Apr 7 2020, 01:26 AM
QUOTE(ipohzeng @ Apr 5 2020, 02:16 PM)
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.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!
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