which one r u referring to? If it's my via my co. ie. NYLife :-

1) No min amount, if lower than RM100k client must cover his/her own legal fee
2) Max duration is 45yrs depending on age
3) Rate is BLR - 2.5% (4.0% based on BLR of 6.5%)

Additional info :-
1) We are an financial broker for most local/foreign banks. Easy 1 stop submission for your loans ie. 1 loan application will be submitted to 10+ (& growing) panel banks.
Within 3 days a pre-approved offer will be given. Saves you time + money ie. you do not need to travel and submit 10+ applications on your own.
2) Better rates via NYLife than personal application ie. if you apply for a RM500k loan, your rates is as per RM500k, however NyLife applies for RM50-100million loans per week, your rates will be better going through us with higher negotiation power.
3) Loan application services are f.o.c.

* Besides housing loans, we are a 1-stop solution for all your financial and property needs ie. buying/selling properties, loans, insurance, legal advise, estate planning & investment.

This post has been edited by DannyOP: Dec 11 2008, 02:13 AM

loans are highly subjective to customer's credit profile also as well as a host of other factors ie. length of loan, loan amount etc, for good profile clients we got 6.5 - 2.5 = 4.0%. So far still unbeatable. Besides clients other bankers are also welcomed to join our panel to ensure you have the best rates for your clients. Kindly pm for more details.

This post has been edited by DannyOP: Dec 11 2008, 02:19 AM

Actually this is something I won't recommend because you can't be sure of the return. Secondly there may even be losses. For important expenses like housing loan, it is not worthwhile to play with risk. If anything goes wrong with this risky investment, the first person the client look for is you. I will only introduce high risk high return investments if the customer has extra cash and doesn't know what to do with it, but for a client who still has to pay for his loans, 1st priority is to reduce cost and expenses.

This post has been edited by DannyOP: Dec 27 2008, 12:46 PM

i) it is not possible to mark up as the banks will do a valuation on the property, however if you purchase below the valuation rate then you can technically get close to 100% loan.
ii & iii) you can apply through us (NyLife) as we are mortgage brokers ie. all local & foreign banks are in our panel. There is no application fee. 1 application goes to all banks at once. Do let me know your email so that I can send you the loan details & checklist. Cheers.

Hi,

We are paid by the banks only. There are no charges to applicants.

The advantage for being an intermediary is that we do not promote any particular bank as there are now more than 15 banks in our panel. The ultimate choice still belongs to the applicant. Within 3 working days (provided there are no missing documents or complications), you will be getting a pre-approved offer from the panel banks and you are free to choose the best rates in the market.

Other than this most of our staff are certified financial advisors. Besides Property financing we also have Business loans, grants, insurance advisory, investment, risk management, estate planning among others. You can also be assigned to a personal advisor should you need any help on other areas of financial advisory.

This post has been edited by DannyOP: Jan 12 2009, 09:00 AM

Yes that is the normal case if there are no complications. Actually you did mention that the first bank that called regarding your refinancing is CIMB within 3 days with an offer of BLR - 1.85? As for the rest it may be due to complications with the balance 2.5% that your developer is not willing to release. I've checked with the office submission staff that they will try to chase for a solution to this issue by sometime this week or early next week.

I've also asked why there is so long delay in your case. According to our feedback the banks now are pushing to finish cases before the long holidays and the upcoming CNY. Those 100% problem free cases will be very fast, whereas if they come across any complications it will be addressed only after the 100% cases have been completed. Hope u can understand on this but rest assured the submission staff is still trying daily to expedite your matter.

There are also some feedbacks from other applicants who have successfully gotten their loan. From the pre-approved loan to the final process, how long it takes is also dependant upon a few issues :-

1) What type of property - landed will be faster than condos with strata title. Condos with strata title will be faster than condos without. Properties without title documentation will be subjected to land office submissions which is run by our beloved govt. This is where most of the delays come about as the land office are quite slow.

2) Actual average time from pre-approved to final stage (ie final approval & cash advance) = 1+ months (for cases with full documentation & no complications) to even 6 months (for cases without titles). So please take note on this as it applies across the board to all banks.

This post has been edited by DannyOP: Jan 13 2009, 12:44 AM

it is also based on case by case basis :-

1) amount of loan
2) type of property
3) credit profile of applicant

Another point to consider is the service.

it is not fixed. Depending on loan rates <250k,500k+,1 mil+, which one are you looking at? HSBC is one our panels also. They are supposed to have good service.

Is it a new purchase or a refinance?

+/- RM3k.

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Added on January 28, 2009, 6:13 pmyou need to provide the details of the property and your income. Thereafter you may get a verbal indication of how much loan you can get but it is also subject to final approval as banks do not approve loans when there is nothing concrete. The bank also will need to do a valuation on the property to ascertain the loan amount. For easy calculation here's some guide for 30 yr loan based on 4.35%:-

100k - RM497.81per month
150k - RM745.72 per month
200k - RM995.62 per month
250k - RM1244.53 per month

Just multiply the replayments per month x 3 and if your income is sufficient and there are no other major liabilities then that should be equivalent to your verbal approval amount.




This post has been edited by DannyOP: Jan 28 2009, 06:13 PM

Yes you are right I got a call from public bank also they are the first bank to reply our clients after CNY. At this point of time most of our panel banks are very competive. The next criteria will be on the bank's service when you can't distinguish one from the other.

This post has been edited by DannyOP: Feb 6 2009, 07:08 PM