actually only redraw method is different, interest saving would be the same

If every month I pay extra house loan and should under 'advance payment' and this advance payment will direct deduct from my outstanding balance and save the interest?

Boss, i am planing to sell after 3 yrs, if borrow fr aia, appreciate if can pls share the said diffculty ? Tx

Now i'm quite understand..

OCBC vc CIMB Ful Flexi almost the same, execpt the draw back OCBC is when u want to redraw.

The surplus payment for OCBC will treated as advance payment which is also give effect to interest and the amount will carried foward to next moth. Means next month only top up the surplus to make figure same with monthly payment


p/s: correct me if wrong

Correct.

But, that's not to define OCBC vs CIMB Full Flexi is almost the same. Repayment is one issue. Withdrawal is another issue. Flexibility to pay and withdraw extra sum is another issue of every individual's behaviour over the debt repayment.

How its can be same?

Ocbc if u make payment extra, lets say rm 1.5k instead original monthly payment rm 1200.the extra rm 300 will treated as a advance payment. Yes, its will save the interest since the loan calculated on daily basis. But its never minus the principal. Its only reduced the interest for the next payment.

For cimb full flexi, the same scnerio, the rm 300 extra payment will directly minus the principal amount . So, the interest will calculated on the update principal amount. Thus the interest will saving more.

The fully flexi is never same with semi flexi loan (which is actually term loan but with prepayment and withdraw facilities).

If my understanding wrong, pls let me know.

1. Go for the best rate
2. Go for the experience mortgage sales person

Without an experienced sales person, you will suffer from delay and you will need to follow up this and that because your sales person did not do this did not do that...

Personally, i had a bad experience from sales person from alliance bank. The bank benefits may not be bad or similar with other banks, but your inexperience sales person may cause you a lot of problems .. where you will waste a lot of your time.

Any bank get experienced one
Kena many times those in experienced one cause ur loan to reject
Allliance the worst

Ya.ya..my fren also apply from alliance bank..u know what?..the sales person (banker) not even know how long tenure he can get for the loan and know almost nothing about the product..and the worst scenario, after more than week he apply the loan the banker call him and ask him to re sign the form because previously the form that he sign is wrong form!!!

If u call their call center like you call the pasar borong punya orang.. No even respect the customer and not have proper knowledge about product...

U can call yourself to experience it. I rather go to others bank with different interest 0.1 to 0.2 but with deal with competant person. We speak for long term relationship i.e 30 to 40 years. Better we served by competant person for pjece of mind..

The product from alliance bank is good actually.but for HL product..all aspect need to look, not only the interest.

assuming you still serve your monthly installment every month, in order to enjoy the flexibility of the loan and at the same time saving on interest, is it correct to say that is better to deposit your money under capital repayment instead of making advance repayment ? Please correct me if I am wrong

For semi flexi .yes.but you re still responsible to make monthly payment. The capital repayment only for minus principal but still have to serve monthly payment as usual.

For fully flexi, u bank in the whatever amount and its will automatically minus principal for interest calculation..and upon maturity end of month the account will automatic deduct for serve monthly payment.

This post has been edited by Dohc: Jan 18 2013, 06:01 AM

Based on your explanations, don't you think at the end of the day the savings will still be the same whether the extra payment is offset from your principle or for interest savings?

for ocbc, the extra RM300 advance payment will use to deduct your principal and interest too,
but it cannot be withdraw out because it is advance payment, not capital repayment.

hi,

i am a bit confuse...but the ocbc loan officer also kanasai,,after earn comms...dun wan spend time explain to me...

is this semi or full flexi loan?


This post has been edited by setapak: Feb 20 2013, 10:28 PM

ocbc is semi... if u got a lot credit limit + salary store in the hsbc current account, full flexi u can save up a lot of interest. OCBC u put in, need days to withdraw back.

Hwat do you meant of birocracy? I dont gt it. Mind to explain further?

Any ocbc consultant here who can do a pre approval loan? Pls pm.

Dunno about u guys, but i hate this bank very much together with Hang Lekiu Bank! Bad2 experience.

For foreign bank, I like UOB better than "Orang Cina Bukan Cina Bank" hehe..
For local Bank, I like "Cina India Malay Bank"