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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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lifebalance
post Oct 24 2017, 09:54 AM

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QUOTE(hihihehe @ Oct 24 2017, 12:20 AM)
preparing for loan application and so far i know PBB is doing some promo. 4.1% 1st year then 4.22% for the rest. i believe this is the cheapest rate in the market so far? (provided i got it) any catch on this?

had a peek at MRTA,etc but still don't understand. better to tie with bank or find provider outside? MRTA or MLTA better? how much i will be charged for 600k of loan? pay upfront better or put into the loan?

thank you
*
Good morning

For the lowest now it will be PBB 4.1% and 2nd year 4.22% thereafter for the remaining year

user posted image

The MRTA charges is dependent on different banks because of different insurance company and product.

MRTA is normally financed into the loan (because you will be deem to borrow that amount in 1 lump sum to pay off the insurance company to get the coverage and serve into the housing loan which therefore you incur interest on the borrowed amount to buy the MRTA.

Otherwise you can buy MLTA which is separate from the bank therefore you don't incur interest rate.

The MLTA is subject to your age, gender, smoker or not and your occupation.

This post has been edited by lifebalance: Oct 24 2017, 09:54 AM
hihihehe
post Oct 24 2017, 10:18 AM

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QUOTE(ngph988 @ Oct 24 2017, 12:51 AM)
You may find current promotional rate from respective banks

Maybank : first year 4.15%, subsequent years start from 4.25% (for 500k and above loan size, if is below 500k best rate starts from 4.30%)

Hong Leong Bank : first & second years start from 4.15%, subsequent years start from 4.30%

OCBC : First year 4.18%, subsequent years start from 4.28%

Seems like PBB still taking the lead.
Regardless MRTA or MLTA, it's not mandatory. However, it is advisable to take up to against your mortgage.

Please find the differences below for your reference.

Mortgage Reducing Term Assurance (MRTA)
- Protection reduces from time to time. Til end of loan tenure, protection will be nil
- Lump sum premium
- Optional to finance into loan
- Beneficiary is bank should you finance MRTA into loan as bank will be the payer of policy
- On the estate planning, MRTA payout on death benefit/total permanent disabilities will solely depending whether you have written a will or not.
1) With will, payout usually will take 1-2 years.
2) Without will, it will take 2-4 years, or even longer (depending on your family tree structure)

Mortgage Level Term Assurance (MLTA)
- Full coverage against mortgage til end of loan tenure.
- Progressive premium
- Self paid, not able finance into loan
- Beneficiary is next of kin or any nominees.
- On the estate planning, MLTA payout will take 7-30 days with a submission of death certificate and other supporting document.
- You will receive cashback upon maturity of MLTA.

MRTA & MLTA is to against death or total permanent disabilities (TPD). In addition, you may add 36 critical illness as a rider/feature in MLTA.
*
QUOTE(lifebalance @ Oct 24 2017, 09:54 AM)
Good morning

For the lowest now it will be PBB 4.1% and 2nd year 4.22% thereafter for the remaining year

user posted image

The MRTA charges is dependent on different banks because of different insurance company and product.

MRTA is normally financed into the loan (because you will be deem to borrow that amount in 1 lump sum to pay off the insurance company to get the coverage and serve into the housing loan which therefore you incur interest on the borrowed amount to buy the MRTA.

Otherwise you can buy MLTA which is separate from the bank therefore you don't incur interest rate.

The MLTA is subject to your age, gender, smoker or not and your occupation.
*
thank you all.
seems like PBB is a clear winner for now. how about the flexi terms? what is recommended?

so in short, MLTA have better coverage but also pricier than MRTA?
if MRTA is financed into loan, does that mean i have to pay for it for the whole period of loans?
numbertwo
post Oct 24 2017, 10:30 AM

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From: PJ lamansara... :D


QUOTE(ngph988 @ Oct 24 2017, 12:51 AM)
You may find current promotional rate from respective banks

Maybank : first year 4.15%, subsequent years start from 4.25% (for 500k and above loan size, if is below 500k best rate starts from 4.30%)

Hong Leong Bank : first & second years start from 4.15%, subsequent years start from 4.30%

OCBC : First year 4.18%, subsequent years start from 4.28%

Seems like PBB still taking the lead.
...
.......CUT.....

*
Hi,
I have been out of touch from mortgage a few years so just want to a 'refresher' .. How does the 'First Year x.xx%, second year and subsequent year' works ? Is it the 1st year upon LA signed , or 1st year upon first disbursement. So let's say i'm planning to get a 70% loan for a new property, how is the 'first year' being determined? Thanks for your help.

This post has been edited by numbertwo: Oct 24 2017, 10:31 AM
jex-koi
post Oct 24 2017, 10:32 AM

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QUOTE(hihihehe @ Oct 24 2017, 10:18 AM)
thank you all.
seems like PBB is a clear winner for now. how about the flexi terms? what is recommended?

so in short, MLTA have better coverage but also pricier than MRTA?
if MRTA is financed into loan, does that mean i have to pay for it for the whole period of loans?
*
Last time when I took a loan, UOB had slightly lower interest rate than other banks. But UOB charged me some 'misc' charges which weren't disclosed until after taking its loan.
jex-koi
post Oct 24 2017, 10:35 AM

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I went to ask MBB & HSBC about the refinance/top up loan. Getting conflicting info about the cash-out repayment.

M says the cash-out needs to be paid back within 10 years (may be increased to x-years depending on approval).

H says cash-out repayment period will follow new home loan (which is 35 years).

Why is it different ?
lifebalance
post Oct 24 2017, 10:41 AM

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QUOTE(hihihehe @ Oct 24 2017, 10:18 AM)
thank you all.
seems like PBB is a clear winner for now. how about the flexi terms? what is recommended?

so in short, MLTA have better coverage but also pricier than MRTA?
if MRTA is financed into loan, does that mean i have to pay for it for the whole period of loans?
*
There is

Semi Flexi
- Normally comes with withdrawal fee
- No need to maintain current account
- Will need to wait longer for your money to return back to your savings account
- No monthly fees
- Usually recommended for people who are not business owner 

Full Flexi
- Normally doesn't come with withdrawal fees
- Need to maintain current caccount
- Don't need to wait for your money to go back to your current account to make withdrawal
- Monthly fee to maintain your current account
- Usually recommended for people who runs a business as money comes in from businesses, it will save interest on the daily rest. And the business owner can use that money again a few days or weeks later for his business.

QUOTE
so in short, MLTA have better coverage but also pricier than MRTA?

Yeap you're right

QUOTE
if MRTA is financed into loan, does that mean i have to pay for it for the whole period of loans?

It's financed into your loan so it depends on your loan tenure. If you took the full coverage tenure then it will be based on your loan maximum tenure.

QUOTE(numbertwo @ Oct 24 2017, 10:30 AM)
Hi,
I have been out of touch from mortgage a few years so just want to a 'refresher' ..  How does the 'First Year x.xx%, second year and subsequent year' works ?  Is it the 1st year upon LA signed , or 1st year upon first disbursement.  So let's say i'm planning to get a 70% loan for a new property, how is the 'first year' being determined?  Thanks for your help.
*
It means upon disbursement, the first year interest charged is based on 4.1%, after that on the 2nd year, it will be 4.22%

QUOTE
let's say i'm planning to get a 70% loan for a new property, how is the 'first year' being determined?  Thanks for your help.

As per above.

QUOTE(jex-koi @ Oct 24 2017, 10:32 AM)
Last time when I took a loan, UOB had slightly lower interest rate than other banks. But UOB charged me some 'misc' charges which weren't disclosed until after taking its loan.
*
That's because to the bank, for them to charge you a lower interest rate, they will need to charge you more by asking you to buy MRTA which indirectly translate back to the same amount that you would save on your loan interest.

Bank not stupid XD

QUOTE(jex-koi @ Oct 24 2017, 10:35 AM)
I went to ask MBB & HSBC about the refinance/top up loan. Getting conflicting info about the cash-out repayment.

M says the cash-out needs to be paid back within 10 years (may be increased to x-years depending on approval).

H says cash-out repayment period will follow new home loan (which is 35 years).

Why is it different ?
*
That's because the bank system works differently between MBB and HSBC.

They are correct in both explanation above.
jex-koi
post Oct 24 2017, 10:53 AM

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QUOTE(lifebalance @ Oct 24 2017, 10:41 AM)

That's because to the bank, for them to charge you a lower interest rate, they will need to charge you more by asking you to buy MRTA which indirectly translate back to the same amount that you would save on your loan interest.

Bank not stupid XD



*
It wasn't MRTA. It was some 'misc' charges.
lifebalance
post Oct 24 2017, 10:54 AM

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QUOTE(jex-koi @ Oct 24 2017, 10:53 AM)
It wasn't MRTA. It was some 'misc' charges.
*
No idea on that, you should get the UOB banker to explain what is the misc charges.
ngph988
post Oct 24 2017, 11:36 AM

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QUOTE(hihihehe @ Oct 24 2017, 10:18 AM)
thank you all.
seems like PBB is a clear winner for now. how about the flexi terms? what is recommended?

so in short, MLTA have better coverage but also pricier than MRTA?
if MRTA is financed into loan, does that mean i have to pay for it for the whole period of loans?
*
Full Flexi:
1) Loan Account will be linked to Current Account/Saving Account with cheque book (optional).
2) Interest is based on current outstanding minus any amount payable to the loan. (E.g : Current O/S - credited amount x Interest payable/100% / 365 days) Some bank practice 360 days instead.
3) Account opening fees at RM 200 + 6% GST.
4) Account maintenance fees at RM 10 +6% GST.
5) Withdrawal/Deposit of money can be done through over the counter, cheque, ATM or online banking.

Semi Flexi :
1) Bank will request customer to setup a Saving Account link to Loan Account through Standing Instruction (SI).
2) Prepayment or capital payment can be done.
3) Prepayment, placing future repayment to Loan Account and it has to be multiple of your monthly repayment. This will not revoke interests saving on Loan Account.
4) Capital repayment, placing extra payment to Loan Account to reduce principal. Some bank will require you walk in branch to fill up service form.
5) Withdrawal/Deposit of money can be done through over the counter or cheque.

Yes, MLTA's coverage is better and also premium is higher. However, your premium may break even with cash value at certain of period, given fund performance is superb.

Should you finance MRTA into loan, it will add into your monthly repayment. Hence, you will need to pay it throughout loan tenure.

QUOTE(numbertwo @ Oct 24 2017, 10:30 AM)
Hi,
I have been out of touch from mortgage a few years so just want to a 'refresher' ..  How does the 'First Year x.xx%, second year and subsequent year' works ?  Is it the 1st year upon LA signed , or 1st year upon first disbursement.  So let's say i'm planning to get a 70% loan for a new property, how is the 'first year' being determined?   Thanks for your help.,
*
Usually the first year interest will charge started from first year disbursement. I will need to find out more on under construction. Be right back

QUOTE(jex-koi @ Oct 24 2017, 10:32 AM)
Last time when I took a loan, UOB had slightly lower interest rate than other banks. But UOB charged me some 'misc' charges which weren't disclosed until after taking its loan.
*
QUOTE(jex-koi @ Oct 24 2017, 10:35 AM)
I went to ask MBB & HSBC about the refinance/top up loan. Getting conflicting info about the cash-out repayment.

M says the cash-out needs to be paid back within 10 years (may be increased to x-years depending on approval).

H says cash-out repayment period will follow new home loan (which is 35 years).

Why is it different ?
*
Usually cash out portion, bank will calculate base on 10 years commitment. If your DSR can surpass the 10 years calculation, bank will prolong the tenure from 10 years to 35 years or til 70 years old (whichever come first)

This post has been edited by ngph988: Oct 24 2017, 05:25 PM
Madgeniusfigo
post Oct 24 2017, 05:28 PM

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QUOTE(Kelvin123@ @ Oct 23 2017, 08:06 PM)
Thanks and cheers. Thought loan will be market value price though  bangwall.gif
*
(Y) no problem

QUOTE(lifebalance @ Oct 23 2017, 08:09 PM)
You can buy in cash and refinance into market value, provided you bought your property way below market price
*
QUOTE(Kelvin123@ @ Oct 23 2017, 08:11 PM)
Excellent idea but no cash... thanks
*
QUOTE(lifebalance @ Oct 23 2017, 08:12 PM)
Sure no problem
*
QUOTE(hihihehe @ Oct 24 2017, 01:20 AM)
preparing for loan application and so far i know PBB is doing some promo. 4.1% 1st year then 4.22% for the rest. i believe this is the cheapest rate in the market so far? (provided i got it) any catch on this?

had a peek at MRTA,etc but still don't understand. better to tie with bank or find provider outside? MRTA or MLTA better? how much i will be charged for 600k of loan? pay upfront better or put into the loan?

thank you
*
QUOTE(numbertwo @ Oct 24 2017, 11:30 AM)
Hi,
I have been out of touch from mortgage a few years so just want to a 'refresher' ..  How does the 'First Year x.xx%, second year and subsequent year' works ?  Is it the 1st year upon LA signed , or 1st year upon first disbursement.  So let's say i'm planning to get a 70% loan for a new property, how is the 'first year' being determined?  Thanks for your help.
*
1st year starts on the first disbursement

2nd year on the 2nd

Cheers
QUOTE(jex-koi @ Oct 24 2017, 11:32 AM)
Last time when I took a loan, UOB had slightly lower interest rate than other banks. But UOB charged me some 'misc' charges which weren't disclosed until after taking its loan.
*
call up customer service and asked what it is about, usually set up fees

Cheers

QUOTE(jex-koi @ Oct 24 2017, 11:35 AM)
I went to ask MBB & HSBC about the refinance/top up loan. Getting conflicting info about the cash-out repayment.

M says the cash-out needs to be paid back within 10 years (may be increased to x-years depending on approval).

H says cash-out repayment period will follow new home loan (which is 35 years).

Why is it different ?
*
Dear

1. when u cash out, bank will calculate your eligibility of the cash out based on 10 years loan tenure

2. When you pay installment on the cash out, it iwll be according to your loan tenure, 35 or 30 or what ever it is stated in your letter offer



Cheers
FuNks
post Oct 25 2017, 10:18 AM

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hey guys, is there any way to remove MRTA from my home loan? i realised my ALLIANZ insurance already covers MRTA for home loan
lifebalance
post Oct 25 2017, 10:53 AM

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QUOTE(FuNks @ Oct 25 2017, 10:18 AM)
hey guys, is there any way to remove MRTA from my home loan? i realised my ALLIANZ insurance already covers MRTA for home loan
*
Nope, no way to remove MRTA once you've signed up for it until you sell off or refinance the house
FuNks
post Oct 25 2017, 11:02 AM

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QUOTE(lifebalance @ Oct 25 2017, 10:53 AM)
Nope, no way to remove MRTA once you've signed up for it until you sell off or refinance the house
*
i heard my agent told we can transfer the loan to other bank then can opt to remove it. like when sometimes banks will have promo for 0% transfer charges blink.gif
lifebalance
post Oct 25 2017, 11:12 AM

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QUOTE(FuNks @ Oct 25 2017, 11:02 AM)
i heard my agent told we can transfer the loan to other bank then can opt to remove it. like when sometimes banks will have promo for 0% transfer charges  blink.gif
*
That's called Refinancing

0% transfer charges is term as Zero Moving Cost scheme.
FuNks
post Oct 25 2017, 11:20 AM

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QUOTE(lifebalance @ Oct 25 2017, 11:12 AM)
That's called Refinancing

0% transfer charges is term as Zero Moving Cost scheme.
*
alright coz currently with PBB. is it advisable?
lifebalance
post Oct 25 2017, 11:41 AM

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QUOTE(FuNks @ Oct 25 2017, 11:20 AM)
alright coz currently with PBB. is it advisable?
*
That also depends on the purpose of the refinance, you just want to do it because to remove the MRTA ?

Because some ppl do refinancing to
- Consolidate debts
- Cash out for investment / renovation
- Reduce interest rate
- Reduce monthly installment
- Others

biggrin.gif
FuNks
post Oct 25 2017, 01:11 PM

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QUOTE(lifebalance @ Oct 25 2017, 11:41 AM)
That also depends on the purpose of the refinance, you just want to do it because to remove the MRTA ?

Because some ppl do refinancing to
- Consolidate debts
- Cash out for investment / renovation
- Reduce interest rate
- Reduce monthly installment
- Others

biggrin.gif
*
mainly to remove MRTA and reduce monthly. if lets say i have extra sum of cash, can i pay upfront and take lesser loan? lets say currently 600k loan, i pay 200k cash then take 400k loan for refinance
lifebalance
post Oct 25 2017, 01:37 PM

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QUOTE(FuNks @ Oct 25 2017, 01:11 PM)
mainly to remove MRTA and reduce monthly. if lets say i have extra sum of cash, can i pay upfront and take lesser loan? lets say currently 600k loan, i pay 200k cash then take 400k loan for refinance
*
Yeah you can.
FuNks
post Oct 25 2017, 03:26 PM

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QUOTE(lifebalance @ Oct 25 2017, 01:37 PM)
Yeah you can.
*
the only downside for refinance is might loan a bigger amount due to property price increase right?

currently i have not start serving any progressive interest or monthly installment for thr 35 years tenure yet
lifebalance
post Oct 25 2017, 03:33 PM

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QUOTE(FuNks @ Oct 25 2017, 03:26 PM)
the only downside for refinance is might loan a bigger amount due to property price increase right?

currently i have not start serving any progressive interest or monthly installment for thr 35 years tenure yet
*
no necessary unless you take out extra loan amount or your tenure is reduced or the interest rate charged is higher.

Meaning this property you bought just recently undercon?

You can't refinance it until it's completed.

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