Hey guys,

I bet this question has been asked over a billion times but I am lazy to go through all of them because most of them do not answer my questions. I would like to give you guys a scenario so that it's easier for you to understand my questions.

Assuming I am taking RM500k loan from Bank A. It is a flexi loan whereby BLR -2.4% for 40 years. So,
FV = RM500k
period = 480 months
Interest = 4.2% per annum and let's assume it stays the same for the next 40 years
My monthly repayment amount will be RM2152.31

This is the minimum amount that I need to pay monthly, right?
So, let's say I manage to fork out RM2500 per month. And everybody knows that flexi loan's interest is calculated on daily basis and dependent on how much principal left in your bank account.

So RM2500-RM2152.31 = RM347.69 (I will have extra RM300++ to reduce my principle every month)

My question as follow:
Let's say my loan starts on 1st OCT 2012, I start paying the bank RM2500. So the next month interest is ...

RM500k (loan received) - RM2500 (first monthly repayment) = RM497500 (principal left)

Interest per day = (RM497500 * 4.2%) /365 days = RM57.25

Interest that I need to pay on NOV = RM57.25 * 30 days = RM1717.5

Amount I need to pay on NOV repayment (estimated second payment) = RM1717.5 + (RM500k /480months) = RM1717.5 + RM1041.67 = RM2759.17 (why higher than the first payment?)

Never mind, carry on first...
On 1st NOV, since my RM2500 is not enough, I fork out extra RM500 to pay for the house loan...

So now this time --> RM497500 (principal balance) - RM3000 (second monthly repayment) = RM494500

Interest per day = (RM494500 * 4.2%) /365days = RM56.90

Interest I need to pay on DEC = RM56.90 * 30days = RM1707

Amount I need to pay on DEC repayment (estimated third payment) = RM1707 + RM1041.67 = RM2748.67 (still so much!!)

I hope my question wont bore you but so far I could not find a site that show detail calculation. The above calculation is dumb, that's why I need someone to correct me. Above calculation is based on my understanding on flexi loan. However, I find that ridiculous so I want to put this question here to get a better explanation. I know it is easy to use excel sheet or loan calculator to calculate how much I need to pay. But since I am taking a flexi loan, I need to know what is the difference if I put in extra RM1k or RM10k.

Thank you for your time and your feedback is greatly appreciated. Cheers

to do what you want to do
1) go excel-> new-> find a loan amortization template -> learn how to use
2) http://www.bloomberg.com/personal-finance/...ators/mortgage/

1) If you are talking about the PMT function.. ya.. I know how to use it. But that is only for conventional loan isn't it?
Please correct me if I am wrong. Thanks

flexi loan is just have another feature or facility than conventional loan which is withdrawal of you extra payment.

in term of loan calculation, it do not have any different.

btw, for most of the flexi loan, it has extra fee per annual.

Thanks for your help again... I get an better idea now...

Pm me your email and i can send you a true full flexi loan calculator for you to understand how it's work and what's the exactly interest per month , principle paid per month , different with extra payment and many more you question you have with flexi loan.

Don't worry it's free.
(as many ppl ask me need to pay for it or not =.=" )

Regards,
Onn

please pm me. thanks

please pm me too. thanks.

pm pm pls

can i have a copy of it as well?

could i have one copy as well? thank you very much!

Can i have a copy as well? Thanks

Can i have a copy as well? Thanks

Bro pm me plsl

pm me too. Thanks ya.

Can share?

Hi pls share the callculation

Pls pm me as well!!! Thanks bro...

Can i have a copy as well? Thanks

Since everyone is asking, u might as well pm too.
Thanks a lot!

why not PM to me also...TQ..

I have a fully paid up property. As I might need some cash in the future for investment purpose, I intend to take up flexi loan on this property. The period between requiring the cash could be 1-2 years.

However since I don't require the cash immediately, but if I do then I might need to access to it immediately, so I need some kind of facility. I am not available to do loan documents immediately as I am currently overseas.

Wondering can I do the following:-

1. Apply for flexi loan, but do not draw down the loan for some period, will there be any consequence?
2. Apply for flexi loan, but dump back 100% cash into the flexi account, hence no need to pay interest until I take the excess from the account?

Loan period is 20 years hopefully with minimum BLR-2.2. Amount, mid-high 6 figures...

Any kind soul can help to answer this question?

This post has been edited by gark: Sep 14 2012, 10:54 AM

Answer

Example,
Taking RM500k loan for BLR-2.2 @ 4.4% ,Tenure = 20 years, Monthly installment = RM3136
So every month you will need to pay RM3136, but if there is RM500k cash in your flexi's loan current account, then you will be charge at (RM500k loan - RM500k cash) x 4.4% = RM0. So your RM3136 will become 100% paid to principle.
So every month your loan balance will reduce by RM3136 (assuming you didn't pay extra money as installment, you just let the cash from the loan to reduce it self)

1) Nope, nothing will happened but your loan amount will slowly reduce and it will used to pay the month installment. (in form of 100% paid to principle,no interest)

2)Yes, no interest will be charge provided your flexi loan is allowed to offset 100% of the loan interest. Some bank is only allow maximum 70% of the loan that can be offset to reduce interest. So be careful to check this before signing any Letter Offer.

---

Added on September 14, 2012, 9:53 pmFor those who interested with the flexi loan calculator, please pm me your email for me to sent it to you.

Regards,
Onn

This post has been edited by onnying88: Sep 14 2012, 09:53 PM

Thanks for the quick reply. Interesting, so i can used the account like a form of overdraft with low interest. Since the monthly payment is going 100% to principal like the example illustrated above, if I keep for 13 years (500,000/3136x12 months), then the loan will be fully paid off? What happen to the 7 years left in the agreement? If this is the case then i think no one will use 100% cash to buy property.

Getting a loan facility does not just involve the bank and borrower.

Lawyer and government also receive legal fee and stamp duty respectively for the facility.

So one can save lots of money in using 100% cash to buy property than getting an artificial loan like what suggested by TS.

Please PM me too..

Please share the file with thanks.

i need the true full flexi loan calculator too, tkvm !

Me too, pls pm me the calculator

Full flexi loan, just use the outstanding amount (after deduction) for same calculation

anyone can verify this?
i have attended a short introduction "how to save bank loan interest" and ask the same question but the manager said not true and asked me to attend the full course to know the answer. he challenged me how the bank make $ then?? btw i m using UOB full flexi (account 1) and shud be 100% flexi. my account 2/current account always show interest rebate. (according to UOB , interest rebate =loan interest).

pm me too pls

hi, pm me the flexi loan calculator as well, thx

pm me if ios 6 supported

I have not receive the flexi loan calculator even after providing the email address as per request. Anyone got it? please share.. thanks..

Mic?

interest rebate =loan interest .. yeah, you should be able to see (say, $ in current account is tally with loan outstanding amount) in your current account statement you were being paid interest (credit) then deducted (debit) into your loan account, that's the right one .. you don't see this? or what?

what is mic?

yeah i see interest rebate =loan interest charged..
ok confirmed no interest if deposit is same as loan amount.

please, pm the calculation as well. Thanks

Hi,
i have pbb house loan which is not flexi but i can go to counter to make extra payment to principle account.

wanna ask, how much will the bank charge me if I make the withdrawal on the extra payment that I have made earlier? is it RM50 per withdrawal?

thx

would you mind to PM me as well, many thanks

Sorry for those who haven't recieve the calculator from me. Please pm me your email address again or email your request to onn88@hotmail.com. Again, it's free of charge and just for sharing. For those who get it but dunno how to use may just ask me how.

Regards,
Onn

This post has been edited by onnying88: Sep 28 2012, 08:45 PM

pls pm me too
thanks in advance

Hello, pls PM me also. Many thanks.

hi bro please send me the full flexi calculator as well, need to get understanding how it works..

i want to compare the advantages of parking money in current account or put in FD..

Sure, no problem. Already sent to your mail.

Pls PM the flex calculator.appreciate it.tqvm

can anyone here know which bank still having full flexi mortgage loan for business premise ? which bank offering good rates on full flexi loan for business premise ? interested to take RM275,000 for 15 years... no cashout just the loan amount that needed to settle off my current HSBC bank..

Not sure this thread alive or not..but do anyone have the Excel file for flexible loan calculator?Thanks alot

not sure if ok to bump, anyone can share the Excel file for flexible loan calculator?

Can anyone share the full flexi loan calculator file with me as well? I calculated but cant get the same amount bank charged to me. Thank u so much!
Email address: yenqmy3@yahoo.com

If anyone has the Flexi loan calculator please send me a copy. First time buyer here with lots of confusion about house loan :'(
Email: jaychew90@gmail.com

This post has been edited by jaychew90: Mar 6 2019, 12:50 AM

anyone gotten the full flexi loan calculator from onnying? pls pm

Has anyone got the flexi loan calculator? Would like to get a copy as well. Thanks!

ps: I know this is some old topic. but really couldn't find any flexi loan calculator

good day everyone
Can anyone share the full flexi loan calculator file with me ?
email:momojihui@gmail.com

Can you pm me also ?

Hi Onn,
Sorry i am new here and reply to such old thread may i have the excel spreadsheet to understand the flexi daily res?
Thank you in advance
Best Regards,
Doh

Could I get the spreadsheet as well please. Thank you