UOB offer me -2.3 for 280k loan... will nego with HLB and PBB for -2.4 ... its quite normal for -2.3 to -2.4 ...but 1mil loan only -2.4 ? its quite low...should try -2.5 or more ....

So. confirm not happening. nothing mentioned about the good news abolish penalty in today newspaper.

This post has been edited by yankicip: Jul 1 2012, 04:37 PM

Yeah, already expected this. I prefer they'll still keeping the lock-in for the near future, 3-year is indeed pretty short

I hope they abolish. i have many flip units need to sell this year.

All with lock in .

What was your lock-in-s? If it was 5-years, and you already planned for immediate flipping; I taken flipping zero-lock-in package.
* Current 3-year (from first disbursement) is indeed very short (you can have strong holding power, or sell it out with penalty)

IMHO,
They don't make money, like people here they shared it, perhaps they'll increase the -BLR package then (this can be more severe).
Financial system is the core of country economic, impact

So 1st July come and go, still no news that the lock-in period regulation is abolished. Seems I can strike off my so-called "reliable source" then.....

I think abolish lock in period is a guideline from BNM, not law. Bank is not neccessary to follow. Even bank use new guideline, it only apply to new loan agreement after 1st july. Those agreement with lock in period, will not abolish automatically.

u sure a not???

This news is true!

By the time BNM ask banks to sell no lock in period... Banks will come out a Zero Entry Cost package with 3 years lock in period ...

Really? Is there a reliable source I can quote from? I am still trying to convince everyone, myself included.

I called bank negara last week and was informed that the circular was communicated to banks directly and not publicly. Its says that banks cannot charge customers simply but its still at their discretion... I was like ?????? I'm trying to fully settle my uoby housing loan and they still charge me the 3% penalty. Igot the breakdown and uoby just change the name of the term from early settlement penalty. I wrote in to bank negara and still awaiting a written response from either them or uoby. Waited and was looking forward to after 1st july to see what's the circular about, totally disappointed.

Useless BNM, now banks dun even bother wat they say. Established central bank run by lousy gomen end up becoming rubbish tank!

Bro, what was the terms they now use?
Do update us on the letter to BNM.

I recently sold one of my just VP investment

I have received loan settlement letter from my mortgage bank.

My bank did not say anything about the penalty.

I don't know they will debit my saving accounts in one or two month or not.

I remember last year I sold another one. lock in period penalty direct debited ( after informed me if I have bougth another new property for a fresh loan) from my saving account before letter of settlement received.

Anyone experience this?

For non-major ones, BNM normally come out "guideline", it's still up to the financial institution to handle their business flexibly and adjust accordingly to the market competitiveness.

---

Added on
Yeah, they will direct debit. By the way, they'll issue you formal statement for your RGPT purpose.

What was your signed package?
Just give them a call so you can know about whether you got lock-in penalty or not now.

I'm just wonder, normally lock-in period will start from 1st disbursement from bank to developer, or the full disbursement? (for under construction condominium property)

No wonder lately my RXB home loan did not state any of the lock in period. Ask the mortgage officer also cant confirm why

I believe this "abolished penalty" will only apply to those newly sign loan contract? Hmm.... My loan agreement signed last month still stating there 2% penalty. Wrong timing, wait a while longer can save the 2%.

shop more, i got other bank offers too, only RxB dont have, so i signed it last month.