Hi guys,

I've been tasked to work out a housing loan to finance a house.

So, being young and inexperienced , I'm not sure where to start and how to go about it?

Anyone can give some useful pointers? Or any loan agents here that can provide their services?

Many thanks!

are you looking for a house loan?
you brought a new house ?

kinda interested to know too! best if got flow diagram

This post has been edited by adz_z: Jan 12 2009, 12:33 PM

Yes, looking for house loan for a 2nd hand house

Many would say or point to the banks for starter, but if I'm gonna walk in without any knowledge, it would be just totally blurness!

Ahh, as adz_z pointed out, flow diagram would be helpful!

yeah, u must past the loan to the banker to proceed with your loan application and status. i am a banker, you may contact me at 017-3282011 for more info and what documentation you need to prepare.

I particularly loath sales which always use "PM me". Why can't it be posted in public forum for the benefit of all?!


Anyway, TS; here's a good site: http://www.money3.com.my/
Got information on rates and most importantly, a loan calculator which you can gauge the monthly repayment to see whether or not you can afford a loan.

Also informative is this site: http://www.hba.org.my/main.htm especially the FAQ which I found quite helpful.

Just my 2 cents.

1. Rates are important, but not necessarily the deciding factor when choosing a banker

2. Please take great care in choosing your bankers. Till this day, I still stick with two particular bankers which have given me the best service possible. You need a banker that is highly responsible and assertive. What was my acid test? Back then and till this day, they go all out by giving me the best service even though it's just a pathetic RM 100K loan.

3. The mortgage business can be complex, but it gets easier. There's your lawyer, the seller's lawyer, the agent, the banker, Land office, State office and developer office. You need a banker that understand the interrelationships intimately and who's willing to go the extra mile for you. e.g. gives the lawyer the necessary doc's in a timely fashion, gives background information on the developer, gives you personal updates on your application etc etc. When I first started out, my banker answered all my persistent / ignorant questions patiently.

4. I am sure the bankers will be able to articulate the process flow much better than me. However, I'd like to just share my own personal experience with you on how I choose my bankers. I hope you will not make the same mistakes that I have made when I was starting out.

Best of luck to you.

Cant help you with a flow diagram... no time to make one.

Anyhow for a start, its always better to understand the principal of mortgage better than just assuming it as a mere home loan. google mortgage malaysia and you'll probably find lots of related article available.

After that, you are in business...

1st, identify whats the purpose of the new purchase. ie, home stay? or investment?

2nd, find a loan that suits your need. How do you spend your money? are you a business owner who requires a huge cash flow or an honest employed staff. Generally loan can be classified into 3 types, Conventional, semi-flexi and full flexi.

3rd, interest rate. who gives better, and also you might need some time to study about variable rates vs fixed rates.

4th, the most important part of mortgages... Terms and Condition of different banks and packages. There must be a reason why rates and installment consist of no more than 1 pages in the letter offer while TnC can be more than 10 pages long.


just drop me an email when you are free and i'll see what i can help.


Regards

Merce Chua
Mortgage Sales Executive
OCBC Bank (M) Bhd
Jalan T.A.R
019 - 913 1127
ChuaCChie@OCBC.com
----------------------------
Call me for the FREE items;
FREE OCBC Mortgage consultancy
FREE Personal Loan consultancy

edit

This post has been edited by Eng_Tat: Feb 17 2009, 12:01 PM

I from mortgage broker....... we provide one stop services for mortgage loan from loan, S&P to loan agreement... feel free to contact me .... its totally free of charge services.... instead of apply bank to bank.... why not lets us help u to try to apply to multiple bank in same period..... there is no harm to discuss further wif me.... coz its no charges .....

My contacts:
damonsfg@yahoo.com
012-3611285

i want to know current BLR-2.2% can sustain until when???

well, it's anybody's guess....

but i'd put my bet that the rate above won't be sustainable in the short term.

spreads are too thin.....a couple of bank's have already capped their pricing at -2% ZEC.

cheers.

who still got 2.2%? and i scared no more 2% even!!!

1. Know how much you are earning, and what is your currently commitment. Most banks will only give you a loan if your CURRENT COMMITMENT + FUTURE HOUSE Installment = or < 50% of your monthly income
2. Chosen / booked your property (Most bank would need SPA or the booking form to proceed with the loan application)
3. Prepare your documents like 3 month payslip, 6 months bank statement, EPF, Income Tax etc etc
4. Go to banks or get your housing agents to help you with the processing of loan.
5. Banker will normally ask stuff like, 'if you would like MRTA etc etc, explaining the benefits etc etc, and they will promise you some GREAT rates etcetc, ZEC or NON ZEC, yadayadayada'
6. Give them a few days to a week to process.
7. They'll confirm with you if your loan application are rejected / approved (rates and conditions might defer from what they told you). You the rights to choose which bank you prefer to take from.
8. Prepare to sign Letter Offer from the bank you prefer. Then the Loan Agreement
9. Then settle off the remaining stuffs like balance of the houses or SPA ....

More or less like this .....

This post has been edited by ed0gawa: Feb 26 2009, 01:43 PM

2.2% for Mortgage One or Savelink kind of products @ ZEC - I think 2.2% is virtually extinct already lah.

Bankers - pls correct me if i'm wrong - I would love to be wrong, so I can sign up with u!

now -2% - put susah sikit lah, I think.......possible lah - but harder...

Erm.. it is still possible. I can find a bank offering Yr1-5 around BLR-1.9% thereafter less than BLR-2.1 Zero Cost but it is only for conventional loan. If you are interested you can give me a call @ 012-3871138 (Theresa).



This post has been edited by DriedIce: Feb 27 2009, 11:56 AM

thanks.

1. I'm not interested in conventional loans. It does not suit my profile. -1.9% followed by -2.1% is a fair rate for a conventional loan, but it ain't fantastic either.

2. I prefer to deal with my regular bankers direct, not via a mortgage brokers. But, i'll keep u in n your number in mind.

cheers.

This post has been edited by Phoeni_142: Feb 27 2009, 12:05 PM

Phoeni,


sign it up before they recall the offer! =p


OPR dropped till 2... so i'm guessing we would see another adjustment on the BLR.


forecast BLR is to be adjusted to 5.65-5.75%

anyone wanna join me in crystal ball reading?

already signed up..... thanks

in fact, just refinanced one of my loans.

I'm a big fan of Mortgage One, as have been using them for quite some time now.

cheers.

Mine just got approved today at -2% NZEC with HLB.

banker called at 1pm, "your loan only approved at -1.5%" gave some excuse about new BLR rate bla bla, and i told him point blank that -1.5% was not acceptable, pls submit appeal

Called back at 5pm, "ok, approved at -2%"

bro,

squeeze them some more.

they are willing to go -2.25% ZEC!........seriously, I was offered that rate.

do try - as your package is NZEC summore.

cheers.

thks bro, still in squeezing stage, but doesnt look like it will come down anymore