Housing Loan

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Malaysia

Housing Loan Reviews

burgerking November 7, 2009

Maybank housing loan term and condition is just a joke

Before i go further, i would like to share some of my background. I am a Johorian, and I am a happy house owner, just bought my first house about 1 and half year ago. and I gave my first try to maybank for my housing loan. The customer service officer talking to me was nice and friendy, and so i got approved for my housing loan, and of course i signed a agreement with bank.
Everything seems ok until this fire insurance payment came in.

first thing, as i mentioned this is the first house i being owned, and i don know, or i thought the fire insurance had been included within my MRTA, and i am sure that friendly customer service lady did not mention to me about this.
second thing. Maybe u might ask, didn't they mail you a notification? the answer is yes, but that was sent to the house i used to rent. So after, 4 mths, i was realised about this letter when i pay him a visit. After that, i was told my installment amount will be revised, therefore i have to pay extra Rm300 for the rest of my tenure period.
So, i explained to the customer executive in that particular branch.
He replied me, i have to write a letter for this incident, and he will forward it to HQ, so i wrote a letter, and i asked him about the time needed to get a reply from HQ, he said it gonna take just 2 weeks. But after three mths (Rm 900 extra), the revision had not been done, so i went to look for him, and hand in another complain letter to the manager. Surprisingly, i got a reinstatement for my interest rate on that day. erm, i think you guys out there are thinking what i was think.
So, the term and condition for my reinstatement is i will have to go through the interest schedule afresh. which is 4.88% for first year, and Blr - 1.85% thereafter.
Just want to add something, due to i am paying extra for every month, so i asked him, would the extra money go for my fire insurance, and how sure are u, if the money i pay for fire insurance will not go for my principle? and is this written on the agreement? he told me this is their usual practice, don have to write on it, everyone know about this. then i become speechless..
Another year has past, and i am reaching the interest rate BLR - 1.85%, that means for current BLR - 5.55%, i will get 3.7%. But strangely, the revision letter stated, the amount for installment is UNCHANGED!
I called up customer service hot line, but she told me she cant access to my account for checking. At the end of our conversation, she asked me a irony question 'is there anything else i can help you'.
I am wondering wat will happen for the rest of the tenure period, and i am determined to switch bank when the time is come. and Maybank is not the only bank, other banks like public bank will offer a phone call when i was late for payment, and not just sent u a letter and wait for penalty. plus, incompetent in answering customer's question..
for pocket sake, i will certainly look for the officer over there, but how much time and energy do i have to spend on all this, can he answer my question? i am so fed up right now.

lifelong9 February 14, 2009

How AmBank Milk The Customer

Palestinian and Israel situation in Malaysia

This is how AmBank gave their customer. I have problems paying my housing installments, so I took RM13, 000 from my KWSP to pay my house installments. But AmBank refused to take it as installments payment but as one time payment. This only benefited AmBank only. They continued to charge me late payment penalties and interest that very month itself.

As it is not fair to me and the fault with the bank, I refused to pay all the penalties and interest. Technically, I had over paid them by about 18 months installments. They continue to add penalties every month and interest, they like and the amount add up fast as they charged legal fees into my account and the amount gets even higher, even with my monthly payment of the house installments.

In the meantime, I requested for past Statement of Accounts (SOA) from AmBank, instead of getting the SOA, I got legal letters and more penalty charges. Like the Israelis they keep attacking me. The moment I wrote a letter to complain about their inefficiency, I launch rocket at them they fired back with missiles. The more letters and visit to Bank Negara, the more missiles they fired at me, with more legal fees, more penalties and more interest. They are even worse than the Israelis they sue me using mine money, even though it is their error that they refused to correct. Finally I managed to get the right past SOA after more than 7 months to verify my payment.

I and my wife went to AmBank HQ in Jalan Yap Kwan Seng hoping to solve the problem but the GM refused to see me. Instead, I was directed to their Collection Department in Jalan Pudu to see an officer, who only knows about collection.

After many rockets and counter attack with missiles, they agreed to pay a small token, which I refused to accept and they continue with their attack with missiles unless I accept that small token and forget about the whole situation.

They sue me in KL Court and they charged my account for their legal fees. I attend the KL Court a number of times, and each time it was postpone at their lawyer request. I was hoping the Judge could solve my problem. I am too naïve. The last hearing, the Judge told me to engage a lawyer, which I hardly could afford (about RM10, 000). Like the United Nation, our High Court only listened to the case and postponing as they like.

Left with no choice, I had to borrow money to pay off the Penalties, Interest and Legal Fees for a few thousand, which keep growing. I found out that they are charging my account at the rate of 9.4% and not the rate that they sign with me ie BLR + 1%, which is about 6.95%.

AmBank is bully the customer, like Israel bullying Palestinian, with the knowledge of Bank Negara and High Court in KL? Yet nobody wanted or can do anything about it.

Like the Israelis, nobody is able to take any action against them and they can and do anything they like. Where is justice? I hope the Malaysian Government can solve our internal “Palestinian and Israel” which is happening right in Malaysia.