Jul 31 2012, 06:21 PM
QUOTE(kok_pun @ Jul 29 2012, 01:13 PM)
let me stress again, semi flexi and fully flexi is not only based on the difference on the withdrawal/redrawal part.
OCBC home loan is neither semi or fully flexi. It is a flexi package.
semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
OCBC home loan is neither semi or fully flexi. It is a flexi package.
semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
Kok_pun kor, thanks for clarifying.
currently, three bankers are dealing with me and said different things. OCBC did claimed they have the above features you mentioned. but did not mention the reno loan nor top up loan.
I do not mind to pay more in the advance payment, as long as it could help to reduce the interest. and i don't think i need the flexibility of withdrawal, hence, saved the RM 10 for month.
HSBC bank SA kept telling me that fully-flexi loan is better as it gives flexibility and reduce interest. She kept telling me other bank like semi-flexi will not help reducing interest, only fully-flexi can reduce interest (which i really doubt, as OCBC SA already mentioned to me their feature)
Another bank is the Hong Leong Bank, saying that have all of the features like OCBC. The interest is calculated daily based on the total principal - advance payment, but the amount in advance payment is not withdrawable, and can be only used to deduct the next month payment. Prepayment also not withdrawable.
REally don't know which one to believe. afraid what they said will be different stated in the Letter of Offer.
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