Yes there's bank accept this type of relationship.

hi all,

i had a house at kota damansara and buyer is ready .loan need to apply any bank officer around here ? pm please thanks.

This post has been edited by imwatchingu: Jun 29 2015, 07:18 PM

Hi, I am Dorothy from CIMB direct banker. My bank offered maximum 90% + 5% ( legal fees + valuation fees + MRTA ) for refinancing and also maximum tenure 35 years or up to 70 years old whichever is earlier.

Kindly contact me via 016-6634013. TQVM

Regards,
Dorothy

Hi, you can contact me via 016-6634013 for your buyer loan. We offered 100% fully flexi loan ( one account ). TQVM

Yes, OCBC, for example, accept this relationship. Many other banks accept that kind of relationship as well. The idea is to know how to fill up the application form.

This post has been edited by wild_card_my: Jun 30 2015, 11:12 AM

I can help as a mortgage broker too. There are 4 banks under our panel for the convenience of the buyer. Namely MBB, HongLeong, Ambank, and OCBC

Hi, my office is located in Kota Damansara, and our company is 9 bank panel, you can reach me at 010-7732628, referral fees will be given

"All partial prepayment as aforesaid shall be applied towards the repayment of the instalments of the housing / term loan in the inverse order of their maturity.

What does the "inverse order" part mean?

Got this from Google but still quite blur

When payments are received from borrowers that are larger than the authorized repayment schedules, the overpayment is credited to the final installments of the principal, which reduces the maturity of the loan and does not affect the original repayment schedule

This post has been edited by phoenixxx: Jul 1 2015, 03:29 PM

Hello, I can't speak for about the loan account without reading the letter offer, but I can comment on the google search that you found: http://www.investordictionary.com/definiti...der-of-maturity

"When payments are received from borrowers that are larger than the authorized repayment schedules, the overpayment is credited to the final installments of the principal, which reduces the maturity of the loan and does not affect the original repayment schedule"

1. This simply means that any advance payments (or overpayment in this context) made will not be used to reduce your capital/loans-outstanding. The "overpayment" will be used instead to reduce the final installment of your loan, which is made upon the maturity of your loan.

2. So let's say your loan installment is RM700 a month, and the final installment is RM340, the "overpayment" would be used to reduce the RM340 to something lower.

3. As such, the "overpayment" does NOT affect affect the original repayment schedule; i.e Following the example above, if you are scheduled to pay off your loan in 360 months, by putting RM70,000 into the account, you are simply deducting 100 months from the total date of maturity (which is 360 months). This is the OPPPOSITE of a FLEXI loan facility, whereby if you were to put RM70,000 into the loan account, your loans-outstanding is reduced, thus you pay less total interest (because interest is calculated based on the loans-outstanding), and your repayment schedule is shortened (you pay less number of installments)

tl;dr: Based on the definition, the loan account has no FLEXI facility at all, even if you pay extra each month, you are just pissing your money away. Better put the money in unit trust or other investment accounts and pay your loan according to the schedule.

This post has been edited by wild_card_my: Jul 1 2015, 11:42 PM

Dear wild_card_my,

Thanks for your explanation. I understand it now. I will contact my banker to clarify because my loan is supposed to be a FULL FLEXI loan whereby I am allowed to reduce the principal of my housing loan.

It seems though that loan documents are "standard" somewhat. There are other terms which only apply to SEMI FLEXI in other clauses but my banker has told me those do not apply since mine is a FULL FLEXI package. One example is the requirement to give the bank notice of withdrawal of any excess payments I made. By right, a FULL FLEXI loan does not require any notice for input / withdrawal of additional funds and my banker has confirmed that it is not required, but the clause stays since the agreement is standard.

Are there any risks to that? Having such clauses in the "standard" agreement despite them not being applicable to my package?


EDIT: confirmed with banker, the answer is expected - this is standard documentation and does not apply in my case. Any excess payment I make can be used (automatically) to reduce my principal.

This post has been edited by phoenixxx: Jul 2 2015, 10:49 AM

Thank you for your updates, we now know more about the bank's back-end operations.

Hi sifus,

I just bought a condo with a semi flexi loan that has 3 years locked in period. I am planning to start business in near future.
Assuming the property price goes up (i bought it at good deal) 100k above my selling price, can i refinance with the same bank to cash out for business start-up in that 3 years period?
I know there is no chance to refinance from different bank within that period.


Thank you.

This post has been edited by Mayet: Jul 3 2015, 09:19 PM

When there is a lock-in in your loan agreement, it's not that there isn't any chance to refinance to a different bank within that period, only that you need to pay the penalty for doing that, usually 2 to 3% of the outstanding loan amount OR the original loan amount.

But to answer your question, yes, you can talk to your bank to refinance or top-up, either to original loan amount, or to an amount equals to 90% of the new and increased price of the property. If you negotiate right, and depending on the bank, you can avoid paying the penalty, however, usually the lock-in period would reset itself back to 3 or 5 years, depending on the bank.

Hope that helps!

Thank you

Any public bank consultant ?

Hi, if property put under my father's name (60yrs old) , home loan with co-borrower age 32yrs old ,the maximum tenure will be follow the younger age, older age or average ? Thanks in advance

Younger age,

Younger age. 35 yearss

Anybody do full flexi loan to refinance apartment purchased for 128k?

You means currently this prop market value is 128k? Yes I can assist you on this. You can pm me or whatsapp me 010-7732628