What is the proper way of loan procedure?

So I approached some selling agents through PropertyGuru and now trying to apply for a loan to check my affordability and eligibility.

The selling agent is now asking me to provide personal documents like bank statements, payslips, IC, passport and all heaps of basically everything personal about me. Now I understand that's what needed for a home loan, but what is the proper way to do this so only the bank has these information and no one else?

Go to bank. Apply straight from there.

Bank staff more than happy to help you.

Yes. Only trust bank. Walk in to bank. No FB, no WhatsApp etc.

Applying loan involving various process...and all are "FREE"... no need to pay a single cent to whatever banker, agents or gurus

Last time I ask the agent to give me the banker contact no, I contact the banker directly.

Thanks all, I am currently overseas, do I just initiate contact from a bank website?

Just call the banks you want to take loans...

They would give the number of the officer in charge 🙏

Ask the agent to tell banker to contact you. Normally banker give you a copy of their card (double check on google, linkedin, etc), then send your documents to the banker.

And for mykad, cross out with two parallel lines on the corner and write "for loan application use" etc etc

Thanks guys.

One more thing, all these agents say that they are selling agent for this and this developer group. How can we verify that they are actually the selling agent?

If you are buying new project, just ask agent that particular project was support by what bank ef. Then apply by your self.

If you buying subsale, just check any bank you prefer, but there are several bank provide lowest interest in the market with higher standard requirement.

If you worry your loan profile cannot afford your desire property then you may can looking for outsource banker to help you. But it's not free.

With new project, there's usually a booking fee. So agent is asking to transfer the booking fee, how to make sure agent is who they say they are and money is transferred to developer?

Booking fees is transfer to developer name. If u want to verify the agent whether is attach or exclusive selling for their project,u always can direct call to developer to verify the agent identity.

Thanks all.

The project I am looking at, the developer pays for all lawyer fees. So it it safe to just go with those lawyers, since those lawyers are paid by the developer and will the lawyer look after the buyer's interest?

Of course they won't side you. The developer is their boss.

You can always appoint 3rd party lawyer with fee.

Is this usually what everyone does when buying a property for a new project? Even if developer offer free lawyer?

What is the typical cost of having your own lawyer?

Maybe just send them the documents via @<insert bank>.com email instead of directly via whatsapp?

Yes usually buyers will just opt for free legal fee but protection wise don't expect lawyer will side on buyer side when shits come out. 3rd partly SPA selling price legal fee applied.

This post has been edited by tongyk: May 30 2024, 12:08 AM

Most people take developer lawyer because it's free, but don't expect those lawyers to actually side you if things go wrong.

For costs, got calculator to estimate base price before lawyer gives discount: https://www.lowpartners.com/malaysia-law-fi...uty-calculator/

since you are oversea, why don't you come back and check?

Usuaully purchase from developers are pretty standard, you can have your own lawyer to go through the agreement if you want.

Don't give them any docs