Sep 19 2012, 11:05 AM
QUOTE(Recorder @ Sep 18 2012, 08:05 PM)
hi i have another question ..
let's take the example from above..
Loan: 100k
Monthly installment: 1k
So let's say... say if i have actually 100 k and put it into the current account. So the balance between my current and loan account is 0. so basically the interest i get is also 0 rite? will they allow this?
is it allowable? i can deposit my money in the current account get the interest..... also removed any additional interested charged into my loan. Besides that, i get to redraw my money incase of emergency by write a check from the current account?
i need advise here from the professionals. Thank you...
To recap, you have a homeloan of RM100k, but u also have cash of RM100k, which you can prepay as capital repayment. Question is, whether your interest charge for the month will be 0...let's take the example from above..
Loan: 100k
Monthly installment: 1k
So let's say... say if i have actually 100 k and put it into the current account. So the balance between my current and loan account is 0. so basically the interest i get is also 0 rite? will they allow this?
is it allowable? i can deposit my money in the current account get the interest..... also removed any additional interested charged into my loan. Besides that, i get to redraw my money incase of emergency by write a check from the current account?
i need advise here from the professionals. Thank you...
For OCBC, the answer is YES. No interest charged for the month... because interest calculation is based on total outstanding amt. In the above scenario, loan = RM100k, prepayment = RM100k, total outstanding amt = 0, so interest = 0.
Other features... NO NEED to give any notice for prepayment, all prepayment will REDUCE INTEREST charges, NO NEED to set up current account, NO NEED to pay set up fees and monthly maintenance fees. Redraw of prepayment ALLOWED, subject to T&C.
Cheers!
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