yes you can check with the bank.

it's based on amortization schedule, you may use any online / financial calculator to calculate it out for you.

Hi all,

I just a letter offer from CIMB bank for my loan. I saw a clause stated processing fees of RM 200 will be charged to facility account ( in this case I assume the loan account on 1st disbursement) and also EPF letter for withdrawal of RM 20 will also be charged to loan account. As this is a landed property, fire insurance will be automatically charged to my loan account every year.

Does this mean I will have to pay interest as well for the fees and fire insurance if it is charged? Any method to pay this upfront myself? I ask the banker and he mentioned I can just the extra money into my installments so it will be offset automatically. Is this true?

Thanks for the advise in advance!

It's common practice to debit your loan account for all incidental expenses. Normally a debit note would also be issued to advice you of the charges. You can bank in the equivalent amount to knock off the amount debited. At month end, interest will be charged on the outstanding amount, including other charges if any.

For landed, you will have to get a fire insurance with the bank or you can just buy it yourself and show the certificate to the bank to waive it.

If the bank buys it for you then you will need to pay the loan account for the premium paid. Normally there won't be interest charged to it unless you didn't make payment for it.

Cheers

Hi any bank Islam banker can pm me?

This post has been edited by junya: May 7 2020, 02:03 PM

Hi Sifu, I would like to find out if there is better full flexi other than HongLeong Mortgage plus. The reason is HongLeong Mortgage plus is only 70% off set, I am looking like 100% off set. Many thanks

Any mortgage broker can PM me?

I am foreigner and my sister is Malaysian.

Any bank offer third party loan? Planing to purchase property.

Thank you.

You will need to look elsewhere because HLB/PBB has this condition on certain % of amount that you can offset.

Yes possible.

the fire insurance you definitely have to buy it forever as long as you still holding the loan?

Yes.

As the security is charged to the bank, they will obligate you to buy it on your own or they will auto purchase it under their insurance company and charge to your loan account.

Sifu, wanna get some advice if my wife working in Singapore and I working at KV.

I and my wife is planning to purchase a property in Selangor, by using both names to loan the property. Are there any advantages or disadvantages? I wanted to get more information before moving to the next step.

anythings I need to take note of that? How the banks evaluate the sg payslips?

This post has been edited by BlackPen: May 25 2020, 08:41 PM

No issue.

No particular advantage or disadvantage.

Will need more detail on how much you're planning to loan and also the following info

Age
Gross pay
Nett pay
Rental income
Bonus 2017 2018 2019

Commitments
House
Car
Credit card outstanding
Personal Loan
Ptptn

i do have packages of offer letter from different bankers..

Bank A - Without MRTA
3.28% (0.76+2.52)

Bank B - WIthout MRTA
3.30% (0.42+2.88)

Which one should i choose? Should i go for Bank B right?

other bankers like C,D,E withdraw as they said they cant compete the interests rate with Bank A & B.. minimum can go for me is 3.4/3.45% like that..

This post has been edited by ChuanHong: May 29 2020, 01:33 PM

Bank A

Any reason? Just it isn't lower rate of 0.02? We should always go with lowest rate?

Since there isn't much description other than the rates, the only comparison was the rate, so unless you want to pay more interest rate, take Bank B.

Is it loan refinancing can be exempted from stamp duty with the recent stimulus package? Or only applicable for new mortgage loan?

Only applicable for new purchases

Normally what is the loan refinancing cost will be incurred?

2.5% of the loan amount