My loan has been approved by Stan Chart for a purchase with the below details:

Type: 2-storey, Bandar Puteri Klang
Price: rm299,800
Tenure: 30 years
MOF: 90%

Stan Chart has a promotion tie-up with IOI offering ZEC (free legal fees) and I'm taking Mortgage 1(flexi loan). My Stan Chart banker said it is worth around rm4.5k. I havent seen the letter of offer yet as I would have to sign/reject it on the spot.

Problem is: My salary goes into Maybank and there are no Stan Charts near home and office. To save on interest since it is a daily rest, it would be extremely difficult to have that as my 'main' account where the salary goes into and then I withdraw from it. I think it would defeat the purpose of the flexi loan, and also not to mention the extra charges incurred each time I make a transfer/withdrawal from other ATMs/online banking.

Please advise? Thanks so much. Feel that I've gotta make a decision quick as the offer ends today.

open a standard chartered savings/ deposit account; then monthly you transfer from your mbb to standard chartered account; could cost you rm 1 or so, but it saves the hassle...(which i am doing with mine)

i've just did some calculations using the loan calculator for the 2 rates that Stan Chart offered:

a. BLR -1.9% with ZEC
b. BLR -2.1% with no ZEC

Assuming that I pay the instalments without adding in any extra money, BLR -2.1% with no ZEC would see me paying an additional rm10,880. The legal fees would only be around rm4.5k. in this case, BLR -2.1% with no ZEC would seem a better option?

---

Added on February 28, 2010, 12:38 pmand then i would need to withdraw money once in a while from other ATMs, that's another rm1 each time.. on top of the rm10 per month. just kinda inconvenient with this Stan Chart.

are there any other banks with ZEC?

This post has been edited by leesa: Feb 28 2010, 12:38 PM

Citibank, HSBC

i took stanchart too and theres not really a nearby branch. however, note that their atm card only allows u to witdraw money from foreign's bank ATM,ie hsbc,ocbc..

urgh, that sucks. even more limited ATMs to withdraw from now. but i spoke to my banker, he said since its kinda inconvenient, then just pay an additional rm100 monthly will do to save some interest.

i just found out that HSBC has even better rates than stan chart and also ZEC.