July 2, 2008

Home renovation loan in 48 hours? Nah

STANDARD Chartered's home renovation loan claims an approval in 48 hours, but this was definitely not the case in my experience.

I submitted my home loan documents at the credit personal finance centre at Tampines branch personally, on the advice of the tele-consultants, who claimed that doing so would mean an approval in 48 hours.

The officer at the finance centre checked my documents and said 'ok'. As there was no direct number to call and check, I called the tele-consultants again after a week, who told me that my documents was short of an 'ownership' letter, and that they would be sending me a snail mail to inform me. I explained that I needed the approval quickly, and had sent the documents personally. A Mr Lee assured me that he would expedite. I told him I would fax the ownership letter from HDB two days later. He impressed by calling me to remind me.

When I faxed my ownership letter two days later, I called him to ensure that he received the fax. He did. Thinking that the approval was certain, I called him three days later to confirm. To my amazement, he said the loan was still under processing, without giving me any reason to the delay. I am deeply disappointed and felt misrepresented. I had to frantically look for another bank to approve my loan.

Nicholas Lim