I Want To Know…

Below are some topics of interest to help you make sense of owning a home.

  1. Types of Home Financing Products
  2. Questions You Must Ask Yourself Before Choosing the Right Financing Package
  3. Difference Between Monthly Rest and Daily Rest
  4. Successful Loan Application Process
  5. Hidden Clauses / Terms in your Letter of Offer
  6. Applicable Fees in a Property Transaction
  7. Common Homebuyer’s Mistakes
  8. Malaysia My Second Home (MM2H) programme
  9. Choosing Between Islamic Home Financing and Conventional Home Loans

Appreciate your comments and feedback on the above.

Note: All the above views and opinions are from the writer’s personal viewpoint, and do not reflect the views and opinions of banks, lawyer, valuers, developers, insurers or any other parties other than the writer. These are not professional publications and the writer advises readers to formulate their own decision based on sufficient level of research which is comfortable to the readers. The writer do not guarantee accuracy to all the information and intends the information to be used as a guide for the reader’s continuing line of questioning.

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12 Comments (+add yours?)

  1. Paul
    Apr 21, 2009 @ 18:33:20

    Dear Amir,

    Last year I have settle the outstanding for my house loan with Maybank.I also continue paying the monthly installment.And till now they did not send me the statement.
    Earlier I sign a loan contract with another
    bank,but now with Maybank.And they did not
    give any info on the payment whether to follow the previous contract or Maybank.


    • Amir
      Jun 04, 2009 @ 21:15:38

      Hi Paul,

      Im am not really sure why they did not send statements. Housing loan statement should be sent out at least once a year, or for some banks, every half yearly. I cannot advice you on this, only your banker can answer that. Do check with them why you have not been sending your statements. All banks should be able to issue you statements on the spot if you visit the lending branch.

      Maybe it is the wrong address? Did you shift place or amend the previous mailing address? Do check.


  2. shan
    Jun 23, 2009 @ 09:03:13

    Hi Amir, maybe the loan payment is not prompt before but now consistent . When can the ccris be updated and do we allowed to apply the loan.


    • Amir
      Jul 08, 2009 @ 04:48:32

      Hello Shan. As long as the payment is now consistent, it should look better on your CCRIS records. Remember, the Bank can only see 12 months of past records on CCRIS, so if you want a really clean CCRIS, it will take 12 months to look good. Once it looks better, your loan application will have better success rate. Good luck.


  3. Jesamin
    Mar 10, 2010 @ 23:08:05

    Hi Amir,
    In year 2008, my fiancee had settle his c/card debt in full after a legal notice was issued to him. Ever since he has manage to pay on time on all his existing c/cards and managed to bought a new car last year.

    Recently, he has applied for personal load from OCBC and it was rejected, reason given by the bank was that “you nearly got himself black listed hence the application was rejected”

    What puzzle me is that my fiance is able to get a car loan approved and a HSCB Gold Credit card but his loan application was rejected!… WHY? Please help us…
    What does he needs to do now to get his record clean?


    • Amir
      Mar 11, 2010 @ 00:02:09

      Each bank have their own credit criteria for each of the products, depending on the risk that each product carries. Naturally, the loans that have a secure collateral will be easier to approve, such as housing loan, followed by a car loan.

      This get tougher when it comes to unsecured loans without collateral or guarantor. It starts with credit cards, which is considered medium risk for a bank because the credit limit given is usually 3 to 5 times your salary, carries a higher interest rate, has many fees that can be charged and not everyone will fully utilise the limit.

      For personal loans, the risks are higher because the credit limit given could be 5 to 10 times your salay, carries lower interest rates, difficult to charge additional fees and is disbursed fully. Therefore, it becomes tougher to approve, looking from the bank side.

      The best approach is to ensure that there is regular payments for all your loans and credit cards for 1 year for you to get a personal loan. There is no easy way other than building a good track record for yourself.

      It is nothing personal. OCBC has a very strict credit criteria for their personal financing, something I understand very well. 🙂

      Good luck


  4. CK
    Mar 26, 2010 @ 22:13:18

    I have a friend that tried to open a citibank account by paying a deposit of RM5000. Now that the bank is not active due to his partner in business on CTOS status in Malaysia. How can i get the deposit back? This account is not open and the partner is getting really nasty and refused to clear his status.



    • Amir
      Mar 29, 2010 @ 05:52:51

      Dear CK,

      Sorry to hear about the predicament. Unfortunately, partnership is a difficult thing to dissolve, especially if both parties are invested in the business. What else can you do, other that persuade the partner to clear his name? Business partnership is always a double-edged sword; if you get a great partner, your fortunes may be good, but when things go wrong, better think of damage control rather than anything else. I think legal help will be more useful, as I may not be able to help you with any useful advise. Perhaps another alternative is to go through the terms and conditions of the bank account to find some loophole, but again, citibank being citibank, their legal documents tend to be secure to protect their interest first and foremost. In my opinion, legal advise is the best option available to consider.

      The best of luck finding a good solution. Sorry I cannot help much.


  5. William
    May 03, 2010 @ 13:29:32

    I have a question that become a guarantor, will it effect my future record on purchasing property? example like i become a guarantor buying a 100k car for my sister. Will bank and ccriss consider already i’m already 100k in debts? please advice and thanks.


    • Amir
      May 03, 2010 @ 17:52:48

      Dear William,

      Being a guarantor is always tricky. I myself have been a guarantor for someone, and my sis has also acted as my guarantor as well. It is ok when everything goes well, but becomes difficult when things go bad. I have come across so many instances of people getting stuck because they were guarantors.

      That said, don’t let that deter you if you are comfortable with it. Just like myself, sometimes it is something you have to do, so after considering the risk, you can decide if you want to become a guarantor.

      In terms of affecting your own chances, as long as there are no problems, it should not affect you.

      CCRIS only lists loans that are taken by you, i.e. singly, jointly, or under sole-prioprietorship or partnership. Your record as a guarantor will not appear in both your CCRIS or your sister’s CCRIS, as ot is against the BAFIA to disclose the details of one person’s loan to another (confidentiality requirement). That means, you won’t see your sister’s loan conduct on your CCRIS, therefore, it should not affect your own chances for a loan.

      In short, you will not be considered to have taken RM100k loan, if you are just a guarantor.

      Even if your sister’s loan turns bad, it will not show in the CCRIS. However, it will start showing in the CTOS. Once a loan becomes bad, the bank will decide either to continue collecting from your sister, or decide to initiate action against the guarantor (if the bank feels your sister is unable to pay, moving forward).

      Once an action is initiated against you, you will receive the legal letters to settle but if there is no settlement and the action is logged in the courts, you will appear in CTOS.

      So what you should really be thinking about is whether there is any chance of defaulting. If everything is ok, then it should not affect your future purchases.

      Good luck and cheers.


  6. Siti Zalina Jailani
    Sep 01, 2010 @ 09:30:40

    I have an outstanding housing loan amounting RM850. The housing loan is for an investment bought in Bukit Merah. However, that investment is not generating sufficient income to pay the montly installment.

    I would like to know if I cannot pay the montly obligation, what are the action of the bank. It is an islamic housing loan from Bank Islam.

    I need your advice. thank you.


    • The Hotspot
      Sep 03, 2010 @ 05:57:14

      Dear Siti,

      Whether it is Islamic financing or conventional loan, when it comes to the credit side of it, it is the same. Credit is treated the same wherever in the world. The Islamic financing treatment is mainly applicable at the creation of the contract, after that, the normal collection procedures will follow. This includes legal action by the bank, blacklisting, repossession and also auction, if the loan/financing can no longer be serviced.

      I know it will be difficult to dispose the house, but you should try if it is not generating enough returns. It is better to dispose rather than risk legal action or blacklist or bankruptcy proceeding, all of which will make it even more difficult for you in the future.

      Good luck.


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