I suggest you check with HSBC bank officer. I did refinancing with HSBC 1 year ago. Never had seen "progressive drawdown".

Thanks Chris. You rock !

anyone have used mortgage brokers to apply for housing loans? any comments on the pros and cons?




http://www.houseforsaleinkualalumpur.com

I'm buying a double-storey at about RM 400K, and therefore looking for SCB housing loan.

Any SCB agent there?

any particular reason for SCB?why not ask from few bankers and compare!

For your purchase of RM400k, SCB only able to offer BLR-2.2%. If you want a better rate why not try OCBC which offer BLR-2.3% for loan size above 300k.

Any particular reason? I could proceed application for you either SCB or OCBC. Do contact me if interested as my mortgage broker team is currently having cash rebate promotion!

Cheers!

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Added on September 27, 2010, 1:01 pmBeing a mortgage broker, I do feel that pros are definitely more than cons. Looking from customers or real estate agents perspective, it is easier to compare for rates and packages from every bank. Get one broker to answer all your questions rather referring to X numbers of bankers.

From loan application, mrta/mlta, to S&P and Loan Agreement is all being handle by one broker. It could be more hassle free when some experienced broker could analyze or read through your documents and let you know for any additional documents needed in case insufficient. Instead of straight into processing and being reject or KIV by bank and suffer the delay.

This post has been edited by wilz: Sep 27 2010, 01:01 PM

We welcomed any posts.

But a friendly reminder, please don't attached the gigantic advertising feature on every your post.
It is annoying and space consuming to forumers to read.

You can still use your signature for this kind of purpose.

Further doing do, may result in post deletion and warning/suspension.
Thank you for the cooperation.

Hi Cherroy,

Our IT team will take note of this. Thanks for advice.

Regards,

Sam, Sabesan.
IT Architect,
Business Development,
Home Save, IT Dept

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Added on September 27, 2010, 4:50 pmDear vgodmax,

For SCB, confirmation from office is loan amount <500k, flexi package with BLR - 2.1%. Lock-in of 5 yrs for those clients who don't own any facility with SCB while 3 yrs for existing SCB clients. Cap of prepayment in Current Account is around 70%+. Over the specified amount may account to penalty/charges. Setup of RM200 for CA and monthly maintenance fee of RM10 incurred. Currently, promotion for setup fee waiver is available.

OCBC might be a good option for lower rate at BLR - 2.3%, only conventional/semi-flexi. No flexi package available but tenure can go up to 40 yrs with the provision of degree certification or professional certification, max at age 75 yrs.

For flexi package, most attractive shall go to PBB or HSBC, BLR -2.2% for former while BLR -2.1~2.2% for latter, subjected to banks' discretion & might require MRTA. Setup and maintenance fee is similar to SCB.

Let us know how could we help you to make a better decision or going for loan application. Thanks.

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Added on September 27, 2010, 5:06 pmHi Audy,

It does not make any sense and your scenario does not match the explanation given from my side. May be you can go to any officer of HSBC branch to ask for clarification. It is too risky to make any assumption over here.

This post has been edited by home_save: Sep 27 2010, 05:08 PM

gelang patah. u from citi? pm me details. thanks

just purchased a house undercon, yet to sign s&p and scouting for loan. 3 offers now

1. from Tiger , -2.3 semiflexi
2. from the H***, -2.3 flexi
3. from UxB, -2.2 semiflexi and they told me got some DIBS , cant remember stand for what... something about developer borne interest during undercon and will help save interest.

Chris, would you mind explain about how the DIBS works and which package is better.

Can anybody tell me me why does some banks does not offer loan for certain development, some will only give 80% some does not have quota. Does this means that the property does not have very good "repo" with these banks? Or the developer itself have bad "repo" ?

I'm really having some headaches with the loan now. Cause this is my first home, and no banks give me good offer for first time home owner.

This post has been edited by r47z: Sep 27 2010, 09:14 PM

Where is the property location?

Damansara Perdana.

Hi,

For your understanding, when a bank doesn't offer loan to the particular development could be a reason that the location of development doesn't have good rating. This normally happens to foreign bank. Normally, bank that doesn't offer loan could be the reason of non panel or non ad-hoc. For a bank to offer loan, they gotta be ad-hoc basis or panel (under construction property)

When comes to quota, it is because a bank could not finance 100% of the development due to certain risk and policies. That's why you could see a list of banks that finance a project.

For a subsales purchase, shouldn't be a problem to any bank. Subsales purchase are open to most of the banks. even bukit beruntung or bukit jelutong which famous as failure area I could get bank to offer loan.

Should you have doubts with getting a loan, you're welcome to drop me a message or email. Thanks!

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Added on September 27, 2010, 9:34 pmWhich development? Under construction or subsales? Which banks being panel? Maybe I could help.

This post has been edited by wilz: Sep 27 2010, 09:34 PM

Hi, this is for under construction development, DP, MSQ Block D.

Damansara Perdana, MSQ Block D.. They should be having panel banks offering loan already. Why headache? What's the problem?

Residential property
Loan>300K
Tenure 300 mths

Bank OC
BLR-2.3

Bank Tiger
1-3 years, 4.4%
Thereafter BLR-2.2(loan officer unable to offer -2.3, even without fix rate)


Bank O
Pro
Rate good
No need MRTA or MLTA
Internet Banking
prepayment

Con
Valuation cost neeeded
Few Branch
Withdrawal 3 days notice
Not familiar with.
Need to transfer salary fr tiger to OC, Rm2/transaction (RM600 for 300mths)

Bank Tige
Pro
Claimed by officer excellent internet banking facilities
Can make prepayment, withdrawal online
Salary account

Con
No so good rate
Need MRTA or MLTA


If based on rate definately bank O lah, on convenience and practicality would be tige. But BLR-2.2 would result in me losing additional RM6K in interest, converted in RM20/mth for internet convenience is not in my mind.

However a very concern on Bank O 's clause:

"The monthly installment may be higher than the amount stated in this letter of offer if BLR and/or the margin of interest increase during the tenure of this facilities"

Anyone has experience with bank O increasing their installment due to BLR or margin of interest? or every bank has the clause ? appreciate with any advice. thks

Hi Alfredfx,

Below is a sharing of DIBS and 2 cents among my colleagues which shall not be taken as professional advice. Officially, DIBS is an arrangement whereby the developer will borne the interest portion of your monthly installment during the under-con period. This is a recent "innovation" of real estate sector and banking industry with other "innovations" like zero entry cost & BLR - 2+ with daily rest, flexi loan, etc. (Normally, we would call them as "trick" as most of the times, they won't means anything good to our clients except you really can exploit their advantage, otherwise, too bad)

Fundamentally, the scheme should sounds good to the buyers as developers are taking part of their money to pay your interest, provided they are honest. Normally, for us as a consultant, it is just a trick or simply, a tactic. Think about it, if you are the developers, do you want to slice your profit in order to sell your properties by paying your customers' interest? Rationally, you won't right?

We would assume that they have factor this cost into the price. You might ask "higher price might reduce the sales what?" but in fact, if they are able to make the banks to be their panel with DIBS and you only can get the loan from these particular banks, you have no choice but go for them. In the end, developer smile as they can mark up the price, sell their properties, buyers still bear the interest cost during the under-con period indirectly, while the bank...why not? since the price had been marked up higher, thus, the overall interest that bear by the buyers throughout the whole tenure will be more, then more profit for the banks.

To be serious, it make not much difference among 1,2,3. (3) Higher interest payable for whole tenure and save up some interest during under-con of 1st few years, when you normalize them up, quite close to (1) & (2). For the package that available to you currently, I think you better have your main concern over the terms and conditions with the packages, especially if you are going to fully utilize the flexi features. Since UXX is offering at a higher rate, DIBS or not, not really a big deal. Frankly, interest payable is quite close. Just a matter of which features and terms you like. If you have bunch of money to spare in Current Account, go for H*** pls. If not, choose either (1) or (2). Better don't go for (3). Who knows what kind of arrangement that they are going to make for (3)? Better to have a good package in hand rather than having a benefit which drawn in the air.

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Added on September 28, 2010, 4:05 amHi r47z,

Just help you to survey 5 banks listing, O, HL, RXX, ABB, Tiger. Only RXX is panel. Seemed like is a limited-panels development project. I think you are aching in getting a good package right? Well, sorry about that. Under-con cases have to go back to their panels for financing. If the developer is doing a good job, they should have almost all the banks to offer financing for their buyers. If they don't, I am afraid you have limited choice in choosing a bank package. Sometimes, it would be better if you buy from a reputable developer with many end financiers. Take this into consideration for your future purchases as it will imply better marketability for your property in the future.

Hope it helps.

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Added on September 28, 2010, 4:14 amHi Acethriller,

This should be applicable to all the flexi-rated package. As long as your package is tied to BLR -XXX%. Whatever happen to the BLR will eventually impact your monthly installment. Fyi, BLR currently stand at 6.3% currently and it might change from time to time. Peak of past 10 yrs, 6.75%; Peak of past 20 yrs, 12%+.

This post has been edited by home_save: Sep 28 2010, 04:14 AM

Thanks. I'm thinking if I'm making the right choice with this development as it's giving me some unwanted headaches. sigh.

get offer from Tiger: 1 - 3 yrs fix 4.5%, then BLR - 1.9..
loan RM 233K for 25years...DSL underconstruction...I think is not a good offer..what do you all think?