Hi guys,

I'm new here, hope this goes through.

I have decided to refinance my house (condo) for 400k.

I want to refinance for two big reasons: 1. Consolidate all my other debts (personal loans + credit card + PTPTN); and 2. To have cash to spare.

I have applied to three banks: HSBC, AmBank and RHB. I first applied with HSBC, the loan was approved, and I have the offer letter, waiting to be signed. AmBank and RHB rejected my application because of my PTPTN loan. Only yesterday I printed out my ccris statement, and have found that the PTPTN debt is on record.

Here are my dilemmas:

1. I'm actually not sure if the HSBC loan is right for me. I would still like to shop around for other home loans and explore other possibilities with other banks.

2. I am concerned about my eligibility with other banks, and I'm afraid that I am running out of time because of that PTPTN debt. Is it possible that my loan application with HSBC was approved, and the others rejected, because at the time HSBC was reviewing my application, the PTPTN record was not yet updated on the ccris statement? The applications with the other banks were only about 2 weeks later.

I would appreciate it if anyone could advice me:

Can I afford to stall on this offer with HSBC? Will I have other chances with other banks? Do you think HSBC approved because they did not see the PTPTN in my ccris report? Or is it because they have a higher risk appetite? 

Hi all

nubie here, looking for some help. i am currently looking to purchase a property in KL. i already have one property in malaysia and one in UK(working in UK). i still hold malaysian passport but would like to know if i am considered to have 2 properties when applying for loan in Malaysia hence the bank would consider this current interest in KL property as third property and require margin of finance of 70% or am i still considered as having only one property (in Malaysia)therefore eligible for 90% mof. not very good with forums sorry if posted wrongly.

Hi all

nubie here, looking for some help. i am currently looking to purchase a property in KL. i already have one property in malaysia and one in UK(working in UK). i still hold malaysian passport but would like to know if i am considered to have 2 properties when applying for loan in Malaysia hence the bank would consider this current interest in KL property as third property and require margin of finance of 70% or am i still considered as having only one property (in Malaysia)therefore eligible for 90% mof. not very good with forums sorry if posted wrongly.

Dear Tanpa,

1. To apply loan with ptptn debts after you settle or restructure the payment, there's probably limited banks you could play with. RHB, AMBANK and HLBB. However, approval is subjective and margin of finance could be slashed accordingly.

2. Well, I have no idea of your loan application timeline, I can only deduce that you apply before 10th of march where the ccris haven't updated the PTPTN debt yet.

3. Do spell out the terms provided by HSBC, lets see whether it is a fair deal given to you

4. You would have to resubmit your application with AMBANK RHB with the letter of restructuring or letter of settlement, only then they would reconsider your loan application.

5. PTPTN is fairly a new problem, however there's ways to deal with it, not the best but at least there is.

Cheers

Hi Madgenius and Lifebalance,

Thanks for your replies. Really appreciate it.

In response to your points:

1. I actually plan on going to PTPTN today and talk about restructuring my loan. I have heard from some bank salespersons (Maybank and Bank Islam), the banks, can agree to approve my loan for as long as before disbursement of cash, they will actually pay off the PTPTN debt for me. Have you heard of that? And how does that actually work?

2. Yes, I did apply before 10th March. How unfortunate that this should happen in the midst of me applying the loan. It really makes me feel trapped that I am stuck with HSBC, of which I am having second thoughts about.

3. What are the terms you would like to know? It's a 400k fully flexi loan. At an interest charge of 4.75%, 35 years, RM1955 a month, 0 moving costs. If this fully flexi feature really is what it claims to be, I think I can leave cash reserves of about 50k in the special facility account for the whole tenure. That is probably slightly better than getting a 400k loan with "fixed interest" 4.45% which some banks are offering. Am I right?

4. You think I should give it a go? I'm sorry, but as of right now, I'm a bit paranoid. If I miss this "deadline" with HSBC of signing the offer letter, what if I can no longer get a loan because of this PTPTN ghost haunting me?

5. I guess I'll find out more today.

Thanks for your time, really appreciate it.

Good morning,
Currently I’m serving a loan with SCB (RM330K). I’m planning to refinance the house to cash out RM200K for renovation.

Should I go for refinance with other bank for better rates or asking SCB to top up the loan amount?

I was told by my colleagues who’s active in property field saying bank Negara already set a new rule on re-financing whereby the maximum payback period is 10 years, it’s true?

Assuming your loan is 35 years. Your installment should be 2366 if the interest rate is 4.5%

Putting 300k into the account would effectively means that your interest payable would reduce lower. A higher portion of your monthly installment from the 2366 per month will be used to pay on your principle rather than on the bank interest.

But you'll still be paying the rm2366 every month. Just that your loan tenure will be effectively reduced.

Before 300k
2366
491 goes to principle, 1875 goes to interest

After 300k
2366
1620 goes to principle, 746 goes to interest.

Effectively, you have reduced your loan by roughly 306+- months

Hi Keith,

As above case, is it possible to lower down monthly installment by pump in 300K instead of reducing the loan tenure?

Hi Madgenius and Lifebalance,

Thanks for your replies. Really appreciate it.

In response to your points:

1. I actually plan on going to PTPTN today and talk about restructuring my loan. I have heard from some bank salespersons (Maybank and Bank Islam), the banks, can agree to approve my loan for as long as before disbursement of cash, they will actually pay off the PTPTN debt for me. Have you heard of that? And how does that actually work?

2. Yes, I did apply before 10th March. How unfortunate that this should happen in the midst of me applying the loan. It really makes me feel trapped that I am stuck with HSBC, of which I am having second thoughts about.

3. What are the terms you would like to know? It's a 400k fully flexi loan. At an interest charge of 4.75%, 35 years, RM1955 a month, 0 moving costs. If this fully flexi feature really is what it claims to be, I think I can leave cash reserves of about 50k in the special facility account for the whole tenure. That is probably slightly better than getting a 400k loan with "fixed interest" 4.45% which some banks are offering. Am I right?

4. You think I should give it a go? I'm sorry, but as of right now, I'm a bit paranoid. If I miss this "deadline" with HSBC of signing the offer letter, what if I can no longer get a loan because of this PTPTN ghost haunting me?

5. I guess I'll find out more today.

Thanks for your time, really appreciate it.

Good morning,
Currently I’m serving a loan with SCB (RM330K). I’m planning to refinance the house to cash out RM200K for renovation.

Should I go for refinance with other bank for better rates or asking SCB to top up the loan amount?

I was told by my colleagues who’s active in property field saying bank Negara already set a new rule on re-financing whereby the maximum payback period is 10 years, it’s true?

Dear D902,

1. May I know few details regarding your SCB loan?

- what's the rate? BLR - 2.4%
- How much outstanding loan you still owe SCB? RM300K

2. He is right, 10 years. But 10 years is the debt calculation by the bank whether your loan could pass the minimum Loan threshold according to 10 years calculation. However, your installment payment will based on the max loan tenure 35 years (based on your age)

3. I would need to know further details, so that I could give you better advice. Do provide me below details:

[code]1.Borrower
a.age = 45
b. No. of borrowers = 1
c. no. of housing loan = 1

2. Income (borrower)
a. Gross salary
A: RM 8K
B:
b.Variable income for business (6months latest)
"1.
2.
3.
4.
5.
6."
c. OT
d. Fixed allowance = RM3K
e. Variable Allowance (6months latest)
"1.
2.
3.
4.
5.
6."
f. Bonus contractual (1 year bonus amount)
g. Bonus performance (2 years bonus amount)= RM30K
h. Comission (6 months, each month amount from the earliest)
"1.
2.
3.
4.
5.
6."

3. Supporting income (borrower)
-Tenancy agreement rental (6months)
"1. RM1.1K per month
2.
3.
4.
5.
6."
i. ASB ( 2 years total DIV)
j. Shares dividend
k. Fixed deposit

4. Debt / commitment (borrower) "joint or indiv" = individual
a. Hire purchase loan (Borrowed amount)* = RM330K
b. Housing loan (Borrowed amount) (Joint or indiv) = individual
c. Personal loan (Credit limit) = NIL
d. PTPTN (credit limit) = NIL
e. Credit card (Outstanding/usage) = RM5K
f. ASB loan ( credit limit) = NIL
g. Overdraft ( Credit limit) = NIL

4. Background (borrower)
a. Occupation = IT Professional
b. age = 45
c. currently staying at? Another owned property (Condo)

5. Property
a. purchase price = RM360K
b. subsales or underconstruction = from developer
c. freehold or leasehold = freehold
d. 1 borrower or joint borrower = single borrower
e. Strata title or master title = master

Hi all,

I've been told that April is the month that could trigger changes on the base rate, is there any portal I can inquiry about the new rate? (in any)

Usually how long each bank would take to announce their new rate?

Hi all,

I've been told that April is the month that could trigger changes on the base rate, is there any portal I can inquiry about the new rate? (in any)

Usually how long each bank would take to announce their new rate?

Certain banks will only grant 70% as they will check for your credit report in UK and still categorize the property in UK as 1 count.

Hi all,

I've been told that April is the month that could trigger changes on the base rate, is there any portal I can inquiry about the new rate? (in any)

Usually how long each bank would take to announce their new rate?