Customer Questions:

Hi David,

How are you? Just would like to seek your advice on the following:-

I had purchased an apartment long ago with my ex-husband. After divorced he has failed to service the loan and eventually the property were auctioned.
I enrolled in akpk to settle the balance amount and had fully settled in Feb 2014. My CCRIS report has totally cleared however in CTOS, it show that the “Account Has Been Settled” under Section D.I am not sure if i can apply from any housing loan for the matter.

I have recently visited a newly launch housing project in cheras. The developer offer very attractive discount to the buyers. Buyers only need to pay a very minimum down payment.

1) Your previous reply have stated that i have to wait for at least 6 months (as cool off period). I feel that the above deal too good to let it go. Hence i plan to book a unit. My only concern is if i could get the loan. After browse through your website, i just wonder if you could help in getting the housing loan? You see David, i might not have any financial record for past one year in CCRIS but i have been paying my car loan promptly to Ambank (the car was purchased under my cousin name as i was not able to get loan at that point of time).

I made the payment via CIMB Click and that is the only prove i have as a good pay master. What happened to my property was a misfortune, i was very young when my ex-husband purchased the unit. And when we divorced, he has failed to service the loan.
Looking forward to your kind feedback. Thank you.

MHL Answers:


Good to hear from you.

Regarding your issue, perhaps I can enlighten you.

Under your situations, 2 things will have a big impact on the approval.

1. You have CTOS and fully settled it on Feb 2014. I’m sorry to said bank do not really concern on the reason why you are in CTOS. It is good that you have fully settle the account. However the settlement quite recent.

Secondly, your CTOS is on property. If the CTOS is on car or other facilities might not as bad as on property. Bank quite sensitive when CTOS on property in addition you are applying for a housing loan.

2. Your CCRIS show no loan facilities.

Whenever, a borrower without credit facilities meaning no CCRIS at all. Bank either will reject or reduce the loan margin to 70%-80%.

Reason being Bank are not able to determine type of paymaster you are. Therefore, they consider this as high risk customer.

Even though, you are able to proof that you are making the payment but still you are not able to proof you are servicing your own loan.

I do advice you to apply for a credit card right now, in order for you to have at least one facility in CCRIS. This might not a solution right now, but might help you in the future.

Good news is you are buying from developer. Normally, with developer you might able to negotiate additional clause.

We know, you love to buy this house and want to at least get the chance.

Perhaps, you can negotiate with the developer to add additional clause in your booking receipt to safeguard your deposit.

“In the event, my housing loan application does not approve 90% loan or my application being rejected by the banks, developer will fully refund my deposit.”

Hope my solutions here are able to help you in making any decision.

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