QUOTE(kdevan @ Mar 26 2018, 04:14 PM)
Hi, guys. I am a first time home buyer. I just want to get expert opinion. Which is better full flexi loan vs semi/smart flexi?
The guy from the bank is encouraging me to take smart flexi Islamic loan.
My Net Income after deduction is around RM 9.5K and planning to get 90% loan for RM 830K property. No car or any other commitment. Please advice.
Thank you
Hi kdevan
Semi Flexi
- Normally comes with withdrawal fee
- No need to maintain current account
- Will need to wait longer for your money to return back to your savings account
- No monthly fees
- Usually recommended for people who are not business owner
Full Flexi
- Normally doesn't come with withdrawal fees
- Need to maintain current caccount
- Don't need to wait for your money to go back to your current account to make withdrawal
- Monthly fee to maintain your current account
- Usually recommended for people who runs a business as money comes in from businesses, it will save interest on the daily rest. And the business owner can use that money again a few days or weeks later for his business.
Unless you take money out often, I would suggest you to take semi flexi loan will do. Otherwise if you use your money regular and treat it like your normal bank account, you can take a full flexi loan but you'll incur monthly charges by the bank to maintain the current account.
As for Islamic or Non-islamic loan, It depends also, certain banks offer with no lock in period but if you don't plan to early settle ur loan within 3 years, it's not really an advantage.
Some banks will push for certain loan facility because of trying to hit target as well.
Feel free to let me know again if you have any questions.