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> Daily Interest Calculation VS Monthly

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TSChester
post Oct 13 2009, 09:36 PM, updated 13y ago

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Hi guys, im planning to take home loan, this week. Am offered below:
1. MBB -2.1 BLR - daily int calc
2. Stanchart - -2.2 monthly int calc

Is there much diff, if im just someone with not much money and might pay extra $$ once in a while? Both package comes with MRTA. Any comments? Most of the banks i went is daily, but im interested with stanchart, too bad its monthly (or its not too bad?).

And if i take stanchart, assuming that i want to pay extra that month, there is 2 conditions:
1. >1k
2. must call and inform them, so that the money credit into the house loan. else it will sit at the SA that they will create.

tks
ed0gawa
post Oct 13 2009, 09:39 PM

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There are other better choice out there i believe.
Why Stan Chart?
Because they offer -2.2% ?

Extra repayment >1k ... i believe some bank doesn't have that clause
TSChester
post Oct 13 2009, 09:47 PM

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QUOTE(ed0gawa @ Oct 13 2009, 09:39 PM)
There are other better choice out there i believe.
Why Stan Chart?
Because they offer -2.2% ?

Extra repayment >1k ... i believe some bank doesn't have that clause
*
yes, coz of -2.2

extra repayment >1k, this clause is ok with me

but is there much diff on monthly vs daily calc?

ed0gawa
post Oct 13 2009, 09:51 PM

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QUOTE(Chester @ Oct 13 2009, 09:47 PM)
yes, coz of -2.2

extra repayment >1k, this clause is ok with me

but is there much diff on monthly vs daily calc?
*
Yes and no.

If you are the kind that pays on the exact same date every month. Then BIG NO (i.e fix salary worker who only get bonus once a year)
If you are the kind that suka suka throw in money now and then. Then BIG YES (self employed, dunno when got 'durian runtuh')

This post has been edited by ed0gawa: Oct 13 2009, 09:52 PM
citigoh
post Oct 13 2009, 09:52 PM

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Hi chester i am goh from citibank here
we are offering daily rest interest as well
other than than the extra payment will reduce the principle so that you can save on the interest and early settlement.
about the Rate if u dont mind just call me anytime i can offer another rate for u to compare.
Daily rest interest is better than MOntly cause if u pay on 25th on the month then the interst will be charged till 25th, if monthly u have to pay whole month interest even thought u pay earlier.

thks
Goh from citibank
016-3372335
TSChester
post Oct 14 2009, 07:34 AM

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So for some makan gaji ppl like me, i take Stanchart termed loan BLR -2.2% is ok?
airline
post Oct 14 2009, 08:07 AM

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standard chartered loan got a lot of hidden clauses like prepayment as stuff.
rakyat
post Oct 14 2009, 02:48 PM

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QUOTE(airline @ Oct 14 2009, 08:07 AM)
standard chartered loan got a lot of hidden clauses like prepayment as stuff.
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+1 rclxms.gif Agree SCB got lotsa hidden clauses.... oso if your prepayment is > 70% of loan amt u oso get penalized mad.gif

Go for daily interest rate as you will save some $$$ if you pay earlier and oso on your pre-payment. Monthly is actually more beneficial for the bank.

I wonder whether it will work to our advantage if we pay later then the due date by 1 or 2 weeks since interest is calculated based on monthly whistling.gif

If you only use standing instruction and don't intend to pre-pay that often then mayb you can opt for monthly.
airline
post Oct 14 2009, 06:00 PM

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trust me standard chartered sucks. ask anyone who has their mortgage one.

This post has been edited by airline: Oct 14 2009, 06:00 PM
sam0919
post Oct 14 2009, 07:05 PM

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i just feel that nowadays customer are just rate conscious instead of the services as most of them are not having a clear study of the offer letter. BLR-2.4 % BLR-2.51% blabla , wat we saw is quite attractive but dont they realize the bank willing to give u such a lower interest rate, wont they give u some conditions or restrictions in it ? think twice bro

This post has been edited by sam0919: Oct 14 2009, 07:06 PM
chae
post Oct 14 2009, 07:45 PM

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QUOTE(sam0919 @ Oct 14 2009, 07:05 PM)
i just feel that nowadays customer are just rate conscious instead of the services as most of them are not having a clear study of the offer letter. BLR-2.4 % BLR-2.51% blabla , wat we saw is quite attractive but dont they realize the bank willing to give u such a lower interest rate, wont they give u some conditions or restrictions in it ? think twice bro
*
but wont it be good if BLR-2.51%? it good dy.. how much is the total of hiden charges?
sam0919
post Oct 14 2009, 08:07 PM

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BLR-2.51 is standard chartered latest package. Its actually called KLIPO rate. Rate will be adjusted every 3 months, for details information im not sure..perhaps can look for stand chart banker here and ask for details
TSChester
post Oct 14 2009, 11:40 PM

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Eh in fact,im looking at taking Stanchart Mortgage One, isit really not recommended?

rakyat
post Oct 15 2009, 09:14 AM

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QUOTE(Chester @ Oct 14 2009, 11:40 PM)
Eh in fact,im looking at taking Stanchart Mortgage One, isit really not recommended?
*
Not to say not recommended, different ppl have different needs and SCB does cater for some scenario. Just do ur due diligence, shop around and read the letter of offer.

IMO u should google as there have been write up on Klibor vs. BLR
Terel
post Oct 15 2009, 10:37 AM

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Daily rest is usually better because of the flexibility of making more payments. Sometimes when you manage your budget or under certain circumstances, you might have additional cash and want to make more payments to reduce your interest. So paying any day will re-calculate your interest daily.

I'd advise against it if you have to call and inform. You want to service a loan that is as hassle-free as possible. Don't forget that you'll be dealing with the bank for many many years and don't need the additional stress month-in month-out.

This is better in the long run la. -2.20%? Make sure you understand the terms and conditions applied. Check out Public Bank, CIMB or Hong Leong. They're more housing loan focused and friendly.

This post has been edited by Terel: Oct 15 2009, 10:42 AM
abyss8
post Oct 15 2009, 11:20 AM

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HOW COME YOUR SCB LOAN IS MONTHLY REST?? Yours not Mortgage One hor???
airline
post Oct 15 2009, 06:57 PM

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a lot of banks say daily rest but not daily. u bank in extra wont reduce principal straight away
TSChester
post Oct 15 2009, 08:57 PM

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daily int is Mortgage One
Monthly int is Term Loan

 

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