U have the right to know why the bank cant give u 90% + legal fee.
In my opinion the officer u r dealing with is either a newbie or a lazy one as 89% and 90% loan has little effect to the installment and DSR calculation.
his practice of promising the goodstuff is not professional when he knew he does not have the approving power.bankers nowadays are just some unethical person,some of them not all.
Before anyone said i am anti banker...i am a former banker.
about the loan
discuss with him why the loan cant be approved according to your criteria.ask for calculation to support the fact.
imho when u want to capitalise the legal fee it show that u cant afford the house.no offence but thats how bankers think.unless u r a high net customer.
i am guessing the legal fee once included increases the dsr into umcomfortable figure for the bank.
bear in mind there is no 100% financing or loan.its banned by bnm.
max loan is 90%.additional 5% is for mrta and other fee.
so its 90%+5%.
U should confirm what is the value of the house as valued by the bank's valuer.90% is based on that value and not the seller's price.
If everything is in order u can appeal at the same bank and provide additional doc if u have.this method is quicker than applying at another bank.u can also appeal and apply at another bank.
on the seller....just relax.tell him yr loan is approved but not up to what u expect and u r negotiating with the bank.also tell him that if he want to let other buyer buy it it will take longer as they havent submitted doc.plus,its not like he will get his money when the lo is sign,heck not even within a month.
Everything was in order, house seller's selling price is within what the bank valuer quote.
And when i apply for the loan, i was promised by the banker for 90% + legal fee included. I didn't buy the insurance from the bank, buy it outside is cheaper. When d approval come, the banker cannot explain why the bank only approved 89%. So, i renegotiate lor. Yesterday, the renegotiation result come out and d bank maintain the same loan approval.
Dunno why not approved since base on calculation for my commitment from d bank, i can get at least 1900 of monthly installment but d house installment is less than 1500.
What i don't like about d banker is he cannot explain this 89% loan approval and all he can say is ' I dunno, this is approval from HQ'. the worst case is he even go and inform the house seller that my loan is already approved, then d house seller called me and ask why i did not accept the offer since its already approved. Does he has the right to give this information to the seller? Dats the reason i want to change my banker from the same bank but i dunno if it allowed.
Actually there is 100% financing for 1st house buyer like me but the term & condition make it almost impossible to get the approval.
Loan interest also differs from bank to bank, right?
Yup bro, I've checked and the BLR rate ranged from 4.45 to as high as 4.8 in some bank.