Hi, I'm in the midst of purchasing a unit at Tropicana Height Kajang.
Can someone quote me the loan package of the following:

1. Loan Amount: 865k
2. Percentage: 90%
3. Tenure: 35 years

Looking for full flexi.
First time property buyer.

Thanks.

BLR 6.85 - 2.2 = 4.65 hmm what's your current outstanding loan amount?

1.
Full flexi:

1) current account tied to loan account
2) auto debit from current account at month end and interest is calculated based on outstanding balance minus amount in current account
3) maintenance charge of RM10 per month
4) setup/ processing fee of Rm200
5)The liquidity comes in the form of an ATM card or a linked CASA account to the housing loan.
Example: You have a shop that is opened Monday to Satuday, rest on Sunday. On Saturday, you deposit all your proceeds of the week into the flexi account, on Sunday, you would save [(your-HL-interest-rate)/365]*AmountDeposited worth of interest. On Monday, you withdraw the money to run your business

Semi Flexi

semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
3) if you indicate advance payment, no additional interest is saved as "advance" payment will only be credited to your loan account when it reaches your cycle date, so it is plain advance payments. and must be in multiple of your monthly payment.
4) For redrawable prepayments, you need to indicate separately and Redraw charge of RM50 is imposed (M*B charge Rm25)
2.
MRTA

a) very Cheap premium
b) usually buy MRTA covering 15 years term
c) the protection will reduce with time. protection for RM500K PROPERTY
year 1 Rm495k
year 10 Rm180k
year 13 Rm50k

Hence, any death happen during year 12-13tenure, the protection cover only small amount , becacause you paid small premium
d) Any refinance, MRTA will deactivated

MLTA

a) Pay more for the premium
b) Protection Cover for Rm500k property
year 1 RM500k
year 15 Rm500k
year 35 Rm500k
c) Refinance are allowed and won't deactivate the protection
d) Transferable to other property
very brief explanation.

hi

I would like to lend you a helping hand, but before would you provide me with few details ?

1. how much is ur asb commitment?
2. how much is your net income?
3. what's your other debt and commitment? (car, house, credit card outstanding and personal loan)

Talam still exists?

so the suggestion way would be doing refinance for the RM300k and apply for OD facility for the RM150k. Will this help to save up on the leave and stamp cost?

Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.25 percent.

What are they thinking, seriously zeti.. seriously.

With such a weak economy, raising the interest rate to 3.75% still plausible. We need higher interest rate to lure more FDI into the country.

Export on the other hand with low currency, doesn't increase much, so with increase of interest rate won't affect much on exportation sector.

MALAYSIA Economy is looming into darkness.

Dear sifus, I am preparing to purchase first subsale house but I am not sure how much should I prepare for the entry costs.

Based on my understanding, If I were to loan 90%, I need to prepare 10% downpayment. What about S&P and Loan agreement legal fees and stamp duty? I found few websites that provide the calculation. Some websites includes GST, some don't. So should I take account of 6% GST?

Please enlighten me

Wat if he set up a sole proprietorship company to make himself self employed n sign the working contract w the current employer. Together w my all other advices wil it b strong enough to get bank loan?

As you apply for loan, loan submitted, your ccriss will show pending approval at "Äpplication for credit" Section.

So when you submitted to Bank A

Bank B will see a pending approval for bank A.

When you submitted to Bank B and Bank A

Bank C will see 2 bank pending approval.

so when you submitted to 4 banks

all the bank credit department will know you submitted to few banks and pending approval.

They will be curious as why did you submit to so many banks, is it a fraud? or something fishy is going on, this will lead to a lot of query and in the end bank will feel reluctant to finance your loan or even slash margin of finance.

mean that the ccris will show if same purposes is ok?

Property 198k loan 90%,may I know roughly the rate for interest can get about 4.4?

You can try ambank just recent i have one case approve with 4.4 around your purchase price.

hi, i had a question regarding my housing loan with CIMB flexi loan.

example: my house is rm300k, then i pay deposit to developer 30k. left 270k for house.

but , i found out on my current acc CIMB they pay off 10% (30k) to developer and i starting to serve interest daily rate.

in my thaught, suppose bank charge me 27k or 30k for 10%?

Yes, fine print is written in your loan agreement.

Base rates are rate set within individual bank itself and changes to the rate aren’t directly intervened by the central bank alike BLR. Base rate differed across different banks and the rates are set depending on bank own efficiencies in lending; means to the bank liking itself.

Base rate comprising of:
Base rate(Benchmark cost of Funds + SRR) + Spread (profit margin, operating cost, liquidity risk, credit risk)= Effective lending rate
Base rate + Spread = Effective Lending rate

*We always look at the effective lending rate for our final loan interest charge*

Base rate:
a) Benchmark cost of funds are adjusted by banks itself depends on its own valuation of its lending ability.
b) Statutory Reserve Requirement (SRR) are the minimum bank reserve quota set by BNM.
Spread
c) Spread is the margin of profit that banks set according to the borrower risk value.

Fun facts:
1. Base rate is different across different banks.
2. When OPR adjusted by BNM, Base rate wouldn’t bulge.
Base rate would either stay neutral or increase, depends on bank owns decision. Base rate could even change without OPR altered.
3. SRR is the reserve requirement that bank needs to uphold, set by BNM. It’s a liquidity management. When BNM believes economy is prospering and lack of funds, it may reduce SRR requirement to keep less money as reserves in bank and have bank lend more fund out for economic activities. This lead to higher loan growth. The changes of Base rate can reflect the effectiveness of Government Monetary Policy.
4. Spread are defined according to the borrower risk profile, but spread rate are mainly fixed when display to public, as most of the borrower holds almost identical risk.
5. Base rate will be adjusted every 3 months, it’s following KLIBOR. Every 3 months we will witness a changes in bank base rate

Example:
Jan OCBC rate 4.02
April OCBC rate 3.92

6. Spread rate will not change and is fixed till the end of the loan tenure
7. even when base rate is superbly low, the effective lending rate in the end could be higher.

Example:
Maybank: Base rate 3.2% + Spread 1.5% =4.7%
OCBC: Base rate 4.02%+ Spread 0.5%=4.52%
It all boil's down on the spread given, hence do look at the effective lending rate instead!!! Shop around and ask your mortgage agent.

Base rate
Pro
a) Greater competition between banks
b) Higher transparency, as bank will display their profit margin and bank lending efficiency
c) Bank loan rate changes will have a higher correlation with Malaysia market economy and OPR.
d) Better indication in monetary policy changes.

Cons
a) Uncertainty. Rate will change every 3 months’ time.

Hey Jason, so overall how do we make judgements then?
I currently deciding on two banks offer:
MBB 3.2 + 1.2 while RHB 4.0 + 0.4
Both also 4.4, which spread is better? Sorry noob in all this BR thingy. Also, i would like to know both banks in generally, which is better? Considering services, bank stability, etc. by the way RHB full flexi whereas MBB semi.

Yes, credit card unsecured lending will be recorded inn your ccris.
having credit card will be alright!

Yes, legal fees, stamp duty fees and valuation are calculated with tiers.

Legal S&P:

<=Rm150k = 1%
<=1million = 0.7%
<= 3million = 0.6%

Legal Loan:

<=Rm150k = 1%
<=1million = 0.7%
<= 3million = 0.6%

Stamp duty S&P

<=100K = 1%
<= 500k =2%
> 500k =3%

Stamp duty loan

0.5% on total loan amount

Valuation fees

100k = 0.25%
<=2million = 0.2%
<=7mil =1/6%
This are the tiers payment, it is the bottom net price you have to pay, there is lots of other cost (gov tax, strata transfer ownership fees, S&P preparation fees,
professional fees, etc etc)

Yes, purchasing higher property prices, your LVS fees will follow accordingly.
But anyway, first time home buyer you will get
1) 50% discount on stamp duty

Moreover, you can actually request lawyer to give you good discount, at least the fees aren't that outrages though.. haha

Does the Memorandum of transfer (MOT) you mention is pay together with the other legal fees or after some years of project VPed?

To make things clear, yes Stamp duty S&P as MOT is much accurate. You will pay for the MOT when transfer of title happens for Undercon project, it will take few years time until developer successfully applied strata/indiv title.

For subsales, you will straight away pay MOT and STAMP duty S&P.

Anyway, you will still pay the same amount at the beginning for subsales and undercon, because usually lawyer doesn't want any delay for the title payment when it is transferable, hence they will request the payment to be done all together.

The calculation part, yes it will be around that figure. Most accurately ask lawyer to quote and remember to ask for at least 30% of discount . Usually clients get 30-40% discount.