Hello all,

Need advice on pl full settlement.

Last time I made pl 81k with 5.5% p.a and monthly payment about rm820 for 15 years with 2 years lockout period.

So after 30 months I decided to make full settlement and asked the bank to issue letter for full settlement.

The bank sent me a letter with total amount around 77k for full settlement. Which means that for the past 30 months

I only paid only 4k for principal, the rest of the money goes to interest.

My questions are;

1. If we want to make full settlement before end of loan tenure, I thought bank will give some rebate.no?
2. Correct me if I'm wrong but from what I understand the 5.5% interest should be rm4455 per year, for 30 months
around 11.5k, and if I'm about to make the full settlement the total amount should be lower than 77k.

I'm not an expert in this so I appreciate if any sifu can give me advice regarding this.
fyi, I've already contacted the call centre to clarify this and they promised me to call back but it's already 24 hours and no response
so before I follow up back I would like to know opinion from another party.

thanks sifu. this pl is islamic financing.i thought they will give more discount compared to other conventional bank.

My dad is not happy with the rebate given, he was expecting more rebate since we want to make early settlement .
(I made pl for him, he wanna settle early since he got extra moneh)
He said we're being cheatedl. but personally i think this is how they can make such money, lol
Summore he want to report to BNM if the bank don't want to negotiate. Is that gonna change anything?