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!

Wah pelanggan setia tiger bank ni 😸

sikit sikit lor...

Maybank uses very vague term to confuse customers instead of full flexi and semi flexi.

Term loan is called semi flexi by Maybank. There is another loan package called flexi which is full flexi.

I got cheated by the loan officer last time, she told me all home loan are full flexi but gave me term loan.

Luckily, she got kicked out from Maybank after I complained about her.

Yes, it will reduce interest if you have excess. But everytime you withdraw you are charged rm25 plus GST.

Term loan is a very general term used by all banks for long term loan ie: mortgages where as semi flexi/full flexi/PPP are just the product name.

Another example would be OD is a general term but there are product names like muharabah-I etc..

Guess she must have been very unlucky to get kicked out.

This post has been edited by mthc: May 14 2016, 05:47 PM

Boss, I would say term loan is a general terminology used and whether semi flexi / full flexi / no flexi is the features of the product.

On the last para - from my observations and experience seems more and more sales personnel from the financial institutions getting less professional and some even worst with bad attitude.

This post has been edited by Jasoncat: May 14 2016, 06:27 PM

Duno wor.. I'm not very familiar from consumer side. But from what I know is that all these are products tho like PPP etc.

My RM is very nice to me tho. Always serve me chinese tea in kopi shop..

Maybe you are just unlucky to come across such sales personnel.

This post has been edited by mthc: May 14 2016, 07:05 PM

What is RM?

relationship manager

hi anyone know how to withdraw advance payment from the housing loan account? semi flexi type

HNWI gets RM which are usually young, pretty and very free to entertain your questions.

Poor people like me gets grumpy bankers who just want to process your file and move on.

That's the difference lor.

Work in a bank ma.. that's why know the rm.. I'm not HNWI

Come, move to my RM.

Pretty, single but not so available.

Manage to get another loan approved as well under her.

2 days time lagi.

Used to be tied with Tiger bank but they have been giving me shit since earlier this year. Refused to give me 90% zzz

Hahaha.. how old is yr rm 😎

LOL this is not the sort of comment I expect to see in a loan discussion thread.

hi guys, i'm looking at maybank islamic home loan, semi flexi.

question: if i put in money before the building is fully built up, can i use the redraw facility?

Can but you need to inform the bank for doing so.

i see tqvm!

Hi, do you know if the excess payment will be used to offset against the monthly instalment and to withdraw the excess payment, need to go to the branch? Thanks

just do it online payment to your account
you'll see excess payment there

anyone perform advance payment for their Maybank islamic housing loan (semi flexi)? how is the procedure and how to do withdrawal subsequently?

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

Thanks for sharing. I have similar arrangement and I think I understand it better now.