4.6% - 5%

[/quote]

Hi sifu, if i want to take loan 80% only, the interest rate will be lower or between that range also?

[quote=Lina94,Dec 18 2018, 03:12 PM]
4.6% - 5%

[/quote]

Hi sifu, if i want to take loan 80% only, the interest rate will be lower or between that range also?

[/quote]
interest rate depends on loan amount

lower loan amount incurs higher interest rates

Hi would like to get some help from all sifu here.


Market value: 550,000
Balance owing bank: 250,000

Current situation:
1. 2 names in SPA, 2 names in Loan agreement
2. Intended Borrower income: ~RM5000
3. Expenses: current house installment :RM1300 (share by 2 name), no other expenses (recorded)
4. Current house is with MRTA

Would like to refinance under one name, with max cash out.

1. What is the cost of refinance? and break down?
2. Is it compulsory to buy MRTA/MLTA again ?
3. How to buy MLTA? can I buy separatelt from the bank?
4. what is the best rate for full flexi, dont care lock or not?

Thanks.

1. 12k
2. yes
3. yes
4. 4.5 - 4.6%

Hi, sorry im not sure if this is right place to ask.

I am on a semi-flexi conv laon of 500k and now bank has released 150k to the developer. so i would like to ask,

1) if i now transfer 100k from my saving to my loan account, does that mean i will only pay the interest of 50k moving forward ?
2) i can still withdraw the money from my loan account to my saving account right? need to call bank?
3) when can i start pay/deduct to the loan principal amount? need to wait the bank to release all 500k first?
4) will the 100k from no.1 automatically deduct to principal amount? or i need to instruct bank to do so?

many thanks.

1. Yes. Provided that you bank allows you to do "capital pre-payment" on the property
2. yes, capital prepayment can be withdrawn, especially since if it is a full-flexi. Again, depends on the loan type you signed. all these should be in the LO
3. Yes, full installment starts after VP
4. Depend on your loan type, if it is semi-flexi you need to inform them what the money is for. if it is full-flexi, well, depending on how they set up the full-flexi, you can either put it in the CA/SA-linked-mortgage account (CIMB) or pay into the OD account (Maybank)

mine loan is with maybank, then in my maybank2u account i saw option for me to transfer money from saving to the loan account that assume i'm allow to 'capital pre-payment'?

Can't just assume. Got to ask. I am familiar with CIMB capital pre-payment, becaue it has 3 distinct options

1. pay installment
2. capital prepayment
3. advanced payment

Advanced payment does not reduce capital, thus doesn't save you interest. So you ahve to be careful with these.

1. Yes correct
2.You need to check if you're allowed to withdraw the prepayment during the construction period, if no restriction then you're able to withdraw it, if you have m2u, you can directly transfer the money back to your own savings account.
3. you can start paying now in full or just on the progressive interest alone, you'll save more money in the long term if you start paying the full amount rather than waiting until the money is fully released
4. you'll need to inform the bank if you're doing through the counter whether it's for advance prepayment or for installment purpose. You can directly deposit also via m2u as well without having to inform the bank. The amount will be treated as advancement prepayment.

answered above.

Hi,
Just want to clarify. Im a fresh grad earning around *K per month, no commitments planning to buy a house at Tpg. Which bank is recommended ? The house im planning to buy is second hand house which is selling for 230k but im not sure how much the bank will evaluate the house. which bank will provide higher evaluation price ?

This post has been edited by BALAKAJENTHIRAN: Jan 2 2019, 01:43 PM

You can go with ANY banks

1. problem may arise due to the no commitment status. Issues that I foresee is that the rates may be higher than nomal, and the margin of financing (MOF) may be lower thus you would have to pay more. Actually, local banks are better for this purpose. RHB and CIMB would be ok choices as per my experiences

2. In today's market the market value (MV) set by the banks' panel valuers tend to be higher than the actual selling price. In any case, if the MV cannot match the RM230k, it means it may be over-priced anyway.

1. Looks okay for your salary range to buy the property

2. That will depend on the valuation from the panel valuer. Need to check with them first

3. Do you have any CC and savings ?

yes i have FD in Maybank

The FD can be used as proof of savings, which is important when the bank's credit side is making the decision. Approval may be easy to get, but the margin and rates are the concerns.

Thx a lot for the suggestion. Is there anyone u know can help me to get the MV of the house ?

MV is usually done by the banker/broker that you engage with to process the financing. Each bank has its own panel of valuers (who sometimes are panel for multiple banks too). Get your broker/banker to do this for you. My post is usually reported by an insurance agent for discussing my job and business. But you know what I do based on my signature.

On a side note, you are free to engage any banker/broker, not necessarily the ones forced upon you by the real estate agent (they usually share commissions/referrals)

In my case i have no broker. direct dealing with the house owner.

awesome. even better since you can nego prices directly.

Just engage a banker/mortgage-broker to proceed with the valuation. It is common courtesy to stick with him throughout the loan process, but NOT legally binding to do so.

That will help in your application

You can let me know the following info to check the market value

Full address
Type of property
Land area
Build up
Renovation cost and what is renovated

Not sure can ask here. I’m shopping for loan for a residential property and approached different bank. Some offered Islamic montage product, are these any different from the convention? Anything that being a non Muslim need to comply with if taking up such Islamic home financing product?