my brother bought a house with 120% loan. i asked him how he get so much. he said bank gave 90% house loan + 30% loan for lawyer fee and renovation. i look at the 30% rate, BLR+1 quite high like personal loan. and pay for 10 years

can bank do such thing. like topping up personal loan to a housing loan

Solved

This post has been edited by nellyt99: Oct 23 2012, 01:57 PM

He can pay by committing himself to pay at least the minimum payment or more. Or paying the same amount he is committed to pay for a personal loan. So why does he need a personal loan? To pay off the card so he can immerse himself more in card debts with additional PL debt?

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Added on October 18, 2012, 1:41 pmIt is indeed a personal loan as I believe the bank has no right to collateralize the property towards his additional 30% margin. That also explain why the high interest rate. I believe this must be OCBC.

Why the additional 5k for cards?! Why is everyone thinking of using PL to cover card's debt? Read my explanation few pages back.
If you are committed to pay off the RM5k PL within one year, then use that money to pay down the card. RM5k for renovation I would understand, but for card repayment.... it is always not advisable.

One have to remember PL for short tenure and low amount usually comes with higher interest rate. If big amount or longer tenure, then the interest rate will be lower. That is the nature of PL business.

This post has been edited by b00n: Oct 18 2012, 01:41 PM

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Added on October 18, 2012, 1:50 pmThis is only your own thinking. Everybody have their own way and of cz yoy can gav ur opinion but not using the tone making people feel uncomfirtable. I appreciate ur opinion but every of them is needed to folow the way u gave. By the way, for me cc percents is higher than p. loan y we cant apply a p. loan to settle cc down?

This post has been edited by MilesAndMore: Oct 20 2012, 09:12 AM

Give me an example and calculation to convince me.
CC interest rate is 13.5% if one is prompt payment and is on reducing balance. Some banks even gave lower than 13.5% interest.

PL interest rate is how much? Say example the RM5k in 12 months?

This post has been edited by MilesAndMore: Oct 20 2012, 09:14 AM

Let say p.loan = 10% p.a(depends of what bank)
Rm5000x10%=rm500
Rm500+rm5000= Rm5500
Rm5500/12=rm458.00/ month

CC example by your logic of committing to pay RM458 every month:
1st example using the highest interest rate i.e. 17.5% per annum:

Month Bal interest Payment Interest
1 5,000 17.50% 458 66.24
2 4,608 17.50% 458 60.52
3 4,211 17.50% 458 54.73
4 3,807 17.50% 458 48.85
5 3,398 17.50% 458 42.88
6 2,983 17.50% 458 36.83
7 2,562 17.50% 458 30.68
8 2,135 17.50% 458 24.45
9 1,701 17.50% 458 18.13
10 1,261 17.50% 458 11.71
11 815 17.50% 458 5.21
12 362 17.50% 458 -1.40

You can finish paying by 11th month and total interest is only RM400. Total Payment RM5,400

Using 13.5% per annum:

Month Bal interest Payment Interest
1 5,000 13.50% 458 51.10
2 4,593 13.50% 458 46.52
3 4,182 13.50% 458 41.89
4 3,766 13.50% 458 37.21
5 3,345 13.50% 458 32.48
6 2,919 13.50% 458 27.69
7 2,489 13.50% 458 22.85
8 2,054 13.50% 458 17.95
9 1,614 13.50% 458 13.00
10 1,169 13.50% 458 8.00
11 719 13.50% 458 2.93
12 264 13.50% 458 -2.19

Same thing, finish by 11th month and interest paid is only RM302. Total payment RM5,302

So, your point again?

I agreed with you but their have a quetion for you too.
Your interest for cc 13.5 is the lower interest buy y dont u use the higher one to do the calculation comparing p.loan 17%? My point is, if your outstanding is lower than rm10k sure your way will be better but that hav a lot of people their outstanding is higher than rm10k. Using p. loan a better way to settle.
P. loan flate rate= loan+%=devided/ month. The rm468 is maintain in p. loan, but difrent with cc loh.

how about a personal loan to overlap car loan and also the balance to invest in other things? any sifu here to advise me...

Like I mentioned before, read back a couple page back on my post.

Car loan interest is lower than ploan and both are flat rate. So why the need for a ploan?!

You maybe right if your 13% reducing balance is cheaper than PL rate..
But if eg
Profit Rate: 16.31% (SCB islamic), reducing balance, yup your 13% beats it.

But if some of us we have default a payment or so , our cc rate is at 17 or even 18%.
I was looking at my UOB cc statement, at the back it mention tier 1 rate is 15%, t2 17 , t3 18%..
Well 15% is VERY close to the PL rate..

Hmm my cimb cc statement also 15, 17, 18% respectively... I wonder where u get 13%

Ooopppss... Me still stuck at the old tiering. nonetheless my example got onterest rate of 17.5%.
But for one to be charged at tier 3 just makes me wonder whetherr or not he should be taking a ploan since he can't even afford to be prompt and disciplined in payment. Tier 3 meant missed more than 2 times in last 12 months.

Btw, for credit card debts.... Wouldn't balance transfer be a smarter moves than ploan?

This post has been edited by b00n: Oct 18 2012, 11:09 PM

balance transfer, u are assuming u have 2 cards?
What if a person hold 4 cards?
min pay for card A , B, C , D
min 5% of each card already hard to handle .. .
then balance transfer say 12 mths..will make matter worst.

Like I mentioned a couple of pages back, it will work only when the monthly repayment of the ploan is lower than the monthly repayment for the cards. If it is the same, then no point taking up ploan to settle cards.

Hence looking at previous example quoted, it makes no sense to take up ploan. But your scenario is different. However if this type of scenario same like ur example occurs, I think this guy really needs to learn financial management.

Btw, some banks now do internal restructuring in converting card balance into sort of installment plan. Hence one can always explore that possibility as well. Some balance transfer program offered by banks also go by that logic with interest rate lower than ploan rate.

Do al-Rajhi Bank make a loan for 250cc bike?

Anyone know please share...sharing is caring maa

not trying to promote but really thanks to bro Locomotive for getting my loan approved and help me settled my problems

Bank Islam rejected at first but due to his help, he managed to get it approved

he really knows his work

others which has problem getting loan approved should seek his help

This post has been edited by cookie860217: Oct 20 2012, 09:32 PM

Anyone can get me loan for superbike 250cc?

20k repay in 3 years.


thanks

actually , have many way to settle cc outstanding problem , u can take balance transfer or easy payment plan to settle ur cc outstanding problem ~not only , take loan to solve ur cc outstanding problem u can consider to change to installment plan .

I looking for personal loan.. Rejected few banks. Frustrated... How to apply lah... Anyone can help ? I got 2 credit card,a house n a car... All pay on time...

no bank in malaysia can provide u motorbike loan.

if u need cash there r 2 options

a) apply personal loan 20k with any bank in malaysia
b) apply a 20k credit with d credit co. ( most motorbike co already has their own credit co)