How Long It Takes To Get A Home Loan Disbursed in Malaysia

Despite Hong Leong Bank assuring and the developer reassuring me that the disbursement of monies can be made within two months (after which I get slapped with late payment interest) if I chose to take the loan with the former, I have recently succumbed agreed to HSBC at Sultan Ismail, despite their verbal assurances not being as convincing as Hong Leong Bank.

The developer also told me there are cases of late disbursement from HSBC, and yet I chose to sign the offer letter. You might think now that "Hey I brought it on myself." But I've decided, partly because of it being an international bank and partly because of their checking facility, and so now I want to monitor how it turns out.

It starts with the letter of offer. So, Monday 2nd November 2009, I signed the letter of offer after a few days of asking them when it would be ready. But that's fine, that's just the first step. Subsequently, right after I signed, I was informed by the loan officer in his reassurances that yes, I can get the loan documents signed as early as Tuesday or Wednesday and he would call me to let me know.

Tuesday evening comes, and no news. So I send an email, and he replies saying he will follow up with the lawyers and call me tomorrow morning, that is Wednesday morning, today.

It is 3:30pm now and I haven't heard anything. A nice polite human being would try to understand, right? And I am a nice polite human being. But I can't help being miffed at being promised one thing with no follow up, JUST because I signed the letter of offer. Apparently, according to countless other friends who have got burnt by banks before, that is just the beginning of a long episode of hounding the bank to follow up with lawyers and etc.

So I am prepared for delays. The only difference is, I'm going to minute every date, every email sent, every follow up I make and every promise made to me so it will be much easier in case anything blows up happens. And I've started to consult a few lawyer friends on possible avenues of seeking to uphold consumer rights from every freaking tribunal there is, just so I'm prepared.

Because there is no way in hell I will be paying the late disbursement interest if it is NOT my fault.

I shall wait til tomorrow before sending the HSBC officer another reminder email. And then print it out for records.