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)
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.
The postponed Maybank 61st AGM was conducted on 6th May 2021. This is my second time join Maybank AGM online.
Maybank was supposed to conduct their 61st AGM on 15th April but due to technical glitch they had to postpone the AGM to 6th May.
The AGM starts at 10AM and ends by 330PM
Maybank Online AGM is conducted via Boardroom.
Key Highlights FY2020 Performance
Net Operating Income increases 0.6% YOY
Overhead reduces by -2.7% YOY
Pre provision profit is RM13.52B (increase by 2.6%)
Provision for Credit losses increase more than 100% to RM5.07B
Covid 19 pandemic forced border closures.
Result in weak global and domestic demand
Low interest rate environment
Asset qualities weakness
52 sen dividend payout for Y2020
Maybank dividend yield is higher than other banks in Malaysia and regional banks.
Highest dividend payout for the past 10 years at 91.2% payout
Capital level is still healthy even after dividend payout
Customers – provide financial relief
Employees – enabled WFH and other safety measures
Investors – reclassification of dividend for faster payout
Regulators – establish framework and guidelines for lending
Communities – Maybank contributed over RM20M to mercy
Moving Forward FY2020 – Digital Solutions
M25 – 13% – 15% ROE and more than 100 sen earning per share
Digital journey – SME online application, EzQ to make appointment to any Maybank branch and develop online platform for small businesses.
Corporate Social Responsibilities
Contributed RM20M to Mercy
Raised RM3M to assist vulnerable communities and to support Covid-19 initiative
Questions from Shareholders
Most questions are regarding Covid-19 impact to Maybank performance & its dividend policy.
Maybank CEO explained that it is hard for Maybank to gauge the impact but the dividend policy remains around 60% of net profit.
For all attendees of Maybank AGM will receive RM50 to their MAE for the postponed AGM and another RM50 who attended the AGM on 15th April. So who attended both AGMs will receive RM100.
According to Maybank, they don’t plan to reduce their branches like other global banks.
Maybank uses its huge database on analysis for credit risks and loan offering.
Another question whether Maybank plans to introduce its own bitcoins in which Maybank replies no.
A shareholder asks why Maybank appoints Tan Sri Zam as its chairman who doesn’t have any financial background. According to Maybank they need someone with technology background at board level to help Maybank in their digital journey.
Good insight on Maybank performance on the meeting and Maybank plans to do more digital solutions moving forward to mitigate Covid-19 impact.
Another good thing receive door gift of RM50 which this is my second time receiving RM50 for attending Maybank AGM.
I have a housing loan with Maybank. So I want to know how to reduce the principal. So I called Maybank call centre and according to the call centre, I need to deal directly with Maybank branch where I applied my housing loan.
If you don’t know the branch phone number you can get it from Maybank call centre.
When I call to Maybank branch where I applied my loan, the person in charge informed me the steps.
1) Transfer Extra Payment Directly to Maybank Housing Loan
The extra payment is parked at advance payment but the outstanding loan is still be reduced
2) Outstanding Loan will be Automatically Reduced
3) If Advance Payment is More than the monthly payment, Standing Instruction (SI) is automatically stop for next payment cycle (If you pay from SI)
4) If you want Advance Payment to be transferred directly to Loan Principal
Go to any Maybank branch to give instruction to transfer the advance payment.
It requires customer thumb print to do this thats why have to go to the branch.
Recently, I bought shares using Maybank Stocks Online Trading Platform. After purchasing the shares, I didn’t know how to pay for my purchases.
When I googled, I coudn’t find any useful help or information on how to make payment of my outstanding purchases. At the end, I had to make a call to Maybank call centre and get help.
According to Maybank, I must contact my stocks dealer to settle the payment via Maybank2u and my stock dealer informed me step by step on how to do it.
Before follow my steps, better call your dealer first. If you don’t know or remember your dealer phone number, you can contact Maybank help line (03 2297 8888) and they will provide you the dealer name and contact.
Steps to make payment on Outstanding Purchases
Login to Maybank2u
Select Pay & Transfer
Select New Payment
Select Maybank Investment Bank Berhad
Enter your trading account number in “Trading Acct. No.”
Enter your “Bill Reference No.”. Fill in:-
TRUST – you will be transferring your money in Maybank Investment Bank account. (your trust account will be tagged with your trading account)
Inform your dealer and share the receipt.
Remember to check that your Outstanding Purchase is cleared after the payment.