Hi everyone

I just received a call from PBE regarding my islamic housing loan application. The banker said if he approves my loan, I must sign the offer letter by tomorrow. Otherwise, he will get penalty due to ISO issue/branch turnaround time. Is there such thing? Btw, he is the friend of my property agent. I am buying a subsale unit in Subang. My applications with other banks are still pending though. Should i sign the offer letter now and back out later if I manage to get a better offer? Please advise.

This post has been edited by azashburn: May 11 2021, 10:30 PM

Dont be too fast. Read the terms and condition 1st.

He said he would only issue the offer letter only if I agree to sign, otherwise he will get a penalty. Thus, I don't really know what their terms and conditions are.

This post has been edited by azashburn: May 11 2021, 10:00 PM

I think so as well. I have checked bankers from other branches and they said there are no such things. This guy is from Public Bank HQ.

Wait for other offer la..

Once you signed the offer letter, you will get penalty if you plan to cancel it....

That's what I am afraid of. Hopefully I will hear from other banks asap.

LOL banker bullsh"tting you, it's most likely his own branch benchmark or target he needs to hit. That kind of turnaround time is his problem not yours

wait for other bank offer then only consider, otherwise if you sign and decide to back out you'll kena penalty pulak

True that, I have never experienced such thing with any bank before. We should be able to exercise our rights as a client. I suspect that he is collaborating with my agent to speed up my SPA to hit their sales commission. I am going to wait for offers from other banks in the mean time.

Nothing wrong in telling some white lies to close sales. Every salesman does it. As long there are no flaws in the offer.

As consumer or borrower, you decide.

I reckon that but to ask the consumer to give feedback within a short span of time without disclosing the terms and conditions in the first place is pretty unethical.

You can request for the LO letter and if the terms are not favourable DONT sign.

Btw, borrowers CANNOT change the tnc. Either agree or otherwise.

Borrower looks for few important things in any loan agreement ..
1. Interest rate and overdue repayment interest
2. Flexi, semi or non
3. Mrta /Mlta
4. Early settlement penalty

For the rest of the tnc, many borrowers will never understand.

During the initial application with all banks, the loan officer would have brief the borrower. The LO is just a formality.

This post has been edited by mini orchard: May 12 2021, 09:50 AM

Wants sales so play such cards. Might as well get another banker from the same bank to assist you instead.

The thing is he won't issue the letter unless it is confirmed that I will sign the offer letter.

I wish I could do that but I was told I couldnt not use another banker since my application is under his name.

The LO should be the same as the verbal quote on the main points as explained ealier, otherwise dont sign unless you want to enquire with other banks.

The rest is not 'important' since there is no way you can change or understand it.

You cant use LO bank A to compare with bank B as it will never be the same other than those main points.

If you are happy with main points and is tbe best you have shop, sign.

Btw, comparing should happen at the 'shopping' stage. You cant be asking every bank to issue LO just for 'comparing'

This post has been edited by mini orchard: May 12 2021, 04:04 PM

Tell him to cancel application since he don't want to give you the LO. There's nothing stopping you there. Since he wanna do this to you, might as well give him the same shiat.

But just to check with you, did he give you the rates etc yet?

This post has been edited by digitalz: May 12 2021, 04:33 PM

I am actually still waiting for deals with other banks as they are still estimating my interest rate based on my profile. Thus, I need time to compare the deals. To issue a LO and right away ask the client to sign especially without disclosing the TNC doesn't seem professional tbh. Even though explanation has been made verbally, it will be much better if we could go through the document and check on the details, even for once.

I appreciate your insight and advice on this matter. Are you a banker by profession?

He did give me the rate and all. My only concern is that I need to sign the LO within today itself and I was only informed about the offer yesterday's evening. I would want to go through the LO first before signing. I seriously do not want to make a hasty decision especially when penalty will be issued if I decided to back out later.

Ah okay. Then if that's the case, you can only tell him to wait. I was under the impression that details of the loan, rates, insurance etc were not explained to you.

Since he has explained the rates to you and whatever other charges, then there's no point for the LO to be issued if you want to continue to shop/compare.

This post has been edited by digitalz: May 12 2021, 04:49 PM

Just inform him that you are still shopping. Once he is shorlisted, then you will sign. You can then go through the details on the day of signing. Ask questions and once you fully understood, then sign.

80% of the tnc you and I will never really understand.

Btw, no banks will like their unsign LO circulating in the market.

This post has been edited by mini orchard: May 12 2021, 05:09 PM