Apr 4 2011, 07:13 PM
QUOTE(macong @ Mar 10 2011, 11:10 AM)
Hi,
Does any one using this loan package. Pls share some light to me. My main concern is the advance/prepayment. Let's say mthly installment is RM1k, and I pay RM1.5k every mth to the loan a/c. Does the RM500 will deduct from the Principal amt , then reducing the interest charge?
I called up two mortgage officers.
One said"No", the extra payment will park in the a/c and utilise as a mthly installment when due. Notice has to be given to bank if want the extra payment to be deduct the principal. She advise me to take up the full flexi mortgage loan.
The other one said YES, the advance payment of RM500 will be deducted to principal, hence reduce the outstanding amt and the interest rate chg, automatically done in the system. She is not advise me to take up the full flexi as there is a mthly charge of RM10.
So, which one is correct ah? I also blurr blurr now.
p/s: Does the full flexi calculation of interest is the same with the conventional loan when there is an prepayment? Anyone know?
Not sure I understand what you mean. Do you mean, when you have additional, let's say RM10K, you park in the bank. Does any one using this loan package. Pls share some light to me. My main concern is the advance/prepayment. Let's say mthly installment is RM1k, and I pay RM1.5k every mth to the loan a/c. Does the RM500 will deduct from the Principal amt , then reducing the interest charge?
I called up two mortgage officers.
One said"No", the extra payment will park in the a/c and utilise as a mthly installment when due. Notice has to be given to bank if want the extra payment to be deduct the principal. She advise me to take up the full flexi mortgage loan.
The other one said YES, the advance payment of RM500 will be deducted to principal, hence reduce the outstanding amt and the interest rate chg, automatically done in the system. She is not advise me to take up the full flexi as there is a mthly charge of RM10.
So, which one is correct ah? I also blurr blurr now.
p/s: Does the full flexi calculation of interest is the same with the conventional loan when there is an prepayment? Anyone know?
1)But the bank don't automatically deduct from the principal thus reducing interest?
2) Bank only consider the money as monthly installment to deduct every month.
For eg. loan 100k, park 10k, interest should be 90k only, but UOB bank does not charge at 90k, but charge at 100k instead. That what you meant?
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