I think you'll get help faster if you ask in the general thread. This is on mortgage enquiry

You may call up CIMB to help you on this as well

cannot just immediately "Switch over" from semi to full flexi.

You can't maintain a current account with a semi flexi loan.

You'll need to refinance the whole loan if you want to change to full flexi.

You'll need to pay penalty fee for refinancing within lock in period + another loan agreement fee.

Best solution? stick with what you've gotten. Perhaps next time you should engage a more professional banker.

You can't have current account link to the semi flexi loan

Hello, you are suppose to read through it before signing the dotted line.

Then in your case, ur consultant failed you and you're now paying for it. Ur only help is to get the bank branch to clarify to you.

Yeap that's how a semi flexi loan works.

No problem you're welcome

If you are buying a house for the first time, the whole process of signing the Sale and Purchase agreement, dealing with solicitors, legal fees and stamp duty can be confusing. Here is a guide to some of the costs involved in buying a home.

How much can you afford?

A good rule of thumb to follow is that your monthly loan/financing instalments and current commitments (e.g. car loan, personal loan) should not exceed one-third of your monthly salary. Those who over-commit themselves financially may have difficulty making payments when emergencies crop up or if interest/profit rates rise.

A fixed interest/profit rate home loan/financing promises fixed instalments throughout the loan/financing tenure. It offers stability against fluctuating financing costs and ease of planning your monthly financial commitments.

A conventional loan/financing with variable interest/profit rates may suit those who want to take advantage of features such as overdraft facilities and so on.

Down payment

Generally, you will have to pay a booking or earnest fee of 2%-3% of the purchase price. This is non-refundable, so decide carefully before paying.

The bank usually finances up to 90% of the price of the property. You must have at least 10% in cash for the down payment. Also, don't forget that you can withdraw a limited amount from your EPF (Account 2) for your down payment.


Sale and Purchase agreement

Upon signing the Sale and Purchase agreement, you pay another 7%-8% of the purchase price, bringing the total down payment to 10% of the purchase price. After that, you usually have 3 months to pay up the balance or secure financing and a 1-month extension which is subject to 10% per annum interest/profit on the balance due.

If you are buying a property under construction, the developer generally appoints a lawyer to draw up the Sale and Purchase agreement. The bank will deal with the developer to make progressive payments on your behalf.

If you are buying a completed property, you need to engage a lawyer to advise and act on your behalf when signing the Sale and Purchase Agreement and making payments, until the transaction is completed.

Insurance/Takaful

As a home buyer, you will have to purchase Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT), which ensures your home will be paid for in full should anything happen to you. The one-off premium payment is generally computed on the age of the borrower(s), loan/financing amount, tenure and interest/profit rate. It can be paid in cash up front or included in your loan/financing to minimise the initial cash outlay required.

Additionally, a Fire/House Owners Insurance/Home Building takaful policy is compulsory to protect your property against damage. Should a mishap occur, your insurance/takaful payments may be used to minimise losses. The premium is payable annually.

Stamp duty and legal fees

Stamp duties and legal fees will need to be paid for your Sale and Purchase Agreement and Loan/Financing Agreement.


Monthly instalments

To avoid late payment charges, it is best to pay your home loan/financing on time. If you miss several payments, you risk losing your home.


Other costs

Owning a place you can call home is a rewarding experience. After getting the keys to your home, however, there are still several other things you will have to pay:

Monthly service charges (if you own an apartment)
Deposits for utilities – TNB, JBA, Indah Water and telephone
Assessment (twice a year)
Quit rent (annually)

___________

You may also provide me your info below to check for loan eligiblity

Age
Gross pay
Nett pay
ASB
Rental Income
Bonus 2014 2015 2016

Commitment
House
Car
Credit card outstanding
Personal Loan
PTPTN

Yeap sure you may need to provide me the following info

Age
Gross pay
Nett pay
Rental income
Asb
Bonus 2014 2015 2016

Commitment
House
Car
Personal loan
Credit card outstanding
Ptptn

I will further advise you based on your profile

Yes can intro you for personal loan from alliance bank

Hi there

I will need to get more details from you as it seems there is a change of job in your current status.

Regards
Keith

There is semi and full flexi loan now

The common market practice is base rate plus spread rate now which equals to the effective lending rate

For a 600k loan the effective rate is 4.25 to 4.4

Semi is more suitable for wage earner whereas full flexi is more applicable for business owner who can use it to put their daily profit into the loan account anytime and also withdraw without incurring fees per withdrawal

Feel free to let me know if you have any questions

You may also let me know the following info to check on your loan eligibility

Age
Gross pay
Nett pay
Rental income
Asb
Bonus 2014 2015 2016

Commitment
House
Car
Personal loan
Credit card outstanding
Ptptn

This post has been edited by lifebalance: Feb 28 2017, 03:14 PM

Can't

Its considered pure 3rd party loan

Need you and your mom name inside the spa then loan under your name. Will be under both of your names for cukai pintu

Follow the lower ELR. The BR will make no difference because end of the day the bank can change it depending on economy outlook and among other banks

Will check for you with the lawyer on this and get back to you

Hi of course

Why wouldn't a bank serve their high profile client?

Haha

Interest is about 4.4 to 4.8 depending on your profile

Let me know ow the following to check on the loan eligibility

Age
Gross pay
Nett pay
Rental income
Asb
Bonus 2014 2015 2016

Commitment
House
Car
Personal loan
Credit card outstanding
Ptptn

Why did you sign the spa without first securing a housing loan?

What if you failed the loan application?

The market rate right now is about 4.25 to 4.4%

Any reason why you're looking at only 15 years tenure?

Yes it's advisable to take a longer tenure if it's available but pay according to 15 years installment amount to reduce your loan faster

This is wise because taking a longer term will reduce your monthly installment which allow you to take up another loan in the future without taking too much of your dsr away

Installment is 50/50 calculation if you take joint for dsr

=) you're welcome

Hi bro

You can only loan up to 460k only.

Definitely cannot afford 90% of 590,888 because the loan installment will be 2483 + 630 + 180 = 3293 already a very borderline case and I would suggest you to put in a joint borrower as well.

Let me know if you need any further info