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> Loan Compression, For Property Loan

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SongChiang
post Aug 14 2020, 02:22 PM

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QUOTE(AskarPerang @ Aug 14 2020, 01:03 PM)

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Cxxpxxsxxion okay censored.

#compress victim?
icemanfx
post Aug 14 2020, 03:01 PM

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QUOTE(SongChiang @ Aug 14 2020, 02:22 PM)
Cxxpxxsxxion  okay censored.

#compress victim?
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Leverage amplify profit as well as losses.
SongChiang
post Aug 14 2020, 03:02 PM

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i was referring to the post. censor the word compression, but hashtag compress victim
QUOTE(icemanfx @ Aug 14 2020, 03:01 PM)
Leverage amplify profit as well as losses.
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but yes, and you become fishfood

This post has been edited by SongChiang: Aug 14 2020, 03:03 PM
AskarPerang
post Sep 6 2020, 12:01 AM

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3 lelong unit check in. All coming from the same owner. All from different banks.
In fact, this owner got 5 units total here.
Another 2 units: B-15-12 and B-08-09 probably will appear here in lelong soon as well.
Example of compress loan / multiple loan submission.

user posted image

lionking7791
post Sep 6 2020, 02:16 PM

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Just wonder, those people property under lelong, they still able to buy property in the future? I doubt so, right? Their name forever blacklisted from financial institutions, right?
mini orchard
post Sep 6 2020, 03:21 PM

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QUOTE(lionking7791 @ Sep 6 2020, 02:16 PM)
Just wonder, those people property under lelong, they still able to buy property in the future? I doubt so, right? Their name forever blacklisted from financial institutions, right?
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Many of them will end in bankrupt category.
Allout20
post Sep 6 2020, 04:00 PM

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QUOTE(mini orchard @ Sep 6 2020, 03:21 PM)
Many of them will end in bankrupt category.
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Yea, agree. At first want to earn, learn from property master/sifu. End up with bankruptcy 😢
icemanfx
post Sep 6 2020, 04:54 PM

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QUOTE(Allout20 @ Sep 6 2020, 04:00 PM)
Yea, agree. At first want to earn, learn from property master/sifu. End up with bankruptcy 😢
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So called poorperly guru only taught how to buy and borrow not how to repay loan.

This post has been edited by icemanfx: Sep 6 2020, 05:16 PM
vinceleo
post Sep 6 2020, 09:17 PM

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Bankruptcy will kick in once overall debt exceeding MYR 100K which was recently increased from MYR 50K previously.

QUOTE(lionking7791 @ Sep 6 2020, 02:16 PM)
Just wonder, those people property under lelong, they still able to buy property in the future? I doubt so, right? Their name forever blacklisted from financial institutions, right?
*
ssangyongs
post Sep 7 2020, 05:58 AM

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QUOTE(icemanfx @ Sep 6 2020, 04:54 PM)
So called poorperly guru only taught how to buy and borrow not how to repay loan.
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I think not many people realise these property guru own sh!t. They earn from commision and talks. Often paid by developer to sell project.

But then there are more than enough fools out there for these vultures to prey on
labtec
post Sep 7 2020, 11:01 AM

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mayb we'll see more in december later
syeek P
post Sep 9 2020, 06:29 PM

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Hi all, would like to get yours advise.

Before MCO, I applied for home loan for house purchase. Loan approved, signed the LO, signed the s&p, but I did not sign the Loan Agreement yet till now (Loan was approved on March, right before MCO, while there was also some delay in Loan Agreement preparation between Bank and lawyer side) And now, I have decided to postpone my house purchase simply because it's bad timing for house purchase and thinking to wait and see the market, so, I proceed to revoke the s&p, of course, my booking fees burned.

My question here is, I recently checked my Ctos report and found that the Approved loan with A status is still appeared in my report, will this affect my housing loan application again if I intend to buy the house in near future, say in few months time. Will banks treat this as compress loan?

Appreciate yours kind advise.
SUSLiamness
post Sep 9 2020, 08:43 PM

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QUOTE(syeek @ Sep 9 2020, 06:29 PM)
Hi all, would like to get yours advise.

Before MCO, I applied for home loan for house purchase. Loan approved, signed the LO, signed the s&p, but I did not sign the Loan Agreement yet till now (Loan was approved on March, right before MCO, while there was also some delay in Loan Agreement preparation between Bank and lawyer side) And now, I have decided to postpone my house purchase simply because it's bad timing for house purchase and thinking to wait and see the market, so, I proceed to revoke the s&p, of course, my booking fees burned.

My question here is, I recently checked my Ctos report and found that the Approved loan with A status is still appeared in my report, will this affect my housing loan application again if I intend to buy the house in near future, say in few months time. Will banks treat this as compress loan?

Appreciate yours kind advise.
*
Compressed loans will only be treated when you apply multiple loans before it is reflected in your ctos record.

And yes, the record of your approved loan will still be in your report.

Whether it affects your borrowing capacity will depend on the individual loan officers.
cheeliew
post Sep 9 2020, 09:01 PM

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QUOTE(syeek @ Sep 9 2020, 06:29 PM)
Hi all, would like to get yours advise.

Before MCO, I applied for home loan for house purchase. Loan approved, signed the LO, signed the s&p, but I did not sign the Loan Agreement yet till now (Loan was approved on March, right before MCO, while there was also some delay in Loan Agreement preparation between Bank and lawyer side) And now, I have decided to postpone my house purchase simply because it's bad timing for house purchase and thinking to wait and see the market, so, I proceed to revoke the s&p, of course, my booking fees burned.

My question here is, I recently checked my Ctos report and found that the Approved loan with A status is still appeared in my report, will this affect my housing loan application again if I intend to buy the house in near future, say in few months time. Will banks treat this as compress loan?

Appreciate yours kind advise.
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You signed the SnP...how to back out ?
syeek P
post Sep 9 2020, 09:10 PM

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QUOTE(cheeliew @ Sep 9 2020, 09:01 PM)
You signed the SnP...how to back out ?
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With lawyer's help to revoke the s&p. Some cost involved but not much.
syeek P
post Sep 9 2020, 09:12 PM

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QUOTE(Liamness @ Sep 9 2020, 08:43 PM)
Compressed loans will only be treated when you apply multiple loans before it is reflected in your ctos record.

And yes, the record of your approved loan will still be in your report.

Whether it affects your borrowing capacity will depend on the individual loan officers.
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Thank you! It will takes many years to get this record removed?
SUSLiamness
post Sep 9 2020, 10:00 PM

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QUOTE(syeek @ Sep 9 2020, 09:12 PM)
Thank you! It will takes many years to get this record removed?
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i not sure how long it takes, but usually, it has no impact on your future loan.

all that matters is your current credit score and DSR.

This post has been edited by Liamness: Sep 9 2020, 10:01 PM
syeek P
post Sep 10 2020, 02:22 PM

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QUOTE(Liamness @ Sep 9 2020, 10:00 PM)
i not sure how long it takes, but usually, it has no impact on your future loan.

all that matters is your current credit score and DSR.
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Thank you so much for the advice 😊
AskarPerang
post Sep 23 2020, 08:23 AM

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ahkit123
post Oct 9 2020, 01:58 PM

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Thanks to compressors, our lelong market is back alive!

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