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Whats the benefit of using a loan broker?
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Tue Aug 02, 2005 10:04 am    Post subject: Whats the benefit of using a loan broker? Reply with quote

Lately loan packages has been very competitive and every bank is fighting for a piece of the pie. For us consumers, we are better off with more choices but also more confusion.

Here comes a broker that supposedly represent a few number of banks at once. Do they offer the exact same rate as the bank? Whats the pros and cons in using them?

Im also confused with the offering of real fixed rate loans like those from AIA. They sound so good. Whats the pros and cons on them? I noticed that they have offerings of BLR-0.38% (5.62%) or 6.25% Fixed for the rest of the tenure. Surely there must be a catch for BLR -0.38% ?

Hope you financial gurus can help answer these questions. Thanks in advance.
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Homelink



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

PostPosted: Tue Aug 02, 2005 5:19 pm    Post subject: Re: Whats the benefit of using a loan broker? Reply with quote

digitalkl wrote:
Here comes a broker that supposedly represent a few number of banks at once. Do they offer the exact same rate as the bank? Whats the pros and cons in using them?.


A: Most of the broker are profesionally and always alert on what's major banks r offering now. They most probably can show you all bank rates & enlight you bout these bank product features, even they might able to narrow down your confusion among all packages offered.

Pro & Con, depend on individual tought.
Pro's :
1) U can save time & get a consultantion 1st before applying.
2) U don't have to waste ur daily lunch hour just to meet the banker
3) 1 set of documents for applicant will do.
Con :
1) U might not feel confortable dealing with them, unless u having difficulty of getting a loan approval
2) Some might charge u with some fees - subject to both party agreement before proceed

The Actual :
These broker getting their commision paid by referring cases to respective banks. therefore they are offering the same rates with bank.

digitalkl wrote:
Im also confused with the offering of real fixed rate loans like those from AIA. They sound so good. Whats the pros and cons on them? I noticed that they have offerings of BLR-0.38% (5.62%) or 6.25% Fixed for the rest of the tenure. Surely there must be a catch for BLR -0.38% ?.


AIA is offering :
1)6.25% Fixed for the rest of the tenure - (The lowest Fixed Rates Yet)
2) BLR-0.38% For the rest of the tenure - (Max int. cap at 8.50%)

There is no pro & con on both packages,
if u afraid of BLR fluctuation then choose 6.25% Fixed
If u think BLR still can go down further then choose BLR-0.38%

Pls note that AIA have a very tight credit approval practise before u can obtain the approval.

P/S : If you have sufficient proven income documents - You Can Chose Any Bank U Like, Else Banks Choose U.
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Tue Aug 02, 2005 5:34 pm    Post subject: Re: Whats the benefit of using a loan broker? Reply with quote

digitalkl wrote:


Im also confused with the offering of real fixed rate loans like those from AIA. They sound so good. Whats the pros and cons on them? I noticed that they have offerings of BLR-0.38% (5.62%) or 6.25% Fixed for the rest of the tenure. Surely there must be a catch for BLR -0.38% ?


There is a con, you have to buy MRTA (at least) from AIA. This will cost you about 3% of your loan amount. For a 200k loan, expect to lay out 6k in MRTA for a 30year loan if you're about 30 years old.

If you intend to buy MRTA already, then this is not really considered a con. Undoubted, the insurance agent will probably try to sell you investment linked or full life as well. Fire insurance also must go with them unless your individual title had not been issued yet.
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Homelink



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

PostPosted: Tue Aug 02, 2005 5:45 pm    Post subject: Reply with quote

MRTA is recommended for most bank to protect the bank interest. If u can't afford to protect ur asset & leaving the debt for the love one, It's up to the indivisual choice. If you can afford to protect your asset, i don't think that's a con. The decision is still in your hand. No one can force your to sign any contract which is not suit your expextation.

Not only AIA Loan with MRTA compulsory, U can check with Ambank, MBB, MBSB, ING, SBB & others. Good packages attractive rates come with term & condition. Without MRTA rate would be slight higher.

Have u ever thought why AIA can offer rates lower than banks? how do they make profit which such a low rate? Question
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Tue Aug 02, 2005 6:41 pm    Post subject: Reply with quote

Thanks all for the info.

Does that means that for the AIA fixed rate (6.25%), MRTA is compulsary?

by the way, not everyone working for those brokers are fully knowledgeable about their products. I met one over the weekend - not impress at all. But Im sure there are very good ones working for the same company. This happens to bank loan officers too.
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Homelink



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

PostPosted: Tue Aug 02, 2005 6:53 pm    Post subject: Reply with quote

AIA Home Loan is MRTA compulsory. Don't forget where is the funding came from insurance premium collected from the existing customer. AIA is an well established insurance with a big funding collected thru out the years it's begin the business.

AIA can affort to offer cheaper loan rate cos the existing fund from the premium was re-invested to home loan channel which the return is higher that Fixed deposit. meanwhile bank have to offset 3.0% from the home loan rate to pay to FD depositor. Hence the profit gain in AIA loan is much more greater compare to banks.

MRTA is just one of the basic mortgage plan proposal. If u look into other plan such as Investment-Link Plan - It have a return cash back toward the end of the loan period. where this cash back money came from? u should know by now. futhermore this plan can be assignable to other loan if the existing loan settled. No need to re-purchased mortgage plan for the next property & yet the insurance premium remain the same

Here is yesterday article paste from STAR paper talking bout home loan


CLICK HERE IN DETAIL
..thestar.com.my/news/story.asp?file=/2005/8/1/business/11635978&sec=business


Last edited by Homelink on Tue Aug 02, 2005 8:00 pm; edited 2 times in total
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Tue Aug 02, 2005 6:58 pm    Post subject: Reply with quote

digitalkl wrote:
Thanks all for the info.

Does that means that for the AIA fixed rate (6.25%), MRTA is compulsary?

by the way, not everyone working for those brokers are fully knowledgeable about their products. I met one over the weekend - not impress at all. But Im sure there are very good ones working for the same company. This happens to bank loan officers too.


Yes, MRTA or equivalent insurance is compulsory. AIA earns both ways, off your interest and off your insurance. But if you already have an AIA insurance, i think you can use that and pledge.

I have a loan under AIA and wanted to get it for my wife's Changkat View unit too but AIA put CV on their approved projects too late. So we kinda missed out.

We like AIA's product, a lot.

And nothing beats own research. This is not rocket science.
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Tue Aug 02, 2005 7:16 pm    Post subject: Reply with quote

Quote:
I have a loan under AIA and wanted to get it for my wife's Changkat View unit too but AIA put CV on their approved projects too late. So we kinda missed out.


Just wondering if the project is not under the approved projects of AIA, does it mean we cannot get loan from them? Shocked
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Tue Aug 02, 2005 7:31 pm    Post subject: Reply with quote

Yes, for properties under construction (condo), has to be approved. For properties under construction (landed), no problems.

No problems also for completed properties.
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Homelink



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

PostPosted: Tue Aug 02, 2005 7:31 pm    Post subject: Reply with quote

mercuri wrote:
Quote:
I have a loan under AIA and wanted to get it for my wife's Changkat View unit too but AIA put CV on their approved projects too late. So we kinda missed out.


Just wondering if the project is not under the approved projects of AIA, does it mean we cannot get loan from them? Shocked


U r right, AIA will not finance any of the project which is not in their developer project panel list. WHY? cause AIA do not want to gamble their customer insurance premium on abandon project like MBF - happen before.

.://..aia.com.my/insurancecenter/products_hloan.html#properties
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Tue Aug 02, 2005 8:05 pm    Post subject: Reply with quote

very good info! thanks all ! Very Happy
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jasonloh



Joined: 12 Jun 2005
Posts: 312

PostPosted: Sat Oct 22, 2005 6:15 pm    Post subject: Reply with quote

Homelink wrote:
mercuri wrote:
Quote:
I have a loan under AIA and wanted to get it for my wife's Changkat View unit too but AIA put CV on their approved projects too late. So we kinda missed out.


Just wondering if the project is not under the approved projects of AIA, does it mean we cannot get loan from them? Shocked


U r right, AIA will not finance any of the project which is not in their developer project panel list. WHY? cause AIA do not want to gamble their customer insurance premium on abandon project like MBF - happen before.

.://..aia.com.my/insurancecenter/products_hloan.html#properties


hmm.. funny thing is there were some AIA sales guys at the Sering Ukay soft launch but the project is not listed. Is the list complete?
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Homelink



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

PostPosted: Mon Oct 24, 2005 2:12 pm    Post subject: Reply with quote

Jason UGPM ( u got Private Msg)
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Tham C S



Joined: 26 Sep 2005
Posts: 34

PostPosted: Tue Oct 25, 2005 1:42 pm    Post subject: Reply with quote

Homelink,

May i know whether Park19 project is under AIA's list.
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Homelink



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

PostPosted: Wed Oct 26, 2005 2:59 pm    Post subject: Reply with quote

refer to this link, u will be able to get full info bout AIA home loan & also u.construction panel list
.://..aia.com.my/prod_mortgage-aiafixedrateloan.htm
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Eric Koh



Joined: 23 Feb 2006
Posts: 25

PostPosted: Thu Feb 23, 2006 3:23 am    Post subject: fix it 30 years! Reply with quote

The Home Loan of 5.89% FIXED for 30 years is still offered now, until the funds are fully utilized. Do let me know if you are interested of this rate, erickoh33@gmail.com, or contact my associates

Chiew Hsia 012-223-5826
Patrick Tan 012-233-2811
Amelia Kong 013-397-2687

Interested be introducer of home loan, kindly email erickoh33@gmail.com for affiliate fees enquiries.

The loan rate closed anytime, do rush in and fix it 30 years!

Eric
012-299-2009
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Homelink



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

PostPosted: Thu Feb 23, 2006 4:12 pm    Post subject: Reply with quote

For Comprehensive mortgage broker Service details please visit
..realestate.net.my/forum/viewtopic.php?t=679
What you should know before engaging a Mortgage Broker or Consultant
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USSRanger



Joined: 24 Feb 2006
Posts: 153
Location: KL

PostPosted: Fri Feb 24, 2006 5:57 pm    Post subject: Reply with quote

mercuri wrote:
Quote:
I have a loan under AIA and wanted to get it for my wife's Changkat View unit too but AIA put CV on their approved projects too late. So we kinda missed out.


Just wondering if the project is not under the approved projects of AIA, does it mean we cannot get loan from them? Shocked


refering to the mentioned matter.normally all the estalblish and wel-known developer are in AIA panelship. what i suggest is get someone( mortgage broker) help u to check and go thru matter with AIA.

cheers
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trojan



Joined: 17 Mar 2006
Posts: 198

PostPosted: Fri Mar 17, 2006 11:50 pm    Post subject: Reply with quote

Hi Homelink,

I browsed thru one of your post, where you mentioned:
"Straight foward case is FREE. Consultation fee will be charge to those loan with approval problem due to CCRIS/CTOS problem only."

Your service is very attractive and convinient. Can you explain:
a) what is CCRIS/CTOS problem?
b) how do I know I will be charged or not?
c) can I terminate your service once I know there is a charge?

Thanks in advance.
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Homelink



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

PostPosted: Sat Mar 18, 2006 3:20 pm    Post subject: Reply with quote

trojan wrote:
Hi Homelink,

I browsed thru one of your post, where you mentioned:
"Straight foward case is FREE. Consultation fee will be charge to those loan with approval problem due to CCRIS/CTOS problem only."

Your service is very attractive and convinient. Can you explain:
a) what is CCRIS/CTOS problem?
b) how do I know I will be charged or not?
c) can I terminate your service once I know there is a charge?

Thanks in advance.


a) U shud known well of your existing financial background weather got any lates of default on ur installments pmt. CTOS = blacklisted record checking, CCRIS = repayment character record checking.
b) u don't have to be charge until u reliaze that u got trouble getting approval for d loan u intend to get.
c) no termination will be involve, I will also do my pre-selection 1st before helping those who need it. No fraud cases please!

"If your financial background are strong then U can choose the banks else bank choose U" Wink
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trojan



Joined: 17 Mar 2006
Posts: 198

PostPosted: Sat Mar 18, 2006 10:40 pm    Post subject: Reply with quote

No intention of fraud.

Considering buying a house involve a lot of money, a very well planned budget is important.
What worry me, if when I thought I have sufficient budget to commit downpayment+legal fee etc., suddenly I receive a whopping invoice for the loan broker services. I want to avoid that.
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trojan



Joined: 17 Mar 2006
Posts: 198

PostPosted: Sat Mar 18, 2006 10:49 pm    Post subject: Reply with quote

One more point to add.

I'm surprise with your response.
You give me impression that you treat your opportunity by firstly thinking your prospective customer is trying to cheat you.
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Homelink



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

PostPosted: Mon Mar 20, 2006 1:16 am    Post subject: Reply with quote

trojan wrote:
One more point to add.

I'm surprise with your response.
You give me impression that you treat your opportunity by firstly thinking your prospective customer is trying to cheat you.


I did received many enquires & call up from outsider who encounter problems with CTOS & CCRIS, i experienced & received a fraud document after the call & almost get caught Shocked . Not to pointing who cheat who, juz want to draw my line that I don't deal with fraud documentation. No hard feeling ya. Wink

& bruder, If u have non of the blacklisted problems. I'm ensure u done have to pay a single cents for me. Laughing
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stevebarnum



Joined: 27 Jul 2007
Posts: 2

PostPosted: Fri Jul 27, 2007 1:15 am    Post subject: Reply with quote

You have to be aware pf the fact that every broker has to make some profit too. If you want to make a loan as a company, you go and search a bank yourself, but as a private person, you don't always have the time to look for them. That's when you approach the broker or let them approach you. At the same time brokers can also offer advice related to what bank may be the best one to get your loan from.
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johnbeckestate



Joined: 15 Apr 2008
Posts: 36

PostPosted: Fri Apr 18, 2008 2:33 pm    Post subject: Reply with quote

They are not in the wrong. You can not borrow more then the property is worth. That goes for everyone, not just you.They committed no offenses, there is nothing to complain about.
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