I planned to buy an auction property. So before buying, I tried to get the fastest bank in getting approval because the loan needs to be disbursed very fast to avoid my deposit from getting burnt.
Housing Loan Inquiry via Bank’s Website
I contacted few banks via their website to see which respond the fastest.
CIMB – no response at all, even thought CIMB said they will contact me as soon as possible.
Alliance – same as CIMB no response at all.
Ambank – Worst couldn’t find contact us / inquiry page.
Standard Chartered – I got voice call the next day after submitting the online inquiry.
Public Bank – I got response after 9 hours of online submission
Maybank – The fastest, I got response in 1 hour after submission
Visit Direct to Branch
Bank Islam – I was passing through Bank Islam Bukit Jelutong, so I decided to drop by to their housing loan department. I get pre-approval on the spot whether I could get loan if I win the bid & good thing the bank office has experience in handling loan for auction properties.
Check Bank Officers Responsiveness
You must check whether the bank officer respond you even during weekend and check how long the officer responds before taking loan with the bank. Besides you must check whether the office can influence their HQ to get fast approval.
Some bank officers will tell you that just pray to get fast approval some will inform you that they could push for it.
So based on my experience:
Bank Islam – the office was really responsive even during weekend and she said she had experience in pushing to get approval
Public Bank – Not responsive, have to follow up few times. In the image show that I have to follow up to get response.
Standard Chartered – Responsive as well but he couldn’t influence HQ.
Maybank – need to follow up but faster response compared to Public Bank and weekend stops responding
Check Bank Panel Laywer Responsiveness
At same time, before bidding, get their panel lawyer to check their fast responsive and experience in handling auction property. You ask questions regarding the process and see their response.
Bank Islam – very fast and well versed and confident can complete the transaction before 120 days
Standard Chartered – their lawyer also very fast and well versed.
Other banks I didn’t check because even if my loan approved by their bank, I might not take it because their officers were slow.
Check Bank Valuer Responsiveness
So far my experience Bank Islam & Standard Chartered valuers response were fast.
Bank Islam, I got appointment on the next day after I message the valuer.
Fastest Housing Loan Approval After I Won the Auction Property
After submission, I got housing loan approval as below.
Bank Islam – 5th January (documents submission) – 9th January (housing loan approved)
Maybank – 5th January (documents submission) – 12th January (housing loan approved)
Public Bank -5th January (documents submission) – 12th January (housing loan approved)
Standard Chartered – 5th January (documents submission) – 18th January (housing loan approved)
Conclusion
In my case, Bank Islam was fastest even though I got better rate from Public Bank but I decided to take Bank Islam loan due to their fast response and even their lawyer and valuer were very fast.
My advice to check the bank officer because it doesn’t mean all Bank Islam officer will be fast as Bukit Jelutong branch. So better follow the steps I mentioned above to make your decision.