I got my housing loan approved by maybank, the agent told me this is semi flexi type where I could pay excess to reduce interest, from the letter of offer, no clause mentioning the treatment of excess, whether it will reduce interest or sitting in the loan account doing nothing

Only clauses on advance payment redraw facility which will be charged rm25.

Anyone have taken loan from maybank? Can share with me on this, thanks

http://loanstreet.com.my/learning-centre/f...ty-loan-options

My housing loan is maybank islamic semi-flexi.
The excess payment withdraw is stated in Annexure 2

Yes the excess money will deduct for the outstanding balance...

noob question, if one pay the loan via SI how to pay the 'extra'? can it be done via cash deposit or need to do at counter?

Got 2 types of SI:-

Variable SI - u put extra money via cash deposit. SI won't kick in.
Fixed SI - SI kick in every month eventhough you pay extra

Please choose Fixed SI.

I'm not sure about cash deposit, but you can do it through Maybank2U, using payment function and look for Maybank term loan. The redraw can also be done through Maybank 2U on the loan tab

As to your standing instruction, you will need to see if it continues or it stopped, I believe the default setting should be continue. If you want to stop the standing instruction and for the instalment to be deducted from advanced payment, just give a call to the bank and they can switch it for you. I was lucky to have a very reliable bank officer who would advise everytime I call up to find out. Not the loan officer, but the bank officer in the branch where my loan is.

but my lo never mention anything on excess payment will reduce interest, is it by default it will?

i'm in the same situation as TS, got the offer letter but the T&C in the offer letter was very vague and unclear. they don't even mention the home loan product name (maxihome semi/full flexi) but instead they just put 'term loan' in the letter

i had deal with maybank b4
the mortgage officer dun even tell there are such benefits for semi flexi loan
u better check with them 1st

pls check your loan offer thoroughly ... I made a mistake so I am sharing

may i know what kind of mistake you made ?

totally agree

Anyone has maybank mortgage contact.Can give me?TIA.

eh i got too from dis bank they say semi flexi... i saw the default terms BR+6.85% upon 3 months consecutive defaults....

standard?...

lol... quite standard..... 3 months consecutive... pbb one or two month kena liao....

ok bro.. really thank you.. maybank very strict.. PBB too.. hope all goes well...

Bear, why you bothered about the default interest? You are worried it may happen one day? You shall focus on the rate the financier offer you.

agreements and terms must be careful maa... hmm rates are 4.4%

Okok, understandable given your profession.
4.40% is a good rate. Well done!