Sep 15 2013, 10:18 PM
QUOTE(wild_card_my @ Sep 14 2013, 10:31 AM)
Hey people, I have made a small illustration on the impact on your refinancing of the outstanding amount and the cash-out portion between the old policy and the new policy
I believe this is a logical explanation.based on experience, the bank would not consider initial financing amount, say 300k as redemption amount for the existing loan and then allow the amount based on 90% of market value (minus 300k) as top up; e.g.: Market value 400k, outstanding 200k -->> 300k to redeem the loan @ 35 years financing and 60k as top up loan @ 10 years tenure
Like what Faiz has mentioned, the bank normally practices 2 drawdowns to redeem your current loan. The first drawdown is to settle the OUTSTANDING amount which is 200k and 160k as top up.
200k is 35 years and 160k for 10 years
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