Wednesday, June 25, 2008

Making The Application


Step 3 – Making The Application.


Have ALL your documents ready. [see List Of Documents Required]. Applications with incomplete documents will only delay the approval process.
For applicants who come under the ‘Employed” category, be sure to have bank statements ready, as Lenders will definitely want to see the state of you bank account where your salary is credited.

For self employed applicants, you may need to submit some of your company/business’s financials unless your official income (income tax income) is adequate to meet the Lender’s DSR.

Presently Malaysian Lenders do not charge an application fee and there is no legal obligation for you to accept any Letter Of Offer. You are free to apply to as many Bank/Lender as you wish and choose the best offer.

An application accompanied with complete documents will usually take no more than 5 working days to yield a formal answer from the Lender.

Some Lenders give Indicative Letters Of Offers which are NOT legally binding documents and in all likelihood have not been formally approved by the relevant department of the Lender. If you are unsure of whether the loan will be approved or not, it is important to have formal and binding Letters Of Offers prior to committing to the purchase.


Next:
Home Loan Finder Apply a Home Loan

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