my mortgage broker submitted my case to OCBC last week, and he got back to me saying that the bank needs 1-2 weeks to process because they have 284 cases submitted. Really, I have to wait so long to process?

When the news broke out on the interest rate "hike" everyone rushed to buy and refinance, yours truly included. Banks process loans based on batches of "volume", once the volume for a batch is over, a new volume will be "created", and everytime this happens, it takes another week. But as long as you submitted earlier, don't worry on the rates.

Since the MRTA is optional which do not affect the rates for both package, i decided not taking any MRTA but rather i approach my insurance agent to top up my life insurance accordingly.

I did submitted my application to HLBB as well by last wednesday (28/10/09) and i also mentioned my concern of rate in Nov, but she said as long as i submitted b4 Nov then should be no problem, do not true or not? supposed reply by today.

According to developer, the PBB was full quota for their development , so cannot get from them.

Wanna why they is quota for every development???

just now received info from my public bank agent that my loan application maybe not approved, root cause not from me, but from the 2nd hand house's owner. She said the HQ checked his account, found out that the owner may be in blacklist, having late payment on credit card and housing loan......

sigh..... i'm going to sign the s7p tonight, but suddenly received such news.... shall i try another bank? or totally quit to buy this house?

Too bad, may try for another 1 or 2 banks if same result, then forget about it. Normally banks will check what is the outstanding amt the owner owing the other bank if the debt still can be cover from the owner latest selling price (but must be within market value) then i think still got chance bcos the other bank also want to get rib of from the owner (borrower).

U also can try the owner's loan borrowing bank , if possible go together with the owner .

mine only took 5 days, if minus weekend, only 3 days submitted las friday. ocbc too.

cheers.

OCBC, CIMB & SCB approved my loan in 3 days. Submitted last tue and got approved last fri morning.

Does the approval of loan depends on the seller also? I think they only check if the owner is bankrupt or not. I don't see how the seller being late in payment, credit card etc got related to your loan eligibility. Is's you who they are going to loan the money to.

Hello, i would like to know how property refinance will reduce the repayment amount

i have a sample scenario:

Total loan : 80,000
Years : 15, since 2000
current interest : 4.x %
repayment amount : 79x.00, now 769.00 (after BLR- i guessed)

i have no idea bout this, hope u guys can help

wow....i nit to check with my mortgage broker...mine was submitted on thursday/ friday

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Added on November 4, 2009, 10:02 amIs it the case that response will be slower if we apply through a broker than a banker?

This post has been edited by leongal: Nov 4 2009, 10:02 AM

Actually broker or banker it's the same, it's depend on how them want to make it fast or not only. But sometimes others causes may delay the process like the bank internal system or your doc not complete.

Hi All,

I am looking for a housing loan . Would prefer the items as below:

- Property price RM355,155
- MOF 90%
- Prefer Flexi, but will also consider others.
- Tenure 30-35 years. (max)
- ZEC

I'm a 1st time buyer. Dont know much about property, please advice your best rate. Thanks.

Pls pm me soon. Thanks.

when i apply thru broker, i can only follow up with broker? can i follow up direct to the banker? seems like my broker doesn't want to give me the banker's contact....

even if you go to the bank and talk to a banker there, they can't do much for you. They only can see your application status. The broker/agent is the one you should chase around. if he is an agent/broker dealing with alot of bank, then may God bless you. Even me,a direct mortgage banker of OCBC, i also can check your application status here with your IC number, but the detail i also tak tau.

This post has been edited by abyss8: Nov 4 2009, 11:37 AM

means take longer time?

anyway, they only apply for me one bank....

can i call the hq of the bank to check my application status?

EON targets RM200mil home loans in 3 months
New loan package will be pegged to fixed deposit rates

KUALA LUMPUR: EON Bank Bhd targets to approve home loans worth RM200mil in three months with the launch of its new Super Easi 123 Home Loan Fixed Deposit, according to group chief executive officer Michael Lor. “We are also expecting to rake in at least 1,000 new customers with this new home loan package,” he said at the launch of new home loan product yesterday. Lor said he was anticipating “overwhelming response” to this transparent and innovative product because of its attractive features.

“There is a lot of talk of interest rates going up but yet there is one bank that is offering a new home loan option that is pegged against the 12-month fixed deposit (FD) rate,” he said. Lor said a home loan pegged to the FD rate would be more transparent and enable EON Bank customers to plan their finances better. “Everyone understands FD rates because the rates are prominently displayed and disclosed in our banking halls and website,” he said.

The bank’s one-year FD rate is 2.5%, while its benchmark base lending rate (BLR) currently stands at 5.55%.

The new loan product is competitively offered at up to FD rate + 1.25% and is available to all customers who apply for a home loan with EON Bank, both for refinancing and purchases of completed properties with a minimum property value of RM200,000.
Lor also said the bank was confident of achieving more than 10% loan growth by end of 2009 with the campaigns and promotions launched this year.

“The bank had already achieved more than RM1.5bil in home loans as at end September,” he said. Lor said the home loan segment remained important to EON Bank as consumer lending represented 65% of the total value of its lending assets. “In the last two or three months, we saw some positive trends in the economy and it (the economy) will continue to improve following the pro-business Budget 2010 announced recently.

hey guys and girls,

i have a situation here of which i need the help and advise of you.

Now, my mum wishes to re-finance the loan to another bank. In that way, she can oso reloan with a higher amount as she needs money. But, her requirement doesnt qualify to apply or refinance the loan. So, she wants to refinance the loan under me.

If that the case right,
i) does that mean that the property title will be transfer to me? or just the loan bear by me only without property transfer?
ii) what if my mum doesnt wan to settle the loan after re-finance, am i the 1 tat going to face the full liability?
iii) will i be blacklisted if the case on (ii) does happen?
iv) what if the house was sold, and will it automatically repay the loan?

Thanks

Hi, i have a situation here and have several questions to ask. Hope the pros out there can help to enlighten me.

1. If I am 50 y.o. and I wish to buy a house(new or used also can) worth RM 200k, what is the MOF and max tenure i can get?

2. If I am 50 y.o. and i have a loan-free house(free hold) worth RM 400k and i wish to refinance it, what is the MOF and max tenure i can get?

3. For case 2, can i refinance RM 300k instead of the market value of RM 400k?

4. For each of the case above, how much is the MRTA or life insurance with riders(to cover the loan amount)?

i) does that mean that the property title will be transfer to me? or just the loan bear by me only without property transfer?
Nope, the property is still own by your mom, just the loan will be bear by you. This is called third party loan.

ii) what if my mum doesnt wan to settle the loan after re-finance, am i the 1 tat going to face the full liability?
Yes, you have to take the full liability for the loan, simply because the loan is under your name.

iii) will i be blacklisted if the case on (ii) does happen?
Yes, if you or your mom didn't serve the installment for the loan, ONLY you will have bad record for you own CCRIS record. Once you have bad CCRIS record then you will be blacklisted for any loan application.

iv) what if the house was sold, and will it automatically repay the loan?
You mean the house going to lelong? If that's what you mean, then YES. If you or your mom still didn't pay for the installment for a period, the bank have the right to lelong the property and use the money to settle the loan.

yay~ another new mortgage index!

This post has been edited by merce: Nov 4 2009, 11:36 PM

Heard that banks are going to increase their rate to ~BLR-1.8%
and also BLR will go up.

Luckily I have got my loan offer letter 2 weeks ago.