I want to change to a new project but the bank loan has already been approved.
Last updated: 6 Aug 2025
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I've already been approved for a bank loan and want to change projects. Do I need to submit new documents? And do I need to resubmit them?
The answer is yes, you can. It doesn't take long. There are a few factors, such as whether a new appraisal is required and how long the loan application has been in place.
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1. You must notify the bank of the change and submit the new project documents.
1.1) You must complete a new appraisal to review the appraised value. (Note: Not all projects are 100% guaranteed; please check with the bank.)
1.2) Your mortgage documents must match the new project. Inform the bank that you want to change your collateral to the new project.
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2. How long will it take to change?
Regarding the timeframe, the bank will review all the information and approve the loan simultaneously. The main factors are your ability to repay and the collateral, which will also be subject to other bank conditions.
2.1) You will definitely need a new appraisal. If the project already has an appraisal value, it may take 1-2 days to finalize the price. If not, you'll need to spend more time completing the appraisal. This could take anywhere from 4-7 days.
2.2) How long ago was your original loan application? If it's been less than a month, you can be confident that your financial information hasn't changed. You'll simply need to submit new collateral documents for a valuation, as per point 2.1. Once the valuation is received, the bank will review your original application again. This may be faster than the first application, as it doesn't need to consider your repayment ability.
2.3) However, if your loan application has been submitted more than two to three months ago, it's like applying for a new loan. You'll need to fill out new documents and conduct a new credit bureau check, as the bank will also look at your most recent credit bureau statement. However, if this is the case, the process will likely take the same amount of time as the first round.
___________________________________________
Thank you for the great information from "Nee Rak" - Sharing Knowledge about Home Loans for a Home That's a Debt of Love.
The answer is yes, you can. It doesn't take long. There are a few factors, such as whether a new appraisal is required and how long the loan application has been in place.
___________________________________________
1. You must notify the bank of the change and submit the new project documents.
1.1) You must complete a new appraisal to review the appraised value. (Note: Not all projects are 100% guaranteed; please check with the bank.)
1.2) Your mortgage documents must match the new project. Inform the bank that you want to change your collateral to the new project.
___________________________________________
2. How long will it take to change?
Regarding the timeframe, the bank will review all the information and approve the loan simultaneously. The main factors are your ability to repay and the collateral, which will also be subject to other bank conditions.
2.1) You will definitely need a new appraisal. If the project already has an appraisal value, it may take 1-2 days to finalize the price. If not, you'll need to spend more time completing the appraisal. This could take anywhere from 4-7 days.
2.2) How long ago was your original loan application? If it's been less than a month, you can be confident that your financial information hasn't changed. You'll simply need to submit new collateral documents for a valuation, as per point 2.1. Once the valuation is received, the bank will review your original application again. This may be faster than the first application, as it doesn't need to consider your repayment ability.
2.3) However, if your loan application has been submitted more than two to three months ago, it's like applying for a new loan. You'll need to fill out new documents and conduct a new credit bureau check, as the bank will also look at your most recent credit bureau statement. However, if this is the case, the process will likely take the same amount of time as the first round.
___________________________________________
Thank you for the great information from "Nee Rak" - Sharing Knowledge about Home Loans for a Home That's a Debt of Love.
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