I wanted to surrender my Prudential insurance policy because I already have other insurance policy with other insurance company and I felt that I have too many insurance policy.
It was easy to surrender or cancel Prudential insurance policy.
In my case, I get my agent to assist me.
Policy Number & Agent Contact from Prudential Pulse Mobile Application
You can use Prudential Pulse mobile app to get your policy number and get your agent contact person.
Click Pru Services and from there you can get those info.
The blue hidden marker has your policy number.
Fill In Prudential Surrender Form
Inform your agent that you plan to cancel your policy. The agent will share the surrender form. You just need to fill in the bank information (where the surrender value will be banked in) and sign the form.
You needs to provide copy of your IC.
The rest of the form will be fill up by your agent.
Within 14 Days You will Received the Surrender Value
First I received an SMS / email telling that Prudential received the surrender request.
Then you will received SMS telling that Prudential has cancelled my direct debit as Prudential deducted on monthly basis my insurance payment from my bank account.
Next SMS will tell you that it is confirmed that process has completed and Prudential shared the surrender value document.
It took around 13 days to complete my surrender request (means received the surrender value into my bank account) from 8/1 till 20/1/2023.
Salinan Hak milik (Geran)/ Perintah Mahkamah/ Tuntutan Harta Pusaka/Salinan Perisytiharan Jualan dan Surat Pengesahan Pembayaran Penuh (lelongan)/ Perjanjian Sewaan/Surat Kebenaran dari Pemilik/ Surat Kebenaran dan Aku janji
Saya bagi dokumen PDF Memorandum of Sales (MOS)
Kuarters/Rumah Sewa/Gerai atas bangunan/ tanah dimiliki oleh Kerajaan – Surat sokongan daripada Pejabat Tanah/ PBT/ Pemilik dan Surat Kebenaran dan Aku janji
Tidak muat naik apa-apa.
Salinan Sijil Pendaftaran Syarikat (Borang 9/Borang 13/Borang D/ Borang E)
Tidak muat naik apa-apa keran saya mendaftar sebagai individu.
Surat kuasa/kebenaran untuk membuka akaun bekalan air di atas surat rasmi (kepala surat Jabatan)
I wanted to bid one double storey house in Denai Alam. I was surprised the bidding would be conducted online. Previous 2 auctions that I attended were all physical auctions but of course it was 10 years back.
The process of online bidding was quite simple.
Register Your Interested Property
Register the property you are interested in at online e bidding.
Click interested for bidding
Deposit status will be pending payment
Submit Your Bank Draft
You can submit your bank draft to any high court in Peninsular Malaysia.
You must attached the Bidding Form together with the bank draft.
You can print the Bidding Form from the online e bidding website.
When you registered your interest, there is a link to download the Bidding Form.
Print it and attached with the bank draft.
Post the Bank Draft to Pusat eLelong Kuantan
If you decided to post your bank draft to Pusat eLelong, you must use only PosLaju and ensure you have an envelop that have your home address as returned address in case you don’t win the bid.
You must pay in advance the return envelop.
Actually I wanted to send my bank draft by hand at High Court Shah Alam. Unfortunately they had fire drill.
I waited for nearly 40 minutes but they were still conducting fire drill then I decided to send my bank draft by PosLaju.
Deposit Status Change To Paid & You Can Start Bid Early
Deposit paid status changed when your bank draft arrive at the Pusat eLelong.
You can bid early even before the auction date by click Bid Now.
If you bid early and no one bid yet you can bid at reserved price.
Try to Bid The Night Before Auction
I decided last minute to Bid Early.
Unfortunately I couldn’t login the night before the bidding day.
But on the morning on the bidding day, when I tried to Bid now at reserved price someone already bid at reserved price. It means there were other bidder for this property.
At same time, I could see the incremental bidding. In my case it was RM4,000.
During the Auction
During the auction, you could see how many bidders.
In my case there were 6 bidders.
It was quite fast for you to increase your bidding and there were no lagging.
If you were the lowest bidder, your bid price was red and if highest it would turn to green color.
If you wont the bid, you would receive immediately your Memorandum of Sale (MOS).
Download the MOS then you can start apply for loan.
It was easy doing the online eLelong bidding. You can do it without agent help.
You must set your maximum price you want to bid, so you were not carried away.
If you have other family member or trusted friend, it is better ask them to bid for you and tell them your maximum price. This is to ensure you are not carried away.
Visit the property. I prefer vacant auction property because I don’t have expertise in asking the current owner or tenant to move out. Check the condition of the property from outside and estimate its repair cost. As you can’t view inside of the house, you should expect the worst.
Do market analysis. Get the market value via brickz.com.my or iproperty.com.my. If you have good contact with valuers get their advice as well.
Do financial analysis in term of affordability, cash flow, cash requirement for legal fee repair and renovation etc. Determine your max price.
Before going for bidding, better you check with few bankers whether you are eligible for loan.
Find banker that has experience in processing in property auction loan and try to intimidate a bit the banker by sending message at morning and night to check whether the banker is responsive and fast responding. If not keep finding a experience and responsive banker. Call also whether they pick up or return your call ASAP.
Get the banks panel legal as well and ask the banker lawyer firm than have handled auctioned property. Do the same by imitidate the lawyer by getting quotation and see how fast they submit and message them morning and night to see how fast they respond.
Prepare early all the required documents and zip the document according to documents required by each bank. If you win then send immediately the documents.
Use same lawyer for POS & Loan documents
Questions You Can Ask Your Banker
Interest rate, tenure, MRTT requirement, Zero moving cost package
Documents required to apply for loan
Bank maximum DSR or how they calculate your loan eligibility
How long it takes to get approval
What is the maximum days to get approval they have handled and get the loan disbursed on time
Any scenario that they were able to extend the 120 days.
Whether you can reduce the MRTT tenure if MRTT is compulsory
Questions You Can Ask Lawyer
Whether they have experiences in handling lelong case.
How long it takes usually for them to close till loan disbursement
Ask for quotation. There are two, POS and Loan documents quotation.
If you bid on your name, can you include your spouse name into the legal document (the answer should be No. If the laywer says yes then the lawyer doesn’t have experience better avoiding using that lawyer)
What document required so you can prepare early.
Ask for discount since you get POS & Loan documents together with the lawyer.
For signing can they come to your place to sign the documents.