Just check with my banker. Yes, no exit penalty if loan exit within 5 years,
but just need to pay legal fee but for sure will be better than 3% penalty.
Additional info : If you are pay through machine and you want to park it under advance payment, then you can't deposit your amount 3 times higher than your loan amount, or else it will directly pay to the principal.
Eg. monthly payment is RM1k, then within a month, you can't pay more than RM3k, if you pay RM4k, this amount will directly pay to principal.
Added on August 18, 2009, 12:31 pmQUOTE(koopa @ Aug 17 2009, 12:51 AM)
I want to correct something stated above: Some banks dont have lock in period for islamic loan.
First off all, it depands on the bank how they want the islamic loan to be. A few months ago there in The Star, Biz section, they say malaysia does not have a standard islamic loan. So every bank has their own way.
Pros:
1. Some bank does not imply lock in period.
2. Rates capped at 9.5% or 10% or 11%.
3. Most banks done give u penalty for late payments or if u dont pay for a few months because in islam its illegal to impose interest. Infact Bank Islam let u forfeit 2 months installment in 1 year. Check out their banners.
Cons:
1. No Daily or monthly rest for installment. Depends on the bank.
2. Interest rates is not so good. This depends on banks also.
Ill add more if i remember this topic later
For HXB, the interest rate same as normal conventional rate. Eg. loan 200k, they can offer up to BLR - 2.1.
This post has been edited by invest2229: Aug 18 2009, 12:31 PM