Before a developer launch a new project, a developer will look for a bunch of banks to finance their project. If a developer is well establishing, a bank will approach to provide financing to the potential buyer.
Bank will evaluate the project, developer ( CTOS & CCRIS check on the directors) and market value of the property by getting an indication from the panel valuer. The bank will need to do a lot of research and put up a few pages of a proposal to the management.
Management might approve, declined or approved with conditions. Like, maximum financing up to 80% instead of 90% or Block A financing only ( because block B is overpricing).
So, once the bank approves the project, then they are the panel bank for this new project.
Yeap, only panel bank of the project can give financing to the new purchaser. It is always much easier that way, I mean the paperwork process is smoother and you won’t get stuck in disbursement.
Nowadays, banks will not accept an application if they’re not the panel bank of a certain project.
If a project is good, many banks will love to finance the project. And most of the time, every bank will have a limited quota for the project. Once it full, it will depend on the bank whether to provide an extension of the financing or just close the quota. Therefore, It is always wise to apply for a bank loan as soon as possible.
However, if only 1-2 banks financing the project, you might want to do your research.
You might found some interesting story behind it.
Good Luck!
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