When customers apply through me for Maybank, I always recommend Homeequity-i instead. It is the one most closely resemble a conventional loan, but with Islamic principles of course. It is in essence a buy-and-lease contract, as you stay in the property you pay rent to the bank that owns a larger share of the property. At the same time, you buy back the banks' share. Rate is between 4.4 to 4.6% depending on credit profile, loan amount, project/subsale.

In your theory.  It's correct but banks will not allow you to do so as they will penalise you for putting in the full amount back to the loan account as the purpose of the bank is to earn your interest. Doing so would trigger them as you intend to fully settle off the loan or they will have clause that will not allow you to put more than certain % of the loan amount.

Yes you're right

If your loan doesn't have any lock in period then settle it as soon as possible. If it has lock in then try to finish paying the loan as soon as the lock in period is over. This will help you reduce interest paid to the bank in the long run.

Regards to income tax. You'll need to figure it out on that 1.

Hi dear,

1. Yes it is true but the bank will have a capping of amount of money that you could park into your current account. Some banks might required you to provide valid reason and the source of cash that came from

CHEERS 

In the bank LO

If not stated then normally it's advisable to put up to 70% - 80% only

Hi dear,

You could step up to the bank branch that you open the current account and query them because different bank have different practice.

CHEERS 

You may try this website

http://mortgage-x.com/calculators/extra_pa..._calculator.asp

Those are paid app already

Unless you can find those free ones on your own

Best for you to confirm will be with the bank customer officer to clarify with them

Refer to the above

Hi,

Would you be able to provide the actual breakdown of numbers? You can PM if you want to keep it private.

The actual terms will depend on your loan agreement, but generally speaking , you're right that the bank will continue to deduct the same instalment amount every month, but the amount that goes to interest and reducing the principle will be based on the outstanding.

It's also important to look into how long the RM100k has been sitting in the account, since the interest will be calculated daily, so if you put it in a few days before your next instalment is due, the difference shown will definitely quite small. Also whether the RM100k (or any part of it) has been withdrawn or not will play a part too.

You also mentioned that it's the same every month 345 principle and 1000 interest. Even without putting in the RM100k, there should be some minor changes to the amount every month, since you are reducing the principle every month (by around RM345 as you mentioned), so the interest charged will change too, but very little.

In the end, the answer will be in your loan agreement, and can be clarified by speaking with the bank.

I hope this helps.

Cheers,
Matt

cannot just immediately "Switch over" from semi to full flexi.

You can't maintain a current account with a semi flexi loan.

You'll need to refinance the whole loan if you want to change to full flexi.

You'll need to pay penalty fee for refinancing within lock in period + another loan agreement fee.

Best solution? stick with what you've gotten. Perhaps next time you should engage a more professional banker.

You can't have current account link to the semi flexi loan

Hello,  you are suppose to read through it before signing the dotted line.

Dear silverchain,
1. It's a semi flexi , there's always a processing fees for withdrawal for semi flexi

2. You can't switch like that, you need to refinance to switch the whole account thingy

3. That's why always get a consultant or experience banker to handle cases, else now you had already locked down with a not so desirable package for life till refinance or sold off your property
Cheers

Yeap that's how a semi flexi loan works.