Hi all,

as per title, currently i already booking a house and now want to apply for bank housing loan.

Should i apply for only one bank or apply for a fews?so later when the offer letter come out then we only choose which bank i want?

anybody did this before?

Thanks

I think it's safe for you to apply for 2 or 3 bank at once.
But do not go overboard.
Because it's reported in CCRIS thus in some way it's not good to see sudden surge in loan applications.

how about the processing fee? how much they charge per application?

currently there is no processing fees.

So means i can apply for 2 or 3 banks then only compare what is the best deal?
i not really sure on this.Can i negotiate with other bank using the offer letter from these bank and get the best deal?

There's no processing fees for banks.

Yes you can do that but don't overdo that. 3 is the max I would recommend.

Some sales personal would help you fight with offer letters.

how is CCRIS related to loan application if you didn't sign the offer letter?

i applied for 4 banks for my housing loan and picked the best offer

It would be good to get referred to a loan/mortgage officer when applying for housing loan. If you just walk-in a branch and apply with the officer in charge, he/she might just give u the loan package that is hard to sell. Banks have quotas that they must fulfil for different categories of bank products. He/she can easily sell a lousy package, probably with hidden clauses to a walk-in customer because they have no obligations to anyone. If u were referred by a friend, the loan officer will be obligated to do a good job.

Applying for several housing loans at one time is no problem. The Ccris will only get updated after 1plus months. So ur application with bank A will not show yet when bank B checks your Ccris report. Some banks send their reports late & Ccris get updated even later.

Just make sure that no applications are rejected, check with officer of all requirements first. Once rejected, it will be in the Ccris & future application for housing loans may be tougher.

When a bank needs to retrieve CCRIS for their underwritting evaluation, they'll need to enter the application for a certain facility. That's when one's application got uploaded into CCRIS.
1 flaw with CCRIS though is that during this stage, it doesn't show what type of facility one is applying for but instead it would show the amount. Which sometimes can be quite misleading. As one bank might submit the full 100% loan amount, some would submit 90% etc....

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Added on March 13, 2008, 5:08 pmNot entirely true regarding the updates.
The 1 month lag for updates is basically on one's credit performance i.e. payment strings. It's because banks needs to close their monthly books before updating CCRIS.
Whereas application is "live". It's uploaded as application "live" to CCRIS. Because if not, they wouldn't have any permission to "download" a person's credit information.


This post has been edited by b00n: Mar 13 2008, 05:08 PM

for me....even 1 bank gives me headache

Anyone ever apply government loan? I wanted to use my wife's name to buy a house, cos she's a teacher. But I heard I still need to apply bank loan 1st, before I can get the house land title after 1 year.
With that, I need to refinance it again to gov loan. Any idea on this?

any got loan calculator? some sort of excel sheet,i want to calculate the loan table.

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Added on March 26, 2008, 6:43 pmOhh..ya...i got a question here.

Currently my bank loan just got approved....one of the lawyer called me and asking me to let the bank know they will be the lawyer for bank side as well.

So my question here is that, is it good to choose same lawyer both developer n bank side ?
or better to separate it.eg,lawyer A for developer side for SNP and Layer B for bank side.

Anyone have idea about this?

by the way, i getting loan Non-Zero Moving Cost,1st year-0%,thereafter BLR-1.90%

This post has been edited by ppguy2006: Mar 26 2008, 06:43 PM