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 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.