Knowledge is power. With proper knowledge how banks
determine credit approval, your chances in getting loan
approval will definitely increase.
Even the loan is approved but when it reaches the disbursement stage if
the banks finds out they have all the right to cancel the facility and report to
the police. I have seen such cases happen before.
reason loans gets rejected. Well, if you look at the past few years Bank
Negara have introduce many measures to curb lending. It will not be
easy anymore and it is not going to be easy in the future.
My 2 cents advised to all loan borrowers. Do not resorts to such way in
order to get your loan approve.
You need to be a savvy loan borrower. Knowledge is power. With
proper knowledge how banks determine credit approval, your chances
in getting loan approval will definitely increase. You don’t even have to
trouble yourself and send your documents to many banks. Choose the
banks which you have the most likelihood to get approval. Some banks
approval are more relax than others.
Panic
Imagine yourself as a loan borrower. The bank rejects your loan. What will
be your reaction? Most borrowers will PANIC. You will start to get worried
especially time is not on your side.
The next thing you will do is photocopy 10 sets of your financial documents,
then submit to every bank you can find. RED ALERT. This might make your
chances in loan approval lesser. Banks can tract your loan submission
and rejection to any other banks via Central Credit Reference Information
System. In short we call it CCRIS.
You go to Bank A and Bank A rejects, Bank B also rejects, Bank C rejects and
Bank D actually you have a slim chance to get approval but the problem is
they saw 3 previous banks reject your loan. Your guess is correct, they will
also reject this loan.
My personal advised to every loan borrower out there.
1.
2.
3.
Do your Research
Plan your Mortgage Submission
Know your Bankers
And lastly attend my talks where you will receive the latest updated
information on the mortgage industry.
For information on my latest seminars log on to
www.michaelyeoh.com or add me on facebook
www.facebook.com/miichaelyeoh.my.
From my experience, different banks have different approval criteria. One
bank rejection does not mean you are in trouble. Maybe you do not fit into
what the bank is looking for as a borrower.
This brings us into the next discussion topic, No Knowledge on How the
Banks Approves a loan.
No Knowledge on How the Banks Approves a
loan
Many borrowers are complacent when it comes to loan application. They
taught loan approval could not be that difficult. This is one of the main
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