Aug 15 2009, 03:11 AM
QUOTE(invest2229 @ Aug 14 2009, 05:24 PM)
Hi,
Today I went to see my banker. Basically she propose me to take islamic loan rather than normal loan.
The package she offer was loan 200k, BLR - 2.05. As what she told me, if your are property investory
and don't know when to might sell your house, then consider to take islamic loan because you will not
impose exit penalty if your loan still within 5 years.
Do you agreed on what she said ?
Other than no exit penalty, what other benefits or disadvantages of taking islamic bank ?
hi, as far as i know.. there is no free lunch in this world.. very hard for me to believe there is no lock in period for home loan for the interest rate with your loan size you getting... almost impossible..Today I went to see my banker. Basically she propose me to take islamic loan rather than normal loan.
The package she offer was loan 200k, BLR - 2.05. As what she told me, if your are property investory
and don't know when to might sell your house, then consider to take islamic loan because you will not
impose exit penalty if your loan still within 5 years.
Do you agreed on what she said ?
Other than no exit penalty, what other benefits or disadvantages of taking islamic bank ?
you wont see the words " lock in period " & " penalty" in the islamic loan letter of offer or the agreement..
but then, when you cancel the loan ( refinance/sell off / full settle) within the period of time.. usually is 5 years +- ( depending on the bank or package), this loan will charge you a fee , may call it exist fee.. or etc... ( actually is same as penalty charges impose in the conventional loan)
i 'm a banker who profession in mortgage..I believe this a Islamic Term Housing Loan .. Not a Islamic Flexible Housing Loan...
This post has been edited by meryl: Aug 15 2009, 03:16 AM
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