Hello Christopher,

1. It depends on your facility agreement stated in the offer letter and to a larger extent, your loan facility agreement. But a typical account will require that you pay the scheduled installment rate; following your situation, from the date of RM1 million CAPITAL REPAYMENT, for each of your installment the percentage that goes to pay the OUTSTANDING BALANCE is higher than the percentage that goes to pay the INTEREST.

Your loan tenure is automatically shorten this way too.

2. Max redrawable is the amount that you have put in. Minimum per withdrawal is RM1000 and with incriment of RM1000. So let's say you have deposited RM26000, you cannot take out RM23,500, you can take out RM23,000 or RM24,000

3. Yes, unfortunately they have changed the rules. You need to have OCBC's savings or current account. On the up side, you will get your money quicker this way. There is a special condition that they will issue a cheque if you can prove that you cannot open an OCBC account - if you are overseas, etc.

4. If you deposit the money into your account through Cash Deposit Machine, the money will be considered as ADVANCED PAYMENT. This way you do not need to pay your monthly installments for the months that can be covered by your ADVANCED PAYMENT. This is good for those who are working for an extended period overseas or on the oil rigs. For the money to be deposited as CAPITAL REPAYMENT, you need to do it through the counter or by using a cheque and write in the back FOR CAPITAL REPAYMENT ONLY

Additionally, OCBC's flexi account has no RM10 charge a month, so you would save a RM4800 over the course of 40 years.

I hope I have answered your questions.

Hello,

1. If you want to choose not to pay any monthly installment, you would need to state the payment as ADVANCE PAYMENT. By doing so, the payment will not help reduce the interest payment made into the account, it will only help you to not pay your upcoming monthly installments. So in short, the RM1mil you have deposited into the account can only be either:

a) CAPITAL REPAYMENT
b) ADVANCE PAYMENT

And not both at the same time. Of course, you can choose to split the money.

2. Normally I would say to go to the counter to check, as for the internet banking, I am not too sure. But I will get back to you on this.

3. Yeah, they would need to verify you for security purposes.

4. Once the loan account has reached 0 balance (no more outstanding amount), the account will be closed. So my advice would be to deposit not RM1.5 mil into the account, but to short it by paying perhaps RM1.4million and making sure that your monthly installments in the months that follow would not result to the closure of the account through completed payments - you can do this by withdrawing some of your deposits before that happens and the outstanding balance would jump back up.

2. You can use internet banking and phone banking to know how much WITHDRAWABLE CAPITAL you have

3. Verification in the sense of IC and thumbprint, the usual stuff. And yeah, one filled-up form for each withdrawal, meet the teller and hand it to him/her. They will verify you and you are good to go. 

As for the personal banker or priority banker, I am not too sure. Perhaps you can arrange something with the priority banker.

Ah you are correct. After further checking, I found that I have been misinformed. I have edited some of my posts in response to that. Advanced payment can be used to reduced capital, only caveat is that it cannot be redrawn.

only advance payment is allow to withdraw , once u write in letter to request transfer into capital repayment then is not allow to withdraw anymore.

Sorry if I have confused you.

The default payments are going to be Installment OR Advanced Payment

Meaning if you pay cash through cash deposit machine, use a cheque without writing any special instructions, bank-in using online payment, pretty much everything, the cash will be used to pay the INSTALLMENT, and if there is any balance, will be treated as ADVANCED PAYMENT (which can reduce the capital outstanding, but cannot withdraw)

Now, if you want to make a CAPITAL REPAYMENT (which is used to reduce the capital outstanding, and is withdrawable), you need to either pay at the counter, or drop a cheque into the cheque deposit machine with the special instructions written on it as: FOR CAPITAL REPAYMENT ONLY

I hope that clears everything up, sorry for the confusion caused.
1. Ah, well that is the thing, payments made as ADVANCED PAYMENT cannot be withdrawn. The advantage is that the outstanding capital is reduced (so your interest charges per month is lower, but the installment is still the same), and you do not need to manually pay your installments since your ADVANCED PAYMENTS will be "eaten" up as your installments.

If you are planning to withdraw it, you should do a CAPITAL REPAYMENT. The advantage would be that your outstanding capital is reduced, and the money is withdrawable. But you would still need to pay your installments okay? It will not automatically be eaten up by the installment payments.

I really really hope that this clears everything up