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.