Hello guys, I have been asking around and googling about this matter but just couldn't get some solid answers. I have recently applied my house loan and RHB just gotten back to me that they are now offering full flexi for the MY1 Flexi Home loan, here are my doubts:

- I understand that RHB only offers semi flexi all these while, and the banker claimed that this full flexi package was only available last month. It wasn't stated in their website, how true is this?

- the package includes no lock in period, no maintenance and admin fee needed for every month, no charges for any withdrawal, no notice needed for any withdrawal too. Sounds too gooding to be true.

What do you all think, gurus. Thanks for helping a very confused soul, I am first home buyer.

This post has been edited by Keropok Face: Aug 6 2014, 02:09 AM

http://www.rhb.com.my/loans/home-loans/hl_flexi_main.html

Just ask for offer letter, it should stated what being offered by the bank. If not agreed just dont sign and walk away lo.

Yes, I saw the website and it doesn't telly with the things that the banker said! I have also gotten the offer letter, but these perks are not stated in it.

ya dun sign if they didnt write those in da offer letter

This post has been edited by darrenlfw87: Aug 6 2014, 07:46 AM

I believe what shown on the website link above is semi flexi loan - you may check with your banker to confirm. RHB full flexi has no withdrawal charges.

The features quoted above is correct. Nevertheless the features may not be all stipulated in the LO. Perhaps you get a written confirmation on the product features from the banker who served you as evidence.

As far as I know, RHB offers semi-flexi type, not the full-flexi feature as I've had 2 housing loan with them (due to decent rates).

They did however managed to waive my RM50 per withdrawal fees on my 2nd loan.

My package in summary was:
- BLR-2.50
- No MRTA/MLTA committed
- No credit card
- No lock in (project)
- DIBS
- Semi Flexi
- Conventional

I've also learned that you should be cautious if they are not from the anchor bank itself like those mortgage consultants or wherever they claim to be. Then again bankers also tend to mislead to close sales and bad mouth other banks, therefore it is up to you to decide who are the honest ones out there.

No arrest fee for full flexi will be good for 1st time loan taker.

For me, nothing much different. Caused i cant pump so much money in so many loans. Just maintain one loan as full flexi will do

Previously RHB only has semi flexi, now they have full flexi which is a pretty new product launched in less than a month.

Thanks guys for your sifu advice!

Notice that there is this term in the RHB offer, hope that you sifus can help to shed some light on this...

Provided that all payment deal on the banking facility (whether principle and / or interest ) shall have been paid up to date, you are at liberty at any time without prior notice to prepay the outstanding amount of the banking facility in whole or in part subject to the following condition.

1) for partial prepayment of the housing / term loan, no prepayment fee will be chargeable provided that each partial prepayment shall be multiples of RM1,000 or such amount as the bank may at its discretion except.
- Does this mean if If I don't pay a multiple of RM1,000, I will be charged a prepayment fee by trying to pay extra to lower the principle? Also, if I don't pay that multiple, any additional will be counted as advance payment?


2). In the case where the bank has given an undertaking to release the banking facility to the developer, contractor or any person concern with the construction of the property and pending the release of the same in full, prepayment of the whole outstanding amount of the banking facilities is allowed only upon the condition that you obtain and furnish the bank a letter of confirmation from such party discharging the bank from all obligations under the said undertaking. -
So confucious, what is this?

Thanks! xoxoxoxoxoxoxoxoxoxo

This post has been edited by Keropok Face: Aug 6 2014, 10:59 PM

Obviously your loan is not full flexi. RHB semi flexi has this restriction that the excess payments will only be used to reduce principal and interest if it is in multiple of RM1000. Amount not in that multiple will be kept in a non-interest bearing advance payment account which gives you nil benefits, ie not reducing loan principle and interest nor getting interest income from this advance payment. No prepayment fee will be charged for the prepayment whether is in multiple of RM1000 or not. This is what I gather from the RHB banker.

For Q2, if you have prepayed the full loan outstanding while the Bank has yet to release the full sum, theoretically your loan has already been fully settled. However, the bank's undertaking to the developer still remains. So, to protect the bank interest, the bank would want the developer to discharge its obligation when the loan outstanding is fully prepaid.

This post has been edited by Jasoncat: Aug 6 2014, 11:20 PM

If not stated in offer letter and it is a risk if u sign the offer letter, they might put the term or might not put it in the loan agreement.

To me the condition looks confusing, just walk away and look for others bank. There are so many other banks, citibank, ocbc, hsbc, maybank, cimb etc ...

From my information gathered, here is a rough breakdown of loan types:

Full Flexi Loan
- Usually have a maintenance fees of RM10 per month
- Able to withdraw or deposit at will (don't drawdown more than you deposit if not a certain interest will be charged)
- Given a chequebook, online account, ATM card if needed
- Daily rest
- Usually have only 1 concurrent account therefore no transfer is needed to offset the other account
- Similar to a current account

Semi Flexi Loan
- No charges imposed however each time you decide to withdraw they will charge RM50
- A minimum of multiples of RM1000 to deposit or withdraw (means you cant deposit or withdraw any amount that you like ex: RM1000 or RM2000 or etc.)
- Over the counter, which means for your own money deposited, you may have to go through an approval for your own money to be withdrawn (wtf right.. its my money!)
- Usually its a saving account type

Both also allows you to do principal reduction but upon doing so, you no longer can withdraw that money out should you require it.

However both type of loans enables you to save interest if you deposit additional money on top of your usual installment.

So if those relatively new to loans and have more stringent cash flow then you should just opt for a basic loan type.

how you get -2.5 ?
i only get -2.4 with MRTA :'(

Its an under construction project, therefore at that point of time, they had the best rates compared to all other banks. Normally in under construction projects they will have a board rate usually benchmark by loan size. Sub sales rates usually is depending on loan sizes and your credit portfolio.

I fulfilled their criteria to get BLR-2.50% with DIBS. They usually give out really good rates on high grade developers.

wow !! BLR-2.5%, what is your loan amount, bro ?

but you have to maintain for the full flexi acc like arrest fee for rm10 every month and some bank even charged for cheuque books which comes with full flexi current acc. Some bank even charge the annual fee for the debit card (RM20) or normal ATM (RM8) issued or to maintain the full flexi current acc as well. A lot hidden charges. Have to be extra careful.

Cheque book will incur the stamp duty of 15 cents per cheque leaf. As for the maintenance fee of RM10 per month, that depends on bank - some do charge some no.

yeah, headache when comes to the terms "different banks different policies" Thats why i always stick with RHB and HLB

Thank you tai kors for your advice and breakdown, I decided to go for cimb instead. Their full flexi terms are very straightforward.