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> Flexi Loan question, From Ambank

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TSidunnolol
post May 16 2011, 12:06 AM, updated 13y ago

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Hi guys, I write this due to a mortgage consultant PM me with this quote

QUOTE
It largely depends on your bank's loan product. Some only treat your extra payment as just an advance payment and only deduct it every month. Then this is surely wont shorten your loan tenure.Some, will straight away use your extra payment on top of your monthly installment, deduct the principle straight away and new interest charges will be charged the next day,provided it is counted on daily rest. This, will shorten your loan tenure


Anyone currently with a Flexi-loan that sounds like the bold-ed part? I got all this confusion because that Ambank banker say no matter how much i deposit earlier to that Current account, It wont shorten my loan tenure

Thanks for reading
ubsacc2004
post May 16 2011, 12:10 AM

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mine one is .Some, will straight away use your extra payment on top of your monthly installment, deduct the principle straight away and new interest charges will be charged the next day,provided it is counted on daily rest.


TSidunnolol
post May 16 2011, 12:58 AM

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QUOTE(ubsacc2004 @ May 16 2011, 12:10 AM)
mine one is .Some, will straight away use your extra payment on top of your monthly installment, deduct the principle straight away and new interest charges will be charged the next day,provided it is counted on daily rest.
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Thanks bro, Is your loan from Ambank?
airline
post May 16 2011, 08:35 AM

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ambank got flexi loan meh?
TSidunnolol
post May 16 2011, 10:03 AM

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The banker say they have under The Home-Link i Plan
Moktaktin
post Jun 30 2011, 06:59 PM

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Anyone with flexi loan experience care to share more. like what the advantages and disadvantages? notworthy.gif

got it from another topic. thanks biggrin.gif

This post has been edited by Moktaktin: Jun 30 2011, 07:24 PM
xavi5567
post Jun 30 2011, 07:47 PM

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QUOTE(idunnolol @ May 16 2011, 12:06 AM)
Hi guys, I write this due to a mortgage consultant PM me with this quote
Anyone currently with a Flexi-loan that sounds like the bold-ed part? I got all this confusion because that Ambank banker say no matter how much i deposit earlier to that Current account, It wont shorten my loan tenure

Thanks for reading
*
the bold but is semi flexi punya case.. full flexi is u pay how much straight deduct from principal
kelvyn
post Jun 30 2011, 09:18 PM

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In my opinion nothing beats CIMB's flexi home loan. I am using them biggrin.gif
They were the pioneer during the Bank of Commerce time..
kok_pun
post Jul 1 2011, 02:05 PM

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the quotes sounds familiar... hahaha

btw, some bank treats your extra payments merely as advance payment without deducting the principal amount, therefore there is no saving on interest. you better check it out whether you need to give "instruction" or not
imyourlimbeh
post Jul 1 2011, 02:44 PM

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I have a flexi loan with CIMB.
flexi loan:
-interest rate follow the current BLR, if interest +, u pay more, if -, u pay less
-if u have extra money, u can put in, so it reduce your principle, in other word, it reduce the interest you need to pay, of course, if u need money, u can withdraw money from there as well smile.gif

hope this helps abit

This post has been edited by imyourlimbeh: Jul 1 2011, 02:44 PM
spikyz
post Jul 1 2011, 02:59 PM

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i think another alternative is to go to counter n specifically tell them its to reduce principle. but its a such a hassle
kelvyn
post Jul 1 2011, 06:02 PM

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QUOTE(imyourlimbeh @ Jul 1 2011, 03:44 PM)
I have a flexi loan with CIMB.
flexi loan:
-interest rate follow the current BLR, if interest +, u pay more, if -, u pay less
-if u have extra money, u can put in, so it reduce your principle, in other word, it reduce the interest you need to pay, of course, if u need money, u can withdraw money from there as well smile.gif

hope this helps abit
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agree. This is what I am using. The loan can be paid up very much quicker rclxms.gif
1282009
post Jul 3 2011, 01:30 AM

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QUOTE(kelvyn @ Jul 1 2011, 06:02 PM)
agree. This is what I am using. The loan can be paid up very much quicker  rclxms.gif
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Confirmed AmBank has flexi homeloan & it works the same way as what mentioned.


kelvyn
post Jul 3 2011, 01:56 PM

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QUOTE(1282009 @ Jul 3 2011, 02:30 AM)
Confirmed AmBank has flexi homeloan & it works the same way as what mentioned.
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Also do check their terms and conditions in their loan agreement to be sure that it tally with the flexi loan.
I have previous experience with Hong Leong Bank's so called Flexi Loan. Their loan agreement still follow
their normal housing loan. End of the day, I cancelled my loan and revert back to CIMB smile.gif
barolis
post Nov 6 2011, 04:25 PM

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Hi,

Just want to ask flexi loan need to open current account. Normally how much the fee when open this current account. I saw hl bank charge rm500. Anyone have experience with other banks.
keane04
post Nov 6 2011, 07:10 PM

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any loan out ther that will automatically take my excess payment and put into the principal but not a full flexi loan that need me to maintain a current account?

last time my loan with public bank does exactly that but all of a sudden, the loan became conventional and auto debit from my savings and when i try to pay excess but it will not put into the principal and will jus auto debit my instalment for the next month. when i call to their mortgage dept. they ask me to call them up every time i pay extra so that they can manually put into the principal. like that is so troublesome la.
1282009
post Nov 6 2011, 09:34 PM

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Mine is with StandChart, so far so good.


FlyingJoy
post Nov 6 2011, 10:38 PM

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What about harimau bank? Their flexi product as good as CIMB?
tsunamiboy
post Oct 8 2012, 04:22 PM

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any ambank mortgage loan agent?

This post has been edited by tsunamiboy: Oct 8 2012, 04:22 PM
Lucritius
post Oct 8 2012, 04:27 PM

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@Barolis CIMB will charge RM 200 for opening a current account and RM10 monthly for maintenance fee, bank will issue you a very transparent statement regarding to your housing loan.

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