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> When buying a property, apply 1 or all banks?, Mortgage Q. Financial

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TSBjorn1688
post May 16 2019, 11:52 AM, updated 5y ago

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Most of us aren't lucky enough to buy a property with cash and usually it isn't such a good idea either less the taxman visits.

When buying a property, do you apply for 1 bank or all the panel banks of the developer?

What if your favourite bank isn't on the panel?

Is it normally the case that when you use a mortgage from a bank not on the developer panel that the fees the developer offered to absorb would not be absorbed?
MeToo
post May 16 2019, 11:56 AM

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apply a few. To compare.

If the best rate comes from a bank you dont like, use that rate to tekan the bank you like.
BeastB
post May 16 2019, 12:08 PM

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QUOTE(MeToo @ May 16 2019, 11:56 AM)
apply a few. To compare.

If the best rate comes from a bank you dont like, use that rate to tekan the bank you like.
*
Yep, simple.
robeng
post May 16 2019, 12:29 PM

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some bankers told me best to keep it max 3 or 4 banks. trust me, don't listen to them. apply as many as you can. I applied around 6-7 banks. all local banks rejected my application. only 1 bank approved and it's hsbc.
TSBjorn1688
post May 16 2019, 05:25 PM

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QUOTE(BeastB @ May 16 2019, 12:08 PM)
Yep, simple.
*
This trick still works these days?

Right now facing the issue best rate bank insist on signing up together with a credit card and mrta.

Not keen on the bank or their credit card.

QUOTE(robeng @ May 16 2019, 12:29 PM)
some bankers told me best to keep it max 3 or 4 banks. trust me, don't listen to them. apply as many as you can. I applied around 6-7 banks. all local banks rejected my application. only 1 bank approved and it's hsbc.
*
Interesting.

Any idea why it’s not recommended to do more than 3-4 applications?
trust4you
post May 16 2019, 05:28 PM

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QUOTE(Bjorn1688 @ May 16 2019, 05:25 PM)
This trick still works these days?

Right now facing the issue best rate bank insist on signing up together with a credit card and mrta.

Not keen on the bank or their credit card.
Interesting.

Any idea why it’s not recommended to do more than 3-4 applications?
*
Mind to know what bank and credit card?
TSBjorn1688
post May 16 2019, 05:32 PM

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QUOTE(trust4you @ May 16 2019, 05:28 PM)
Mind to know what bank and credit card?
*
HLB
trust4you
post May 16 2019, 05:42 PM

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QUOTE(Bjorn1688 @ May 16 2019, 05:32 PM)
HLB
*
Whats de rate do they offer for HLB?
BeastB
post May 16 2019, 05:47 PM

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QUOTE(Bjorn1688 @ May 16 2019, 05:25 PM)
This trick still works these days?

Right now facing the issue best rate bank insist on signing up together with a credit card and mrta.

Not keen on the bank or their credit card.
Interesting.

Any idea why it’s not recommended to do more than 3-4 applications?
*
Yes it works. My gf just bought a property in Bangsar South 3 weeks ago and did this, banks tend to lower rates a bit to get business. And yes, they insist on buying their crap so they can give you a better rate - I advised her to just get the best possible rate and nego with the officer that she doesn't want any extra crap, just the loan and if they don't match the other bank she will go to the other bank. She got the offer since her CCRIS history is fine and she gets a good salary.


DesRed
post May 16 2019, 05:48 PM

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QUOTE(robeng @ May 16 2019, 12:29 PM)
some bankers told me best to keep it max 3 or 4 banks. trust me, don't listen to them. apply as many as you can. I applied around 6-7 banks. all local banks rejected my application. only 1 bank approved and it's hsbc.
*
First time I hear of this. None of the mortgage officers from the various banks I applied to ever mentioned this to me.

But like you, I applied to around 5 banks for my loan application.

QUOTE(Bjorn1688 @ May 16 2019, 05:25 PM)
This trick still works these days?

Right now facing the issue best rate bank insist on signing up together with a credit card and mrta.

Not keen on the bank or their credit card.
Interesting.
*
So far when I applied to the different banks, most of them insist on taking up MRTA to get the best rate. Only HSBC allowed me to waive it without any rate increase.

None of them offered a credit card on top of it, tho.
nexona88
post May 16 2019, 06:32 PM

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QUOTE(robeng @ May 16 2019, 12:29 PM)
some bankers told me best to keep it max 3 or 4 banks. trust me, don't listen to them. apply as many as you can. I applied around 6-7 banks. all local banks rejected my application. only 1 bank approved and it's hsbc.
*
which banker is that?
didn't encounter such thing cool2.gif cool2.gif
can apply as much u want. see which give the best offer
AskarPerang
post May 16 2019, 06:34 PM

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QUOTE(Bjorn1688 @ May 16 2019, 11:52 AM)
Most of us aren't lucky enough to buy a property with cash and usually it isn't such a good idea either less the taxman visits.

When buying a property, do you apply for 1 bank or all the panel banks of the developer?

What if your favourite bank isn't on the panel?

Is it normally the case that when you use a mortgage from a bank not on the developer panel that the fees the developer offered to absorb would not be absorbed?
*
QUOTE(robeng @ May 16 2019, 12:29 PM)
some bankers told me best to keep it max 3 or 4 banks. trust me, don't listen to them. apply as many as you can. I applied around 6-7 banks. all local banks rejected my application. only 1 bank approved and it's hsbc.
*
Profile A:
If you got fixed income, working with a well known establish company. CCRIS & CTOS no problem. DSR well below the limit.
Any bank will approve your housing loan.

Profile B:
Problem arise when people trying to push the threshold limit.
Or self employ or commission base unfix income, or entrepreneur.
Max DSR want to push until 80% or above.
Using other additional income such as Tenancy Agreement, FD, Commission from side job, etc
All above required better apply to few different bank as each bank got its own criteria.

Such as for commission calculation some bank will take average out of latest 6 months, some maybe need last 12 months statement.
Such as for Tenancy Agreement. Some bank no stamping also accept. Some bank only calculate 50% of the rental income.
Then yes, for Profile B, you really need to scout few banks to see which judge you as the least risky personal.

By the way, here the guide to prepare your profile, a huge assist to the banker if you provide complete information:


robeng
post May 16 2019, 06:38 PM

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QUOTE(nexona88 @ May 16 2019, 06:32 PM)
which banker is that?
didn't encounter such thing  cool2.gif  cool2.gif
can apply as much u want. see which give the best offer
*
Mbb, cimb, pb and other local bankers
nexona88
post May 16 2019, 06:40 PM

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QUOTE(robeng @ May 16 2019, 06:38 PM)
Mbb, cimb, pb and other local bankers
*
damn..
must be your luck.
or just staff opinion biggrin.gif
seancl85
post May 16 2019, 06:59 PM

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Pb not the best?
TSBjorn1688
post May 16 2019, 09:28 PM

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QUOTE(trust4you @ May 16 2019, 05:42 PM)
Whats de rate do they offer for HLB?
*
3.99% for 1st year.
4.55 for subsequent years.
5 years lock in period.
MRTA.

Want better rate? Take up 70%LTV and extend the term to 30 years instead of 25 years.


QUOTE(BeastB @ May 16 2019, 05:47 PM)
Yes it works. My gf just bought a property in Bangsar South 3 weeks ago and did this, banks tend to lower rates a bit to get business. And yes, they insist on buying their crap so they can give you a better rate - I advised her to just get the best possible rate and nego with the officer that she doesn't want any extra crap, just the loan and if they don't match the other bank she will go to the other bank. She got the offer since her CCRIS history is fine and she gets a good salary.
*
OK, lets' see what the final 2 banks offers, then will start negotiating.

Never dealt with all these local banks before as normally only do SCB full flexi or HSBC.

QUOTE(DesRed @ May 16 2019, 05:48 PM)
First time I hear of this. None of the mortgage officers from the various banks I applied to ever mentioned this to me.

But like you, I applied to around 5 banks for my loan application.
So far when I applied to the different banks, most of them insist on taking up MRTA to get the best rate. Only HSBC allowed me to waive it without any rate increase.

None of them offered a credit card on top of it, tho.
*
Interesting, I have one that is asking for MRTA and another that insist on a life insurance policy.


QUOTE(seancl85 @ May 16 2019, 06:59 PM)
Pb not the best?
*
Depends on the borrower profile.

Generally known as the "rich man bank"

seancl85
post May 16 2019, 09:46 PM

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QUOTE(Bjorn1688 @ May 16 2019, 09:28 PM)
3.99% for 1st year.
4.55 for subsequent years.
5 years lock in period.
MRTA.

Want better rate? Take up 70%LTV and extend the term to 30 years instead of 25 years.
OK,  lets' see what the final 2 banks offers, then will start negotiating.

Never dealt with all these local banks before as normally only do SCB full flexi or HSBC.
Interesting, I have one that is asking for MRTA and another that insist on a life insurance policy.
Depends on the borrower profile.

Generally known as the "rich man bank"
*
Saw this on fb by propertydr



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nexona88
post May 16 2019, 10:03 PM

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QUOTE(seancl85 @ May 16 2019, 06:59 PM)
Pb not the best?
*
Needed to see the profile too..
If credit rating good, anytime approved 💪👍

 

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