hi... need some enlightenment here....

i did a PL with Bank Rakyat on Dec 2010..... amt RM70k, rate 4.85% p.a., term 15 yrs, monthly 675.... asked them if i want to settle in a year how... the said the interest will be 3.25% and balance of paid installment will be deducted to the principal....been paying the installment for 10 mths so far...

...now i want to settle my PL and they said my total full settlement amount is rm70500, even higher that my principal amt... is this correct?

pls comment

thanks

yes eng tat....

i was thinking abt the same amount as u mentioned... but now the total full settlement amt is rm70500, i dont know abt lock in period and penalty rate, forgot to ask about it.... might be the diff between rm70500 and rm67950 is the penalty right?

can u suggest the best way to minimise the total settlement cost?

thanks