if the bank not allow to do so then you have to follow it.

I get offer from 3 banks, but seems like RHB has the best offer. (I am seeking for 85% margin due to developer strategic on certain cashback)


SPA price:RM601k (seeking 85% margin)

PBB: 4.35%
Margin: 80%

RHB: 4.35% (full flexi)
CLTA:RM10.8k (not on reducing basis but cannot transfer)
Margin: 87%

Cimb:4.4%
MRTA: Rm9.8k
Margin 90%

This post has been edited by py yong: Dec 6 2019, 09:09 AM

If you don't need the 5% extra loan margin then RHB would be the best option.

As a suggestion to pay lesser interest to the bank, suggest to get MLTA.

Hi all,
I am about 24 years old. Is it okay that I take 25 years MRTA instead of 35 years? Im planning for early settlement as well.

MRTA doesn't work that way, if you take a 25 years coverage, the coverage will reduce faster than the loan, you have to take the MRTA tenure the same as the loan tenure.

Noted. But if take 35 years and it will be calculated in the loan which means more interest right?

Correct

Hi all, I am currently applying housing loan for my first home. May I know is there any CIMB/Public Bank/Hong Leong staff who is open to accept my loan application?

what is the whole procedure to get everything done for buying a house？

i signed house spa。
tomoro sign loan offer letter 。
then？
just wait？

then you should ask your banker who proceed your loan what is the next step. Normally client will ask the banker or the loan agent.

You also can ask the both lawyer for the next proceed because you got pay the lawyer fees to them.

Hi, Maybank best rate still 4.15% right? Mrta compulsory? Thanks!

If you’ve appointed your own lawyer, they should be able to advise you what’s next.

Yeap, you’re right.

I’ve seen best case 4.2%.MRTA non compulsory. But some banker insist to tag in loan as well.

Hi im sorry if this is repetitive, i just started working with basic salary 4500 minus epf around 4000 per month. Been working for almost 3 months now. Did not apply credit card or any commitment (really clean). What are the odds of getting a 550k housing loan? Would 3 months bank statement and epf statement be sufficient for me to try and apply loan?

This post has been edited by silvertruth: Jan 8 2020, 05:18 AM

Will need to show substantial savings 10% to 20% of the purchase price. Otherwise rates offered may not be nice

Hi experts,

I need your advice.

I have a property being rented out at the present moment. The monthly rent I collect goes towards paying my mortgage. On top of that, I transfer x amount of my monthly income to the loan account with hopes that it will reduce the interest and ultimately the principal loan.
I have insurance for my property - mlta which can be carried forward to another property. Some of the people I have shared this with feel that it’s not necessary to pay anything extra to my mortgage account as long as I continue to use the rent to pay my mortgage. And if anything happens to me, the remaining of my housing loan will be paid off by the insurance company. Whatever they say makes perfect sense to me which makes me think if it’s worth the effort to try to to settle my mortgage ASAP. Is it right to start saving the additional money I have been pumping into the mortgage account and think that the insurance company will settle my mortgage if anything ever happens to me before I pay off my mortgage? What’s the benefit of settling the mortgage on my own without thinking of the worst? Thanks for the input.

The benefit is you pay much lower interest in total.
Settling your loan earlier and MLTA is 2 different categories to compare. The extra amount you’re paying reduces your principal thus reducing total payment to bank in interest.
You should compare on what’s the amount of interest you save by pumping in extra cash into the installment every month vs if you save the money yourself. Whichever is better answers your question.

Thanks for your input.

I shoulda worded it this way - is it wise settling my mortgage knowing that the insurance company will settle the outstanding mortgage if anything ever happens to me ( not that I wish to happen)?

This post has been edited by PenangLaksa: Jan 13 2020, 09:15 AM

Of course its better to settle your loan as soon as possible and need not to pay interest and monthly installment anymore, insurance is just a what if you died before you can settle the debt yourself.

some banks like maybank show the total loan payout. e.g. if u borrow 300k, total payout over 15 years is 680k.

but the moment u inject 50k, the total out payment reduces tremendously, for e.g. it become 560k.