. Am not sure why other units in that condo could be purchased. Bank has mentioned that had I applied for other property, it would be approved as my credit rating is good.

So yes, I'm assuming it's because they blacklisted the developer?

But they didn't even ask for the name of the developer wor? I think 1 did ask and checked but it's not in the list. Once they hear me saying it's a 19 years old without strata title + bankrupt- straight they rejected.

But not all Banks right. Think that the min to apply is at least 3-different Banks for Housing Loans.

I went to all bank to ask. Only HSBC, Standard Chartered, Public Bank and CIMB entertained me. The rest; without checking my credit status or the developer; say no once I told them

In Alphabetical order, u mean the following Banks rejected you

Local Banks

Affin
Alliance
EON
Hong Leong
Maybank
RHB


Foreign Banks

Citibank
OCBC
UOB

I am sure that some Banks will be willing to Lend. Btw, is it Freehold or Leasehold?

Have u got your Strata Title yet? Any functioning JMB

Err,, I think you didn't read what I've posted previously. CIMB and Public Bank offered me. I took CIMB as they gave me 90% loan + misc fees

It's freehold. Now at final stage already. Pending for release by the bank. The new condo management apparently now is working on the strata title. Must be the mgmt before no do work la..

For a property like this, it takes quite a long time to get it settled. Signed my S&P end of January. So TS, do take note.

maybe the bank officer want to buy your units...
just joking

sometimes, sh1t like this happens so must apply to as many Banks as possible

just apply public.... my banker ha approved few for me though developer bankrupt and still under master title for 20 years. Need contact? Pm me

I am in a little bit confuse. When u want to loan, u basically will walk into any financial counter then the person who entertain u are just basically small kutu.

Whether can loan u or not are all decided by the HQ not any tom d*** and cb sitting at the counter. So from this, how can a person tell u the bank wont loan u straight on the face???

I have taken from hlx more than 10 years medium cost apartment......leasehold....developer already bankrupt.......