Does semi flexi maybank have cap? Like maximum 70% of you loan amount to reduce interest

No , u can pump in any amount the interest rate is daily ya, so depends on which day u pump in and which day will take out.

Lets say ur loan amount is 100k and interest is 3% , if the month got 30 days, ur that month interest will be 100,000 * 0.03 /365*30 = 246.57

If u pump in 5k at 5th day of the month , calculation will be
100,000*0.03/365*5 plus 95,000*0.03/365*25

…

Just that each time take out excess money will charge u 25 ringgit

what his mean the 70% cap is the lowest chargeable balance amount. Example loan balance 1m, even you pump in 900k, it still charge you interest based on 300k, becasue 70% of 1m is 300k

As for the Maybank full flexi, then i confirm no 70% cap

This i not sure, i remember got lock in period 5 years , dont have so many money to test this out

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This post has been edited by pakjat: Mar 25 2023, 04:03 AM

Hi. I have a maybank semi flexi home loan. I am now in my 4th year of repayment and I intend to make substantial advance payment to reduce the interest.

Must I leave any minimum of RM1,000 in the home loan account or I can pay full, leaving RM1 owing to the bank? Will the bank force me to fully settle the home loan if the amount oweing is too low?

I don't intend to fully settle now as I'd like to have the ability to withdraw in case of emergency.

so far I left RM 5k in the account, nothing happened yet. I was thinking of lowering it to RM500 or even less, not sure what is the lowest minimum, hope someone can clarify

Just put in whatever disposable income you have into the loan account and then call tiger bank to request for reduction of principal sum

Yeah. Thinking of doing the same but just worried bank will auto close the account if outstanding sum is lesser than some minimum treshold.

Any benefit from doing this (call bank to reduce principal sum)?

Cause at the moment, the extra payment is being parked under advance payment. Interest is already calculated on the outstanding principal sum less advance payment.

Benefit of keeping this arrangement is, can withdraw advance payment (with a fee) later if we want to.

So the next month payment will be total = interest of RM 1 + principal?

I'm just paying the interest on the outstanding of RM1k. That's about RM3.50/month. It will add on to the RM1k outstanding.

Principal will be deducted from the money I've parked under the advance payment.

How do we know is semi flexi or flexi?

full flexi should have 1 current account.. as your money is throw into this current account and used to pay for loan amount.. you can withdraw at anytime u want & pay monthly fee on this type of full flexi account..

semi flexi just have 1 loan account without current account..

Now do we need to inform bank ?

Last time extra payment will go to advance payment which cannot reduce interest.
Need to inform bank it's for capital repayment only can reduce interest and can be withdraw in future.

hi
want to ask about this
if i just pump in 200k extra (haven't reach the cap amount of 700k)
then the amount that will go into principal will be 200k fully, or 70%*200k=140k?

Is your plan semi-flexi or full-flexi?

In a full-flexi plan, the monthly principal amount is fixed, regardless of whether you deposit any additional funds. Any extra funds will be placed in the current account. This surplus will automatically reduce the interest without the need to inform Maybank, and you can withdraw this amount at any time if you wish.

Will be full-flexi
And will be a 70% capping with prepayment (sorry for confusion it's not Maybank)
So curious how this 70% works if i want to pay more on advance, but not so large enough to reach that 70% cap

I believe this will be HLBB.

Example.
Loan amount - RM 1,000,0000
Current Account - RM 800,000

If the cap is at 70%, only RM 700,000 will be used to offset the outstanding loan amount.
The additional RM 100,000 serves no purpose in your Current Account.

That is what the Banker shared with me la.

In other words, the bank will earn interest on at least 30% of your outstanding amount.
Not like some banks that have no caps, where 100% of loan outstanding amount can be offset with money in CA.

This post has been edited by eugenepoon: Oct 19 2023, 01:44 PM

full flexi is simple

bank will monthly debit the installment from your current account. The interest will count from "outstanding loan amount - current account's balance", so the more money you park in current account, the lesser the interest

no need inform bank whether you want pay extra or not, just park the extra money in current account, you can withdraw this money anytime.

as for the 70% cap, as explained by forumer above

Tumpang to ask:

If I have a semi flexi loan with Maybank

Every month I take initiative to put additional abit like 100 or 200

Does it automatically deduct the principal or it is merely advance payment.



This post has been edited by Nihonmaru: Oct 19 2023, 12:20 PM