HI all,

i owned a property which i want to mortgage it. i heard that somehow foreign bank is better than local bank.

is this true? i am thinking to go for standard chartered.

or u guy can give some advice.......bear in mind this is my first time....

thanks ya

I dont feel any different, I suggest just ask for offer rate and choose the one that give the best rate.

should i engage those ppl/banker that claim they have number of bank in their portfolio ( some do advertise in this forum) ....and let them advice me on which bank that offer the best rate?

thanks

Doesn't matter which bank or which people you want to engage, the goal is always for the best package. Which package depend on you.
If you do for:

investment (highest positive cash flow monthly) = Lowest interest rate + interest fixed whole tenure + the longest tenure you can get

owned use (less interest you can pay is the better) = Lowest interest rate + daily/monthly rest + tenure depend either you still want more cash in your hand or not

Thing need to be consider:
- Interest rate
- Locking period
- Tenure
- Fixed rate/daily rest/monthly rest
- How they calculate for early settlement
- How they change if you refinance within locking period

Please don't just accept the package on advertisement.... you actually can negotiate with bank. Below is my own experience:

Citibank Flexi (daily rest) two years ago about 6.8% interest
Since I'm Citibank credit card holder minus 0.5%
After that I negotiate with bank and get another 1% less
At then end it will be 6.8% - 0.5% - 1% = 5.3%
I negotiate again for 5 years fix, then the rest is BLR - something. So after 5 year locking period I can refinance back.

There month after that darn CIMB offer better package!!!


P/S: You need to consider everything before you agree to commit monthly amount.... May be soon you be married, have a child, or something else happen... all those thing need more cash in hand

For me, CIMB is still the best. Best rate, best valuation of property, highest margain of finance and very lenient on the repayment/income ratio.

and no, I dont work for CIMB.

Which banks..., it always depend on which bank is going for sales..yes bank do the same like other products.
sometime, this bank is cheap some time that bank is better.


Another think that i learn recently, after visiting a bank, we can re negotiate our rates or increase loan amount without having to wait for the normal 5 years lock down period, but everytime you do that, the lock down period will start again

of all the negotiation stuffs, your financial position must be solid in order to negotiate + your personal negotiation skills + charm..

not need nego skills or charm lah. Go to the cust service, tell them u wanna nego rates, they will ask u to fill in form, in a few weeks time, u will get it approved, provided that the current tenure has run 2 of the 5yrs period.

This post has been edited by aramis888: Sep 12 2009, 11:14 PM

if you go by normal procedures normally u will have to go thru cust. service.
if you know any bank manager things will be better.

This post has been edited by ehl: Sep 13 2009, 09:48 AM

What do you mean things will be better? care to share?

Example.. the possibility of how low the rates can go and how much you can borrow, not just try first.