How are you doing?
Today, I’m going to discuss on the 3rd housing loan.
If you have 2 existing housing loan and now you would like to get a new one, then you will be slash with 70% margin by banks for the new housing loan.
How about commercial loan like shop or factory loan? Will it include in this 3rd housing loan?
The answer, no. Only for housing loan.
Many of us sometimes have soft heart to lend our name as co-borrower in the loan.
While, I’m sorry guys is a bad news. Next time, you should think twice before lend your name out.
Bank will calculate as 1 housing loan even though you are not staying or own the house.
Previously, when bank Negara announce, all the commercial bank will have to comply this.
But, what you do not know is Malaysia Building Society Berhad ( MBSB), not govern by this law.
While many of smart people, have go to MBSB and apply a 90% loan even though this is their 3rd house loan.
MBSB are more than happy to receive all these application.
However, on 5th July 2013. I think Bank Negara had realised the looped hole. They had instructed MBSB to obey the 3rd housing loan ruling.
If any of you think, MSSB will be your escape of the ruling; I think you better think twice.
If you also think MBSB do not apply CCRIS before giving out loan, while you are wrong again.
MBSB does review your conduct through CCRIS nowadays.
You cannot run now, if you have poor records, you have to deal with it and fully settle the loan before you can move on with new purchase.
Just so you know, bank still reviewing your conduct base on CCRIS and CTOS report.
My honest advice, please print these 2 reports before proceed for any purchase or applying for loan.
You must make sure the conduct is satisfactory before proceed. If not , you are on losing end.
Just in brief, CCRIS report stand for Central Credit Reference Information System.
It’s shows all borrowers loan conduct for 1 year.
CCRIS report is compiling by bank Negara. So you can bring along your my card and thumb print to print from bank Negara kiosk.
This report is updated once a month. Normally will be 15th of every month.
This is very powerful report to the underwriter. It’s can translate to many powerful message and reflect your character.
Is like a fortune teller crystal ball. They can presume the future.
Bank underwriter will also presume if the loan given, how will be your conduct be?
Excellent, good, normal, lower risk, higher risk, medium risk and so on…
How about CTOS report?
Ctos report is compile by private company name CTOS Sdn Bhd.
Basically, they compile all the summons cases or court cases.
Bank will use this report to review too.
Once you enter CTOS, you cannot delete your name from it.
You only can update the conduct or summon against you.
Its really will affect the bank review on you. Try not to have name in this report.
CCRIS report when it’s updated some poor information will not be seen.
CTOS does not work like that your past record will be there forever…
Stay away from this CTOS report by not getting summons from anyone or owing anyone.
If you out there looking for the best housing loan consultant in town do not look further, YOU FOUND ONE!
Good Luck 🙂