We can use it but its very subjective to individual banks for consideration

Hi, the problem im facing now is the valuation for the house is very low but house condition is good and well renovated. the bank providing me 180K loan but the owner is selling for 230K. is there any solution ?

1. ask seller to sell @ 180k
2. you pay extra 50k as downpayment
3. ask valuer to give higher valuation
4. don't buy because it's overpriced

Hi Sifus, need some advice on housing loan for 90% of 522,000 for 35 yrs

Got options from few banks:

1. RHB - 4.45% My1 home full flexi
2. CIMB - 4.6 semi flexi
3. public bank 4.35% first yr and subsequent 4.45% semi flexi
4. Maybank haven't got yet but heard should be around 4.45 onwards

Which would be a good choice based on your experience?

Thanks!

Seems pretty even on all giving 4.45, then choose the bank that you prefer.

My choice would be MBB or RHB

Oh okay, may I know why your choice would be MBB or RHB? PBB not recommended?

PBB have stricter guideline compared to other banks

Stricter guidelines? care to share more? this is for their semi flexi home loan 10 package.

for RHB full flexi the downside is need to bank in multiples of rm1k to reduce principle. if do bank in extra below the 1krm it will only reduce the interest outstanding?

Thanks.

for example for late repayment, they only accept (1) mth late which thereafter they will revise the interest rate, the other banks are more lenient, giving up to 2 - 3 mths before they revise it, may not imply to you if you're always paying on time, just feel that it's strict that's all. But shouldn't worry much if you're a prompt payer

Oh, okay noted, thanks for your input!

For the flexi thing ... better get clarification on any charges or fee for any withdrawal of fund... and also need to wait or instantly can withdraw... eg. I think some bank maybe allow you withdraw but you must submit request and wait ... not sure but vaguely recall this... maybe nowadays all flexi allows you to withdraw instantly...

Then some bank charge flat fee every month ... some charge certain amount for each withdrawal...

compare those fine print T&C first before make final decision...

This post has been edited by kevyeoh: Jan 11 2019, 04:43 PM

I'm looking for mortgage specialist from banks (RHB, Maybank, CIMB, Hong Leong and Affin).


Kindly PM me.

Thanks

This post has been edited by Lina94: Jan 17 2019, 12:23 PM

Looking for banker to help me process my mortgage loan. any bank as long as offer best rates

to all the mortgage loan specialist. kindly pm me

Thanks

Hi all, if I opt for Flexi loan, is there any charges to withdraw the extra money parked in the loan account?

If I have parked extra money to reduce the principal, does my monthly repayment amount remain the same? As the interest charged is lowered.

Thanks!

1. For "full-flexi" account, usually there are no fees. For semi-flexi there should be about RM10 fees. This should be in the LO

2. There are a few types of flexi accounts. One is the hybrid term + OD, for this, if you pay into the principal (the OD), your installment should be reduced until the OD is fully paid off (but the OD account remains)

2b. For normal full/semi-flexi, no, the installments would remain the same; for full-flexi CIMB for example, the principal repayment is paid into your CA/SA that is linked to the mortgage, any money deposited made into the account is considered as principal payment and would reduce the loan balance, hence reducing the payable interests. But the installment remains the same

1. thanks!

2. complicated @@

3. a) if the monthly instalment remains the same, meaning the loan will be paid off earlier than the scheduled period? (When there is extra money parked in the loan account)

b) from your example, meaning my extra funds can park in the CA/SA account to save/earn daily interest of 4.x%, even for a few days? so my funds would have high liquidity, can transfer in and out, need not go place for FD which is less liquid.

1. Depends if it's semi or full flexi facility

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.

Any prepayment will help to reduce the interest incurred but your monthly repayment will remain the same.

again depends if it's full flexi or semi flexi

if it's full flexi, then you just have to park ur money in the CA will do, if its semi flexi you have to transfer from SA to ur home loan account.

1. Yeah, if the installment remains the same, and you have put money into the loan account (the CA/SA) or paid directly into the loan account as principal prepayment (for semi-flexi), the loan will be paid off earlier than scheduled.

2. That is right, the money parked into the CA/SA account would save you from being charged the 4.x% interests normally charged to your, for as long as the money is parked in there. This applies to full-flexi that has CA/SA linked to it like CIMB. MBB has a different setup, very difficult to answer without knowing your product type

3. You got it right yet again, people put money in FD because they want to earn interest, but saving from paying interest is similar to earning interest, so if your mortgage is 4.5%, and your FD is giving less than 4%, it makes sense to put money in your mortgage account

4. Careful about some full-flexi accounts though, it is not as simple as the list above. There are differences between different full-flexi products across the banks. Here's a short write-up regarding one of them:

Understanding the concept and calculation of interest capping which was adopted by some banks in Malaysia for their full-flexi mortgage products

This post has been edited by wild_card_my: Jan 20 2019, 02:00 AM

Sorry my bad, should have mentioned “full” flexi.

Thanks for the useful input. 👍🏼

Thanks for the useful input. 👍🏼

Learnt a lot, appreciate it.