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*Get AIA Pure Fixed Rate Loan Answer HERE* 5.99% & 5.75%
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tuna_seng



Joined: 14 Nov 2006
Posts: 134

PostPosted: Wed Nov 15, 2006 2:41 pm    Post subject: Reply with quote

Thanks Homelink....
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trojan



Joined: 17 Mar 2006
Posts: 198

PostPosted: Wed Nov 15, 2006 4:09 pm    Post subject: Reply with quote

Homelink, can the rate for package 1 be offered to under-construction landed house, by reputatable developer, i.e SimeUEP, IOI, SP Setia etc.?

Normally, the loan duration is in multiple of 5 yrs... e.g. 15yrs, 20yrs, 25yrs... can I opt for 21yrs, 22yrs, 23yrs.... instead?

Thanks.
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johnny



Joined: 25 Sep 2006
Posts: 66

PostPosted: Wed Nov 15, 2006 6:44 pm    Post subject: Reply with quote

homelink, actually your panel lawyer is aia's lawyer, so will side aia, not the borrower
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obsidianz



Joined: 16 Nov 2006
Posts: 7

PostPosted: Thu Nov 16, 2006 5:23 pm    Post subject: Reply with quote

Homelink
Can bumi lot be considered for the loan ?.
thks
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Thu Nov 16, 2006 8:02 pm    Post subject: Reply with quote

trojan wrote:
Homelink, can the rate for package 1 be offered to under-construction landed house, by reputatable developer, i.e SimeUEP, IOI, SP Setia etc.?

Normally, the loan duration is in multiple of 5 yrs... e.g. 15yrs, 20yrs, 25yrs... can I opt for 21yrs, 22yrs, 23yrs.... instead?

Thanks.


Trojan, current 6.15% (the only package) is offer for completed & U.Con under our panel list. There is no restriction of no. of year u interest to apply as long as the max tenure = 30Yr or up to age 60, whichever is lower Wink

johnny wrote:
homelink, actually your panel lawyer is aia's lawyer, so will side aia, not the borrower
Well the actual message i try to send is whereby a senario the developer imposed a funny clauses other than Standard clauses on the S&P then the different lawyer (AIA panel) appointed for the loan would be monitoring those clauses for you, just in case thing not favourable to your side, the AIA lawyer will inform you if there is one. Rather be a layman (buta-buta) sign S&P & Loan agreement (developer lawyer) w/o knowing the funny clauses & yet you are paying the same amount of professional fees. You are right AIA panel will definately side AIA in order for the loan to disburse w/o problems.

obsidianz wrote:
Homelink
Can bumi lot be considered for the loan ?.
thks


Sorry, AIA currently don't do Auction, Bumi & Commercial property. Confused
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trojan



Joined: 17 Mar 2006
Posts: 198

PostPosted: Sat Nov 18, 2006 12:39 am    Post subject: Reply with quote

"AIA now able to trace applicant's CCRIS record, therefeore if u have few commitment then u shud prepared to proof more income doc b4 getting approval. ur debt burden ratio shud not exit 50% of ur income"

Homelink, about the debt burden ratio should not be more than 50%...
-> is life/medical insurance considered debt?
-> if I take a MLTA/nonparticipating life policy with monthly payment for the house loan, is this considered as debt?

Thanks!
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Sat Nov 18, 2006 1:19 am    Post subject: Reply with quote

trojan wrote:
"AIA now able to trace applicant's CCRIS record, therefeore if u have few commitment then u shud prepared to proof more income doc b4 getting approval. ur debt burden ratio shud not exit 50% of ur income"

Homelink, about the debt burden ratio should not be more than 50%...
-> is life/medical insurance considered debt?
-> if I take a MLTA/nonparticipating life policy with monthly payment for the house loan, is this considered as debt?

Thanks!


CCRIS report only reflect loan taken from financial institutions. Therefore it doesn't show your others personal commitments such as insurance, TNB, Telekom, HP & others personal commitment that required monthly repayment Wink
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trojan



Joined: 17 Mar 2006
Posts: 198

PostPosted: Sat Nov 18, 2006 11:42 pm    Post subject: Reply with quote

If I take the loan from AIA, I also have to take MLTA/nonparticipating life policy from AIA as well, that means AIA is aware of this extra commitment.

In this case, (assuming I have no loan at all), is it still 50% exclude the MLTA/nonparticipating life policy?

Thanks.
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Sun Nov 19, 2006 6:06 pm    Post subject: Reply with quote

MLTA/Life insurance not counted la my fren. AIA did launch a special rate housing loan for existing AIA policy holder before. therefore is not counted into debt burden ratio. Wink
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tuna_seng



Joined: 14 Nov 2006
Posts: 134

PostPosted: Wed Nov 22, 2006 1:28 pm    Post subject: Reply with quote

Homelink,


For a 300K loan, do you think term life is appropriate/enough?

I do not want to purchase life insurance.
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Wed Nov 22, 2006 1:50 pm    Post subject: Reply with quote

MRTA/MLTA Term Life & Normal life policy fall under Life Policy is just the features & premiums are different. Term Life is cheaper than normal life. therefore term life is much more worth than normal life for mortgage protection purpose
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tuna_seng



Joined: 14 Nov 2006
Posts: 134

PostPosted: Sun Nov 26, 2006 10:33 pm    Post subject: Reply with quote

Homelink,

Assuming I make yearly prepayment, the extra prepayment goes towards reducing the interest or principal loan?
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Mon Nov 27, 2006 2:11 am    Post subject: Reply with quote

If d extra prepayment didn't exit 3 times the amount your monthly installment then it will be auto reduce to principle.
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Yourdadisangry



Joined: 15 Aug 2005
Posts: 118
Location: Subang Indah

PostPosted: Mon Nov 27, 2006 9:43 am    Post subject: Reply with quote

Homelink wrote:
If d extra prepayment didn't exit 3 times the amount your monthly installment then it will be auto reduce to principle.


my house is under construction and i did extra prepayment for a few months now. From the monthly statements i received, it only accumulated in the interest but didn't show that it reduce the principal (now my total interest is -ve value). Haven't call AIA yet about this but my AIA agent said it reduced the principle. Looking at some threads in this forum, we should let the bank/AIA knows that we want the extras to minus the principle and this need to be in offical letters. Is this true/required for AIA?
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USSRanger



Joined: 24 Feb 2006
Posts: 153
Location: KL

PostPosted: Mon Nov 27, 2006 1:34 pm    Post subject: Reply with quote

Yourdadisangry wrote:
Homelink wrote:
If d extra prepayment didn't exit 3 times the amount your monthly installment then it will be auto reduce to principle.


my house is under construction and i did extra prepayment for a few months now. From the monthly statements i received, it only accumulated in the interest but didn't show that it reduce the principal (now my total interest is -ve value). Haven't call AIA yet about this but my AIA agent said it reduced the principle. Looking at some threads in this forum, we should let the bank/AIA knows that we want the extras to minus the principle and this need to be in offical letters. Is this true/required for AIA?


good day:

correct me if i'm wrong, are the one previously have some problem with the loan application?
i think i spoken to u before rite?


cheers
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Mon Nov 27, 2006 4:05 pm    Post subject: Reply with quote

Yourdadisangry wrote:
Homelink wrote:
If d extra prepayment didn't exit 3 times the amount your monthly installment then it will be auto reduce to principle.


my house is under construction and i did extra prepayment for a few months now. From the monthly statements i received, it only accumulated in the interest but didn't show that it reduce the principal (now my total interest is -ve value). Haven't call AIA yet about this but my AIA agent said it reduced the principle. Looking at some threads in this forum, we should let the bank/AIA knows that we want the extras to minus the principle and this need to be in offical letters. Is this true/required for AIA?


Elaine, there is no need to write in, u mentioned your interest now is -ve perhap you should call d mortgage dept for clarification if the Progressive outstanding is not reducing. By right the O/S shud reduce.
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Yourdadisangry



Joined: 15 Aug 2005
Posts: 118
Location: Subang Indah

PostPosted: Tue Nov 28, 2006 9:44 am    Post subject: Reply with quote

USSRanger wrote:
Yourdadisangry wrote:
Homelink wrote:
If d extra prepayment didn't exit 3 times the amount your monthly installment then it will be auto reduce to principle.


my house is under construction and i did extra prepayment for a few months now. From the monthly statements i received, it only accumulated in the interest but didn't show that it reduce the principal (now my total interest is -ve value). Haven't call AIA yet about this but my AIA agent said it reduced the principle. Looking at some threads in this forum, we should let the bank/AIA knows that we want the extras to minus the principle and this need to be in offical letters. Is this true/required for AIA?


good day:

correct me if i'm wrong, are the one previously have some problem with the loan application?
i think i spoken to u before rite?


cheers


err..no lah. but, thanks anyway.
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Yourdadisangry



Joined: 15 Aug 2005
Posts: 118
Location: Subang Indah

PostPosted: Tue Nov 28, 2006 9:46 am    Post subject: Reply with quote

Homelink wrote:
Yourdadisangry wrote:
Homelink wrote:
If d extra prepayment didn't exit 3 times the amount your monthly installment then it will be auto reduce to principle.


my house is under construction and i did extra prepayment for a few months now. From the monthly statements i received, it only accumulated in the interest but didn't show that it reduce the principal (now my total interest is -ve value). Haven't call AIA yet about this but my AIA agent said it reduced the principle. Looking at some threads in this forum, we should let the bank/AIA knows that we want the extras to minus the principle and this need to be in offical letters. Is this true/required for AIA?


Elaine, there is no need to write in, u mentioned your interest now is -ve perhap you should call d mortgage dept for clarification if the Progressive outstanding is not reducing. By right the O/S shud reduce.


thanks dude. I will give them a call to make sure principal reduced.


...elaine? who is that? Confused
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Tue Nov 28, 2006 12:59 pm    Post subject: Reply with quote

Elaine Boey, one of the newspaper writer on housing loan before.
..realestate.net.my/forum/viewtopic.php?t=1488&postdays=0&postorder=asc&start=25

If it wasn't you then is my mistaken. Laughing
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Fri Jan 12, 2007 7:33 pm    Post subject: Reply with quote

AIA might revised the rate again. 6.15% was offered since last year 18th Oct 2006. Grab this 2007 opportunity before it's gone. Smile

25year historical showed that 6.00% was the lowest BLR and been increased 3 times from Dec 2005 - Apr 2006. Hopefully BNM won't announce new hikes this year.
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mikesim8



Joined: 24 Jan 2007
Posts: 11

PostPosted: Wed Jan 31, 2007 9:53 pm    Post subject: Reply with quote

Homelink wrote:
AIA might revised the rate again. 6.15% was offered since last year 18th Oct 2006. Grab this 2007 opportunity before it's gone. Smile

25year historical showed that 6.00% was the lowest BLR and been increased 3 times from Dec 2005 - Apr 2006. Hopefully BNM won't announce new hikes this year.


Hi Homelink,

I am actually very interested in the information exchanged in this thread and is currently buying a property and looking at taking a loan of RM378k at 90% MOF over 30 years repayment. In the beginning, AIA (or rather fixed rate loans offer by them and ING) was my first choice. However, the application process left me with a bad aftertaste. Allow me to share my experience with you and those who wanna know:

After considering my financial standing, AIA keep insisting that i apply with a third borrower (in this case, my mom, who's a businesswoman is considered the best person worst to the worst) cause the combined debt/income ratio of my wife's and mine is not favourable as there is another property and a car under my wife's name. We are also quite unhappy with the fact they don't even wanna consider the fact that my wife has a consistent track record of steady commissions earned from her part-time (but serious) insurance career and also the fact that the property is rented out long term hence there is actually positive income flow from it.

Even when i am willing to change my SPA from joint name to only mine alone to avoid this problem (i am currently without any financial commitments), they still insist that it's a firm NO cause even then, the debt ratio for my solo application alone is at 0.48% whereas they want a minimum of 0.45%. Being so uncompromising notwithstanding, she also asked for ADDITIONAL supporting documents like my credit card statement - which, i must add that no other financial institutions including their direct rival ING, is even remotely interested in - in fact, ING came back with an offer allowing to have my loan under my name alone (even though the SPA is under two person) under the same set of circumstances presented to AIA.

Even after making a firm stand to the AIA agent about my unfavourableness to a third borrower (i can compromise that my mother is a guarantor but not a borrower), she said she will try to meet my expectations but no promise (of course, what else is new!). After all this hassle and endless underwriting question, it actually got me thinking whether this problem is actually from AIA being a strict and uncompromising financial institution, or it's just the agent that does not know how to fight my case on my behalf, but i would like to believe that it's the latter rather than the former; as it will be sad for a financial institution to have such uncompromising attitude as it's not as if i m paying peanuts to BORROW from them. And not to mention, that i need to fork out my own moving costs and also buy a mortgage insurance from them.

Anyhow, I have not heard from the agent since, which was about 10 days already before today where she finally calls - a call that happens to be the straw that broke the camel's back. She wanted to enquire about whether my mother has any overdraft facility under her name that is currently being exercised and outstanding. I asked her in what capacity my mom is playing under my loan application that she has to ask this question (FYI, my mom is a director of an SME with no other personal commitments). After much dilly dallying, she explained that my application for lone and dual borrower is rejected and she will need to have my mom as the THIRD joint borrower and hence she is asking this question - in the end i really want to just end my application then and there. FYI, as a businesswoman, my mom draws a substantial monthly salary and if we still need to be subjected to such questions after having her as a joint borrower, then i am really at lost at what kind of customer AIA is trying to target for this product....perhaps they only wanna borrow money to a REALLY, REALLY high net worth individual, who wouldn't even need their loan int the first place.

Not only that, she even have the b&*$s to ask me about my credit card statement submitted as supporting document - a stupid question of whether i am still paying the balance on the last among the three-month statement i gave (the balance was only a mere RM1k+, which of course i am still paying without fail - for the last two months, the usage and payments were both in the regions of thousands), which really pissed me off. I ask her to evaluate my credit worthiness and paymaster reputation from the CCRIS report cause i feel that it's an insult for me to even answer such a ridiculous question - i am sure AIA will check them even if i gave a positive answer.

Anyhow, this is just really shitty experience and if borrowing from insurance companies such as AIA is so difficult, i don't think i am giving them a chance to earn my money.

I would be delighted if you can tell me that this is an isolated case (and it's more of my luck dealing with an incompetent agent) rather than the norm. I trust that you are more professional and work on behalf on a client rather than just following strictly to corporate policy.

Best regards,

Mike
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mikesim8



Joined: 24 Jan 2007
Posts: 11

PostPosted: Wed Jan 31, 2007 9:53 pm    Post subject: Reply with quote

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mikesim8



Joined: 24 Jan 2007
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PostPosted: Wed Jan 31, 2007 9:53 pm    Post subject: Reply with quote

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mikesim8



Joined: 24 Jan 2007
Posts: 11

PostPosted: Wed Jan 31, 2007 9:54 pm    Post subject: Reply with quote

Homelink wrote:
AIA might revised the rate again. 6.15% was offered since last year 18th Oct 2006. Grab this 2007 opportunity before it's gone. Smile

25year historical showed that 6.00% was the lowest BLR and been increased 3 times from Dec 2005 - Apr 2006. Hopefully BNM won't announce new hikes this year.


Hi Homelink,

I am actually very interested in the information exchanged in this thread and is currently buying a property and looking at taking a loan of RM378k at 90% MOF over 30 years repayment. In the beginning, AIA (or rather fixed rate loans offer by them and ING) was my first choice. However, the application process left me with a bad aftertaste. Allow me to share my experience with you and those who wanna know:

After considering my financial standing, AIA keep insisting that i apply with a third borrower (in this case, my mom, who's a businesswoman is considered the best person worst to the worst) cause the combined debt/income ratio of my wife's and mine is not favourable as there is another property and a car under my wife's name. We are also quite unhappy with the fact they don't even wanna consider the fact that my wife has a consistent track record of steady commissions earned from her part-time (but serious) insurance career and also the fact that the property is rented out long term hence there is actually positive income flow from it.

Even when i am willing to change my SPA from joint name to only mine alone to avoid this problem (i am currently without any financial commitments), they still insist that it's a firm NO cause even then, the debt ratio for my solo application alone is at 0.48% whereas they want a minimum of 0.45%. Being so uncompromising notwithstanding, she also asked for ADDITIONAL supporting documents like my credit card statement - which, i must add that no other financial institutions including their direct rival ING, is even remotely interested in - in fact, ING came back with an offer allowing to have my loan under my name alone (even though the SPA is under two person) under the same set of circumstances presented to AIA.

Even after making a firm stand to the AIA agent about my unfavourableness to a third borrower (i can compromise that my mother is a guarantor but not a borrower), she said she will try to meet my expectations but no promise (of course, what else is new!). After all this hassle and endless underwriting question, it actually got me thinking whether this problem is actually from AIA being a strict and uncompromising financial institution, or it's just the agent that does not know how to fight my case on my behalf, but i would like to believe that it's the latter rather than the former; as it will be sad for a financial institution to have such uncompromising attitude as it's not as if i m paying peanuts to BORROW from them. And not to mention, that i need to fork out my own moving costs and also buy a mortgage insurance from them.

Anyhow, I have not heard from the agent since, which was about 10 days already before today where she finally calls - a call that happens to be the straw that broke the camel's back. She wanted to enquire about whether my mother has any overdraft facility under her name that is currently being exercised and outstanding. I asked her in what capacity my mom is playing under my loan application that she has to ask this question (FYI, my mom is a director of an SME with no other personal commitments). After much dilly dallying, she explained that my application for lone and dual borrower is rejected and she will need to have my mom as the THIRD joint borrower and hence she is asking this question - in the end i really want to just end my application then and there. FYI, as a businesswoman, my mom draws a substantial monthly salary and if we still need to be subjected to such questions after having her as a joint borrower, then i am really at lost at what kind of customer AIA is trying to target for this product....perhaps they only wanna borrow money to a REALLY, REALLY high net worth individual, who wouldn't even need their loan int the first place.

Not only that, she even have the b&*$s to ask me about my credit card statement submitted as supporting document - a stupid question of whether i am still paying the balance on the last among the three-month statement i gave (the balance was only a mere RM1k+, which of course i am still paying without fail - for the last two months, the usage and payments were both in the regions of thousands), which really pissed me off. I ask her to evaluate my credit worthiness and paymaster reputation from the CCRIS report cause i feel that it's an insult for me to even answer such a ridiculous question - i am sure AIA will check them even if i gave a positive answer.

Anyhow, this is just really shitty experience and if borrowing from insurance companies such as AIA is so difficult, i don't think i am giving them a chance to earn my money.

I would be delighted if you can tell me that this is an isolated case (and it's more of my luck dealing with an incompetent agent) rather than the norm. I trust that you are more professional and work on behalf on a client rather than just following strictly to corporate policy. And FYI, i am a existing policyholder of AIA, which pisses me even more.

Best regards,

Mike
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Fri Feb 02, 2007 1:23 pm    Post subject: Reply with quote

Hi Mike,

I do feel sorry for your situation that you've experienced, There is few thing that is not within agent's control such as AIA mortgage evaluation policy whereby we are well know in difficulty to get approval.

FYI, AIA Don't

1) Count part time job with inconsistence income / commission based applicant
2) Count Rental Or unfix allowance as part of income.
3) Take Auction Properties
4) feel comfortable for approval if you CCRIS report is unfavourable - high gearing / bad PayMaster.
5) Not keen to finance Bumiputra property, depence on location
6) take verbal declarition on income with paper evidence like EPF or personal bank statement

I don't know which agent you encounter but for me, I'll upfront telling my client what is taken & what's not. & I'll pre-approve my client cases before submiting it cause i believe if I, myself cannot be convience then how can i convience the credit officer. If the documents givens is not favourable then i'll help them to applies other banks as backup just in AIA couldn't approve your application.

While waiting I'll recommend 2nd alternative bank loan for your preview so that you will not fall under the penalty period given by vendor/developer. (a bit off topic but i wanna let you know how i help my client to secure their loan)

In my practise when credit department asking for additional financial document/borrower i would not reply YES on behalf of customer, I will identify why they need to do so. So that i can explain to customer & I will throw back questions what is the chances of getting approval upon request fullfill.

Here is some tips for loan taker

Every commercial banks credit officer was trained to find reasons to reject your application before they can approve it. Difference bank Difference Credit Evaluation practising.

If bank asking for more financial documents mean your income is not sufficient to support (some income doesn't count). They need more before they can approve.

You should know if your income can support this applicant with current commitment, most bank take 1/3 of income for 1st loan w/o commitment. 45% - 80% with commiment depence on which bank.

Are you really a good paymaster? Most of my client said the pay their installment promptly but when i checked their CCRIS shown 1/2/3 month late.

Look for a experience mortgage sales person, most bank nowaday doing mass recruitment only without giving proper banking product training. How to test them? 1st you try to get the bank loan info by yourself them when you meet them up ask them to tell you the loan features & benefit. See how well they answer you.

To be Continue.....Going for meeting
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