I received an offer as below:
ZEC:
Yr 1-5 BLR-2.0%
Thereafter BLR-2.4%

NZEC: (say if the processing fee is 7K)
Yr 1-3 BLR-2.3%
Thereafter BLR-2.4%

May I know which one would have the least total payment? How much is the total interest imposed on the RM7K if I choose NZEC with a tenure of 30year. A noob here, please advise me, thank you

He,He OCBC-ah? I think the difference is probably bout RM6 - RM10k for 30 yrs.

IMHO ZEC is more worth it since RM7k for NZEC is upfront while the ZEC is ammortised over the duration of the loan.

If you intend to refinance after 5 yrs or settle much earlier then need to reconsider.

Would like to confirm whether this is correct since I oso not yet take up the offer

Assuming both packages are from the same bank, they should be able to work it out for you.

If you are close to your lawyer, you can probably get a better price for the loan legal fee.

Yeah, too many factors to consider, semi-flexi prepayment is part of main factors, headache

Please state loan amount.
If not I can't calculate.

Nice advice, on a 2nd thought, since the interest rate is rather low at this moment, might as well take the ZEC and save the RM7K for investing somewhere?

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Added on October 2, 2009, 9:52 amThank you, say 300K, what tooling are you using may I ask?

This post has been edited by n0v1ce: Oct 2 2009, 09:52 AM

The ZEC package is more worthy. The cost saving from the interest different is lesser than the legal fee. So, i would like to suggest taking the ZEC package.

Not much different fr Flexi except withdrawal is more 'susah' as compared with OD or atm but don't need to pay service charge.

From what i was told, there is no penalty or limit for prepayment only withdrawal need to notify and they will transfer to your designated account within 3 days + RM10.00 charge

0.3% x loan amount x 36mth = your roughly interested saved. Because the different is the 1st 3 years extra 0.3%.

HLBB offer me BLR - 2.4%,
ZEC
No requirement for MRTA

Looking for 585k loan...any ideas which bank offer better rate?

I think loan amt < RM300k will not qualify for the above.... I enquire and was quoted as BLR-2.1

ZEC
60 months interest amount: $50,653.05
360 months interest amount: $170,810.84

NZEC
60 months interest amount: $45,701.45
360 months interest amount: $165,147.05

NZEC requires RM7k upfront, taking ZEC would be cheaper overall.

If its a full flexi, go for ZEC n dump the 7k into the loan thereafter

Hi all, thank you for your help, really appreciate your input

Apart from OCBC, EON Bank n' Standard Chartered are offering quite competitive rates too The former is semi-flexi while the latter two are full-flexi

The package is only eligible with >RM500K loan amount, my poor house's value is much much lesser than that

By the way, I just sold a house last week, will I kenak tax for refinancing for my current one, is it considered selling a 2nd house? Thank you

What tax for refinancing???
RPGT is tax exempt...so no worries even if it's your nth unit of property -


BLR - 2.4% is still no good for me. My friend got BLR - 2.65%...so I'm trying to get closer to that.

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Added on October 4, 2009, 2:35 pm
Jason and Pai, please help me with my maths.

Assume I have no alternative investment opportunity except to place the 7k in 12 mths FD of 2.5%.
Ignoring tax position and future value considerations,
At first glance, NZEC cost of financing (at -2.3% @ yr 1-3 & -2.4% @ yr 4-5) is cheaper than ZEC at -2.0% @ yr 1-5


This post has been edited by ??!!: Oct 4 2009, 02:35 PM

Hi.

If you look at my results.
In first 5 years, NZEC interest minus ZEC interest would result RM4951.60.
By looking at this data, NZEC is cheaper.

Remember NZEC need to pay RM7k upfront?
So the total expenses for NZEC is RM2048.40 extra compare to ZEC in first 5 years which is lock in.

which bank? i only can get blr-2.3% for 700k, ZEC + MRTA.

mind pm me the contact?

The BLR -2.65 is only for the 1st 2 yrs after that its Blr-2.16 (from SCB)

SCB KLIPO Rate.

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Added on October 5, 2009, 7:14 pmgo go go ask for BLR -3% or more

This post has been edited by sam0919: Oct 5 2009, 07:14 PM