Getting a Home Loan from a Bank

Banks,

Banks in Malaysia through my experience have been alright with the exception of obtaining a Home Loan.

Now for the folks at Lowyatt and property websites, getting a Home Loan approval is always easy for them but here is where the horror starts for my wife and I.

Read property websites and you will your usual folks of the Public Banks, Maybanks etc advertised right next to the How To Apply For A Home Loan guidelines on any property website.

We even did something where we had applied with banks first for home loans without our detailed documents first, just to get an idea if we could be approved. Banks such as Affin Bank were more than happy to say yes we can give you a home loan. But in the end, was fucking untrue.

So good luck.

Right after the SPA had been ready, we had to Get a Home Loan. So off to the banks we went and as advertised online what the banks want from you are as easy as 1, 2, 3.


DOCUMENTS THEY CLAIM YOU NEED



IC
SPA
3 Months Payslip
3 Months Bank Statements
EPF Statement (1 year)

So really ? That’s all that’s needed ? In actual fact this is what happens in real life. 

Now if youre going to submit documents to the bank to some pencil pusher who wont work fast enough anyway for your money, this is what will happen and what else you would need, hold your breath :-


DOCUMENTS YOU ACTUALLY NEED




1. IC

2. 3 Months Payslip

3. Bank Statement (3 months, some ask 6 months. Forget 6 months people)

4. SPA (First 2 Pages and Last Page)

5. EPF Statement (1 year)

6. Latest e-BE form from LHDN (Yes, no tax paid, no home loan)

7. Copy of the Geran (Your Sellers will have this, and a copy will be given to you during the SPA)

8. Letter of Confirmation of Employment

9. Images of your Workplace

10. Site visit from Bank to look at your work place

11. Bank to contact Secretary / Management Staff to identify if you work where you work

12. Blueprint / Floor Plan of the property

13. CCRIS & CTOS Report (I gave them MY CTOS report showing I had good credit standing, I
did the banks work and still got rejected)

14. Credit Card Statements (If you dont own one, please start owning one. The more you have loans you are repaying, the better. Thats how you hit brownie points with bank loans)

15. Fixed Deposit / Other Savings as proof of your financial strength

16. Earnest Deposit of your newly booked Home

This is what your folder will look like for submissions for the banks requirements. Whats that again about online banks websites ? Does this look like a fucking claimed to be requirement of what banks need ?

And if you are a Director of a company, please also provide

17. Form 9, 49, 24

18. Basic Financial Sheet ( 3 months )

19. Secretary / Directors contact Number

20. Proof of Sales from your Business. I mean what - the - fuck (requested by Affin Bank and Public Bank)

Are we done ?

No.

You will still need to

21. Fill out the Loan Application Form that will be given by all banks. Sign this 5 page document or whatever, that will also be submitted to the banks with all your documents above.

This was Public Banks documents. See how easy it is to apply for a home loan ? Very friendly experience. Banks should just ask people to sign your name and IC. The rest ought to be filled out by banks if your loan gets approved. After all, they just want your consent for them to do a CCRIS report. Thats it. 

Then and ONLY then can they start on getting your CCRIS Report, etc.

We complied to everything with what the banks wanted, and still the banks couldnt give a straight and firm answer why a loan couldnt be given. They actually wanted my companies Financial Report. I mean, I work for a company, shouldnt you be looking at my personal financial report ? And not the company that I work for's Financial Report ? I am a general manager where I work but, What the FUCK !? 

Keep in mind, this is our FIRST HOME. We are qualified automatically for a 90% Loan Guaranteed. Here we are treated like third class citizens.

We had a 89% Credit Rating.  And after all this, We were still rejected.

We didn’t default payments, our salaries may have come in late sometimes but we never missed payments due. Even in defense, whenever sometimes your salary comes in late, example maybe you were overseas and didnt bank in your cheque till you came back 2 weeks later, banks begin to question and ask proof that you were overseas, hence with credit card statements, it showed my travels.

Still LOAN REJECT.

You comply with everything and all banks here want to do in these very PROSPEROUS - in - denial -times is to reject anyone.

Even First Home Buyers. Thats how shitty times are. And with this mention, the banks are just looking not to lend money. Thats how bad the economy is.

By banks that reject here, we are talking about all your local boys, from CIMB, PB, Maybank, Affin Bank, etc.

It does not make sense as I was able to get a 230k car loan easier than applying for a Home Loan. I have only my credit cards where I spent very well in access of RM 10,000 as well with business trips lasting 3 days or so. And whenever I return, my bills are always paid, even before the statement arrives.



WHAT HAPPENS WHEN YOU ARE IN THE APPLICATION PROCESS

Once you have filled, ticked, stated, signed etc the boxes and blanks in that stupid loan application form,  Loan officers will then go through the process of trying to understand your documents.

Anyway, wanna know how loan officers work ? Its also important to note how Loan Officers and Department Heads work when applying for a loan.

This is what happens.  :-

1. Apply on a Monday, because Friday is Half Day

2. When applying, the first stage will be submitting your documents to a pencil pusher officer who cant understand English well, but you are submitting your documents in English anyway

3. It takes the low ranking pencil pusher who cant put 2 words of English together to look through your documents. This takes usually 3 days to analyze your documents. By Thursday, your documents are ready to be submitted to the Head of Department or in Affin Banks case "Team Leader" (what the fuck ? And the team leader got a fucking from me in the end too, stupid cunts)

4. The Head of the Department too cant speak English or understand it well. He looks at your documents, and does not even call you to ask questions. Why ? Because he cant speak English well and he is claimed to be a God Like Status. Untouchable. Kanot contact wan worrr! So how is a HOD supposed to approve your documents when he cant understand English ? This happens on a Thursday. Sometimes Friday before rushing to leave work early at 3 : 30PM for a boozy night at maybe Puchong or something at a bar.

5. The fat dog HOD will then give some instructions to the pencil pusher,.."Nake nake,.....hor ?" The pencil pusher will then call you back on Monday, because Friday is half day right ? On Monday IF you are lucky, you will be asked some further questions pertaining to your spending habits, or financial stability.You will answer the questions the pencil pusher has given to you but the pencil pusher wont understand English well anyway. You put down the phone after answering the pencil pushers questions.The answer you gave will be reexamined with your documents again on Thursday.

6. Failing which, meetings will be on Monday, because bankers love to have work life balance going to The Walk in Puchong, Publika, and bars at 3 : 30PM on a Friday. So your shit gets pushed to Monday while you worry over the weekend of your bank loan because time is running out while THEY are having work life balance spending money in shopping malls, bars, looking at lowyatt on their Ipad or Kindle. 

VARIOUS BANK EXPERIENCES

Would you like to see some experiences ? Here are the banks we dealt with and the experiences we had :

AFFIN BANK

Our family has 5 cars under Affin, our family has been dealing with Affin for 30 years. We have forex exchanges with Affin. And here they send a representative dressed to reveal her navel to view my work place ? Who allows their staff such outfits ? who drives a A250 Mercedes and cant put 2 words of English written or verbal together who rejected us.

She spells DUMB as DUMP. Clearly she works very hard.

You work in a bank for fucks sakes, not a strip club. But its beginning to sound like one because she could not speak English well and her name is spelled VENESSA. Perhaps she works at a strip club in Bukit Bintang. Her day job however is in Balakong.

The irony of her name ? Because her name is spelled wrongly, I had in my first emails sent to her correctly inserted the name Vanessa***@gmail.com with all my documents instead of Venessa***@gmail.com. Even the blog highlights that the word Venessa is spelled wrongly.

Fuck sakes, learn how to spell a beautiful name.

Talk about banking with partners, these fuckers are a class A lowyatt mother fucking idiots. Will I bank with them personally again ? I would bring my money elsewhere.  In addition, the loan officer was gladly taking holidays without bothering on any progress to my request.

Work life balance ? bitch my ass. So for you work life balance people, good luck to your business. You know who you are and that’s why you can afford to drink RM 35 lattess with your avocado and toast. You know what kind of people you are.

How long did it take them to process us ? 2 months

The shelling they got was the best. Even after asking them what else they wanted after submitting everything and complying.

Why reject ? Do you not value our money ? Fuck yourselves

MAYBANK

My wife and I deal with Maybank. Our accounts are Maybank. Credit Cards, Maybank. We got rejected on the basis that they too wanted to view our work place. Which I declined because why would you ask for such a thing when your credit cards (I have chalked up approximately 10k on average when I travel for work monthly) and pay on time diligently. In addition our bank balance was healthy as hell and still were not offered a loan. Keep in mind our credit rating. Maybank too could not put 2 words of English together.

Reason for Rejection : No reason. I could not speak to the HOD for Loan Approvals. Because the lower ranking pencil pushers wont allow me to. So I rejected them instead. Plus a lot of wrong descriptions and words were used by Maybank about my documents. So I knew I was dealing with fools from bottom up.

How long did it take to process us ? : 4 weeks. Lowyatt chaps can do it faster

PUBLIC BANK

Recommended by our Lawyer. 2 weeks to process. They said No they cant give a loan. Simple as that. At least they didn’t waste time. Simple question asked to them

 “How much then do you want if you cannot give a 90% loan ?” The answer from them ?

“No Sir, not like that wan, we dun practice that”

Well if you cant understand what Im saying then fuck off. How bad has Malaysia come to ? I should be titled automatically for a 90% because its my first Home Loan and youre supposed to take things easy but nope. And they thought I was offering a bribe when I asked "How much then do you want if you cannot give a 90% loan" I was simply asking in other words, if not 90% then how much la you can give ?

How long did it take to process us ? : Well at least the answer came at a no time waster record of 2 weeks.

HSBC

Applied. Then reapplied. Then no answer.

How long did it take to process us ? : Never. Still processing ?

WHAT YOU SHOULD ALWAYS KNOW AS A GOOD PRINCIPLE

Now its important to note here that when dealing with banks and applying for a loan :-

1. YOU are the Customer. NOT Them

2. YOU are doing them a favor by bringing business to them. THEY didnt have to come look for you or move a finger

3. YOU are doing them a favor by giving them interest. Dont let THEM ever make your feel like YOU OWE THEM anything

4. Dont be entirely thankful for the loan if you get one. Have you calculated the profit THEY will make ? You are helping them 100% in profit

5. Always ask for the Loan Officer. The Loan Officer is not God which is what Affin tried to paint this picture that the Team Leader / Head of Department Dog who didnt even call me as a client of theirs from our family business of over 30 years DID NOT DO.  (Finally being able to speak the Loan Officer who was a fool that he didnt know who were were. What an insult by banking with them for over 30 years and they STILL didnt know who we were. Fucking Morons). Always ask for the Loan Officer as well. Dont just speak to the pencil pushers alone.

6. If the HOD is not interested or cant speak to you, dont waste your time. Move on. This is a business of over 1 million to be dealt with, not RM 1,000.00. Oxygen and time are precious, dont waste your breath and time with just the small pencil pushers. This will make you deal with the right people so YOU can move faster.

7. Remember, this is business, and not just a Home. If you dont get what you want by a given time, you have to cut the bullshit aside and move along. After all, if the pencil pusher isnt hungry for your money, someone else will work for their commission and sales targets. 

At this time, 2 months had passed,

So we were at a dead end. But all this will make sense in the end of this chapter.

Moving on, I was tired of the shit, dilly dallying, documentation after documentation, desperate and frustrated, getting no answer or leads. My wife was a little too but she’s always the person who does things at the last minute. 

However it pulls though and pulled through it did.

You see Malaysians have been living in denial especially banks and the property market that there is no crash, and all is fine and dandy. Every day is Spring and Summer waking up in your Cheras 3.5 storey ugly Utopia because you have made it in life owning your home with a tree planted inside.

I have made it in life with my 3.5 Storey Cheras Haus

However the reality is very Grim. No one is spending

Don’t believe ? Lets see how many Chinese will be playing fireworks during Chinese New Year in 2018. Cause 2017 even amongst the rich was pathetic.

So the property market truly has taken a good whacking and banks are not willing to give out loans even to people like us that have stability, being our first home loan and having an excellent credit rating. Even when people like Venessa have known us since the 1980’s. …… Bitch

So in a crisis like this. You must understand, that local banks don’t do well. They are grounded as strong as palm poil is to our Malaysian soil.

They are not global If shit is bad, then they are bad too.

If times are good, they would be flexible too. 

Lowyatt folks understand this better than me. So do property websites.

The only bank that made us an offer, was not even from our beloved patriotic Malaysian banks. But it so happens, that through another intenational bank, things pulled through.

I will say though, that it’s the year 2016 when we were applying for loans from local banks and got rejected. However what really happened in the end that all of town even the smart lowyatt folks and property website mother fuckers knew even before I did was this

In October 2016, the Budget was announced in Parliament by MO1. And over 5000 low cost housing units was supplied to the country.

These loans for low cost housing were obtainable (and mentioned as well by the way by MO1) by banks such as

 “Public Bank, Maybank, Affin……..” etc. But no International banks.

Coincidence ? Lowyatt thinks not. But in a time when 5000 low cost housing units gets developed when property is grim and banks are not lending easily, its tough obtaining a loan EVEN when its your FIRST HOME.

Stay tuned for the next chapter of finally getting a lone.

Venessa you bitch.