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 OCBC housing Loan, better than other bank?pls debate

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kyle_kl
post Aug 19 2013, 05:26 PM

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QUOTE(chiew @ Jul 28 2012, 03:05 PM)
I'm also taking OCBC loan. Whenever you pay extra, it will be automatically treated as "advance instalment" and cannot be withdrawn.
This is like you pay in advance for the monthly instalment in the future.

Don't worry though, because this extra payment will immediately save you interest. You can check your daily interest to confirm this.

Another type is "capital repayment", this can only be done through cheque deposit or over the branch counter. This will also immediately save you interest, but you can withdraw this by giving OCBC 3-day notice (minimum withdrawal amount 5k, and increments of 1k for my case).

Either way, you save the same amount of interest  nod.gif

Just a note, in online statement, your outstanding balance = total balance - accrued interest
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Where to check the daily interest transaction in internet banking? I only found the monthly interest but not daily. tq.
kyle_kl
post Aug 20 2013, 11:41 PM

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QUOTE(chiew @ Aug 20 2013, 07:12 PM)
for daily interest, you have to do ur own calculation.
the accrued interest will increase daily, u need to calculate the difference to get the daily interest.
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ok thanks....
1 more question if you don't mind tongue.gif
i see this from my monthly statement:

Prncpl - Auto Split 633.69
Interest Payment Spl 859.31

is it mean the 1493 installment i pay, 633.69 pay for principle and 859.31 pay for interest portion?
i check each month and i found the interest portion become bigger cry.gif

This post has been edited by kyle_kl: Aug 20 2013, 11:44 PM
kyle_kl
post Sep 25 2013, 02:20 PM

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QUOTE(maldiniho @ Sep 25 2013, 09:48 AM)
interest become bigger? now that's strange, I think could be due to the raising of BLR?

that's why you must make principal repayment whenever it is possible (e.g. bonus, income from other ventures etc). to reduce the interest amount. FYI, if you pay the installment without making any capital repayment, the total money been paid for interest is as much as the amount of your principal amount.  rclxub.gif
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I find out the reason, it is due to my loan is not fully release at the same month, so that's why my interest portion increasing compare to previous month.

 

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