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

lifebalance
post Dec 12 2017, 09:24 PM

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QUOTE(baopao @ Dec 12 2017, 09:17 PM)
thanks for reply. i not get a copy when i signed up for the loan and mrta. the banker said only will be given when first withdraw to developer, is that true? when is the mrta insurance coverage commencement date? signed up mrta date? or when?
*
Normally MRTA commence upon first disbursement of the loan

You should get a copy after you have signed the doc with them. It's normally the proposal form which shows your covered amount.

You can try to request it from your banker if he forgot to give it to you
ngph988
post Dec 12 2017, 11:45 PM

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QUOTE(a274 @ Dec 12 2017, 12:01 PM)
Hi guys. Received two bank offers for 494k loan. Would appreciate some advice thanks!

Bank A:
Tenure - 30 years
Profit rate - BR (3.85%) + 0.43 = 4.28%
Ceiling rate - 10%
Islamic semiflexi Musharakah Mutanaqisah
With MRTT
Bank B:
Tenure - 25 years
Profit rate - BR (3.00%) + 1.25 = 4.25%
Ceiling rate - 10.65%
Islamic semiflexi commodity murabahah
With MRTT
I'm inclining towards bank B as it's more convenient for me to pay and also slightly lower effective rate as above. But my concern is that, its base rate is much lower compared to bank B that i think there'll be higher possibility for Bank B to revise its BR upward compared to Bank A. Is that a valid concern or I shouldn't worry much?
*
Well, if you're looking for current rate, bank B has better perk. In the event economy condition slumps, the interest rate may revise to ceiling rate (10.65%). Bank A better offer in terms of ceiling rate. Still you will need to look overall picture aside for interest comparison.

1) Banking experience
2) Total loan package (total loan amount, loan tenure, ceiling rate, lock in period, any entry cost financing)
3) Banking facilities such as customer service, branch service, mobile apps and online banking
4) Distance to nearest branch
5) Professionalism of mortgage officer
6) Long term financial planning as ceiling rate of each bank.
7) General terms & conditions.

QUOTE(baopao @ Dec 12 2017, 09:17 PM)
thanks for reply. i not get a copy when i signed up for the loan and mrta. the banker said only will be given when first withdraw to developer, is that true? when is the mrta insurance coverage commencement date? signed up mrta date? or when?
*
MRTA will only take effect upon first disbursement from bank. By then, policy should be ready in 2 weeks time.

Policy will indicate the surrender value for your reference.
Caravanserai
post Yesterday, 10:34 PM

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Wow I have read every single posts in this thread from 1st page to 529th page!! rclxm9.gif

It took me around 20 days, reading on and off . tongue.gif


To make this post relevant, I would like to ask sifus here would bank insist to have most recent salary slip/epf contribution record?

Cause for current company, I'll only receive salary slip on 10th of the month and epf contribution will be made usually on 15th.

Does that mean I will only have 15 days of window to apply for loan (16th - end of the month)?
lifebalance
post Yesterday, 10:37 PM

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QUOTE(Caravanserai @ Dec 13 2017, 10:34 PM)
Wow I have read every single posts in this thread from 1st page to 529th page!! rclxm9.gif

It took me around 20 days, reading on and off . tongue.gif
To make this post relevant, I would like to ask sifus here would bank insist to have most recent salary slip/epf contribution record?

Cause  for current company, I'll only receive salary slip on 10th of the month and epf contribution will be made usually on 15th.

Does that mean I will only have 15 days of window to apply for loan (16th - end of the month)?
*
Bank will still accept your old payslip and EPF record but if you apply somewhere end of the month then you'll probably need to furnish your latest Payslip and Updated EPF statement to reflect on your latest documentation before you can get approval for your loan application.
ngph988
post Today, 01:01 AM

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QUOTE(Caravanserai @ Dec 13 2017, 10:34 PM)
Wow I have read every single posts in this thread from 1st page to 529th page!! rclxm9.gif

It took me around 20 days, reading on and off . tongue.gif
To make this post relevant, I would like to ask sifus here would bank insist to have most recent salary slip/epf contribution record?

Cause  for current company, I'll only receive salary slip on 10th of the month and epf contribution will be made usually on 15th.

Does that mean I will only have 15 days of window to apply for loan (16th - end of the month)?
*
As long as your pay slip net pay tally with bank statement and EPF contribution is according to EPF Act 1991, it should be fine. Make sure your company is able to accommodate when Bank is calling for verification.

If your employment is less than 6 months, do provide your employment offer letter and confirmation letter from HR, this will give confidence to the bank to ease your application.
Caravanserai
post Today, 01:47 AM

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QUOTE(lifebalance @ Dec 13 2017, 10:37 PM)
Bank will still accept your old payslip and EPF record but if you apply somewhere end of the month then you'll probably need to furnish your latest Payslip and Updated EPF statement to reflect on your latest documentation before you can get approval for your loan application.
*
QUOTE(ngph988 @ Dec 14 2017, 01:01 AM)
As long as your pay slip net pay tally with bank statement and EPF contribution is according to EPF Act 1991, it should be fine. Make sure your company is able to accommodate when Bank is calling for verification.

If your employment is less than 6 months, do provide your employment offer letter and confirmation letter from HR, this will give confidence to the bank to ease your application.
*
Well this is what I encountered:

I engaged with developer appointed banker earlier this month (around Dec 5th), and he said you don't have November pay slip so we'll put the application on hold until 10th of the month.

So I buta-buta waited for few days for my company to issue pay slip which I think does not really makes sense. sad.gif
lifebalance
post Today, 08:19 AM

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QUOTE(Caravanserai @ Dec 14 2017, 01:47 AM)
Well this is what I encountered:

I engaged with developer appointed banker earlier this month (around Dec 5th), and he said you don't have November pay slip so we'll put the application on hold until 10th of the month.

So I buta-buta waited for few days for my company to issue pay slip which I think does not really makes sense. sad.gif
*
Since it's already in December, you should provide your updated payslip.

As most companies would have issued your payslip by end of the month
ngph988
post Today, 10:55 AM

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QUOTE(Caravanserai @ Dec 14 2017, 01:47 AM)
Well this is what I encountered:

I engaged with developer appointed banker earlier this month (around Dec 5th), and he said you don't have November pay slip so we'll put the application on hold until 10th of the month.

So I buta-buta waited for few days for my company to issue pay slip which I think does not really makes sense. sad.gif
*
Credit officer may request latest income document to confirm your employment in company. It may happened that applicant resigned from company and went to apply housing loan with existing document. Hope this clarify your doubts.

Hope to hear good news from you. God speed.

P/S : employment Act in Malaysia enforced all employers shall credit salary by not later than 7th day after the last day of any wage period the wages, less lawfully deductions earn by such employee during such wage period.

Unless your company has specific reason such as system error or public holiday and etc. Otherwise this will violate the law.
Caravanserai
post Today, 12:30 PM

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QUOTE(lifebalance @ Dec 14 2017, 08:19 AM)
Since it's already in December, you should provide your updated payslip.

As most companies would have issued your payslip by end of the month
*
QUOTE(ngph988 @ Dec 14 2017, 10:55 AM)
Credit officer may request latest income document to confirm your employment in company. It may happened that applicant resigned from company and went to apply housing loan with existing document. Hope this clarify your doubts.

Hope to hear good news from you. God speed.

P/S : employment Act in Malaysia enforced all employers shall credit salary by not later than 7th day after the last day of any wage period the wages, less lawfully deductions earn by such employee during such wage period.

Unless your company has specific reason such as system error or public holiday and etc. Otherwise this will violate the law.
*
Hmmn... I know by law company cannot pay salary later than 7th of the month ("the last day of any wage period the wages" for my company is 30th/31th). But the act did not mention when should the company issue salary slip right?

I didn't realize salary slip issue date will become such a troublesome.
Seems like this is one of the thing to consider when choosing company too.
lifebalance
post Today, 12:36 PM

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QUOTE(Caravanserai @ Dec 14 2017, 12:30 PM)
Hmmn... I know by law company cannot pay salary later than 7th of the month ("the last day of any wage period the wages" for my company is 30th/31th). But the act did not mention when should the company issue salary slip right?

I didn't realize salary slip issue date will become such a troublesome.
Seems like this is one of the thing to consider when choosing company too.
*
Haha that guy just want to talk lebih only which is not relevant to what you were asking earlier ago.

There is no guideline that render your employer to give you your payslip at any specific time line as long as they fulfill the requirement to pay your salary on time.

You should check with your HR on how soon they can give you your payslip because sometimes the HR are slow, they will only pass you when it's done generating for all the employees.

Cheers

This post has been edited by lifebalance: Today, 12:36 PM
ngph988
post Today, 12:51 PM

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QUOTE(Caravanserai @ Dec 14 2017, 12:30 PM)
Hmmn... I know by law company cannot pay salary later than 7th of the month ("the last day of any wage period the wages" for my company is 30th/31th). But the act did not mention when should the company issue salary slip right?

I didn't realize salary slip issue date will become such a troublesome.
Seems like this is one of the thing to consider when choosing company too.
*
Well, I would say different credit officer has different risk assessment towards loan application. If credit officer deem the income may not support the application, for sure they will ask for latest income document or supporting document to support.

You may feel irritated as well if your banker request you a new document again, right? Why not just wait for latest document so this will help you and banker to expedite the case?

If application is recommended for approvals, probably will take 3-5 working days.

Cheers icon_rolleyes.gif

Personally, I do not need any insurance agent to guide me how to conduct a mortgage loan application.

This post has been edited by ngph988: Today, 12:53 PM
Caravanserai
post Today, 12:57 PM

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QUOTE(lifebalance @ Dec 14 2017, 12:36 PM)
Haha that guy just want to talk lebih only which is not relevant to what you were asking earlier ago.

There is no guideline that render your employer to give you your payslip at any specific time line as long as they fulfill the requirement to pay your salary on time.

You should check with your HR on how soon they can give you your payslip because sometimes the HR are slow, they will only pass you when it's done generating for all the employees.

Cheers
*
QUOTE(ngph988 @ Dec 14 2017, 12:51 PM)
Well, I would say different credit officer has different risk assessment towards loan application. If credit officer deem the income may not support the application, for sure they will ask for latest income document or supporting document to support.

You may feel irritated as well if your banker request you a new document again, right? Why not just wait for latest document so this will help you and banker to expedite the case?

If application is recommended for approvals, probably will take 3-5 working days.

Cheers  icon_rolleyes.gif

Personally, I do not need any insurance agent to guide me how to conduct a mortgage loan application.
*
Alright, thanks for your advise guys. biggrin.gif

Would like to give a big thanks to both of you for helping netizen on lowyat as I have read through all the posts from page 1.
Thanks @Keith, @Paul. icon_rolleyes.gif
lifebalance
post Today, 01:19 PM

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QUOTE(Caravanserai @ Dec 14 2017, 12:57 PM)
Alright, thanks for your advise guys. biggrin.gif

Would like to give a big thanks to both of you for helping netizen on lowyat as I have read through all the posts from page 1.
Thanks @Keith, @Paul.  icon_rolleyes.gif
*
No problem. You're welcome, Let me know if you got any further questions
Mollai
post Today, 03:38 PM

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QUOTE(ngph988 @ Dec 8 2017, 10:53 AM)
Best rate is in range of 4.22 - 4.35%, subject to your personal scoring. Some banks like PBB, MBB and HLB will offer a fixed rate for first 12 months or 24 months. Grab it while promotion lasts.  biggrin.gif
On financial planning, it depends whether you are intend to do prepayment or capital repayment.

You may download the financial calculator apps on Google play or Apps Store, choose loan calculator. There is an item showing extra monthly repayment, just insert accordingly and you will see total interests savings should you put extra money every month to your loan repayment.

However, for a lump sum calculation you can always find out mortgage formula on Internet to calculate. Best way is break down calculation in Microsoft excel and you will see the amortization schedule according to your loan repayment.

Formula as below

M = P [ i(1 + i)n ] / [ (1 + i)n - 1]

M = Monthly repayment
P = Principal
i = Monthly interest
n = number of months
*
QUOTE(lifebalance @ Dec 8 2017, 10:55 AM)
PBB
*
Asked my agent already, he said PBB no more quota for that 4.22 rate.

yellowhummer
post Today, 04:30 PM

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get loan approve from two bank in 4.35%
But the BR is different :
AxBank rate: 3.85+0.5=4.35%
CIxB rate 3.9+0.45=4.35%

Property price RM603000
90%loan

AxBank (MRTA 15+3years) 4.35% =2560 monthly (total 35year:1075200)
CIxB (MRTA 30years) 4.35%= 2606monthly (total 35year:1094709)

any ideal ?

This post has been edited by yellowhummer: Today, 04:31 PM
lifebalance
post Today, 04:57 PM

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QUOTE(Mollai @ Dec 14 2017, 03:38 PM)
Asked my agent already, he said PBB no more quota for that 4.22 rate.
*
Is it ? your agent meaning property agent ?

When he said no quota meaning PBB quota is full for that project or can't apply for the 4.22% at all ?

You're buying undercon or subsales ?

QUOTE(yellowhummer @ Dec 14 2017, 04:30 PM)
get loan approve from two bank in 4.35%
But the BR is different :
AxBank rate: 3.85+0.5=4.35%
CIxB rate 3.9+0.45=4.35%

Property price RM603000
90%loan

AxBank (MRTA 15+3years) 4.35% =2560 monthly (total 35year:1075200)
CIxB (MRTA 30years) 4.35%= 2606monthly (total 35year:1094709)

any ideal ?
*
Looks ok to me either 1, but MRTA is recommended to get full coverage otherwise your protection amount will drop faster than your loan.

Why you shouldn't bother much ? because it will make no difference

With regards to BLR, banks no longer run on BLR already, it's on Base Rate right now.

Previously, BLR changed according to the Overnight Policy Rate (OPR), which is determined by Bank Negara Malaysia from time to time.

The BR is dependent on banks’ benchmark cost of funds and liquidity. Banks can also review it anytime if there are no changes in the OPR.

With the BR, interest rates are determined by banks’ benchmark cost of funds and Statutory Reserve Requirement (SRR).

BR should differ from bank to bank depending on their own efficiencies in lending.

1) BR will depend on the SRR determined by Bank Negara. It is the minimum level of reserves required for each bank to retain before lending out. If the central bank increases the SRR, the cost of lending will increase. You will notice that BR also increases.

2) The “Spread Rate” above the BR will be determined by the borrower’s credit risk, liquidity, operating cost and profit margin. If the bank’s profit were to increase, the BR would be reduced.

3) Correlation with the OPR. If Bank Negara increases the OPR, the BR will also increase.

BR is a floating rate. That means it could go up or down due to the above reasons.

“The spread is fixed. If we add this two we will get the Effective Lending Rate (ELR). Every bank has a different BR. So, is the BR the determining factor when you choose which bank to take a loan facility from?

“The lowest BR does not necessarily mean the lowest interest rate. It also depends on the spread. BR can be low but the spread can be very high. We have to look at the ELR to determine which package to take

hontoni1983
post Today, 09:36 PM

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Hi Sifu here...I am receiving few loans offer from different bank,actually all banks are offering the same rate 4.3%,however, I understand these rate are based on BR rate, which comes out as these:

MBx: 4.3% (BR 3.00 + 1.3)
RHx: 4.3% (BR 3.65 + 0.65)
CIMx: 4.3% (BR 3.90 + 0.4)

Just wanted to know, the BR rate + xx amount is it fix? which means, if eventually e.g. MBx decide to increase BR to 3.3, my interest will subsequently be revised to 4.6%? If this concept is correct, then CIMx will be better choice? or is there a risk that CIMx maybe poor manage, and the BR increase to 4.2 + 0.4? with MBx being a more stable management??

With the rate and loan package the same (all are fully flexi), which one is the best to take?

This post has been edited by hontoni1983: Today, 09:37 PM
dragonnite999999
post Today, 10:28 PM

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QUOTE(lifebalance @ Dec 14 2017, 12:36 PM)
Haha that guy just want to talk lebih only which is not relevant to what you were asking earlier ago.

There is no guideline that render your employer to give you your payslip at any specific time line as long as they fulfill the requirement to pay your salary on time.

You should check with your HR on how soon they can give you your payslip because sometimes the HR are slow, they will only pass you when it's done generating for all the employees.

Cheers
*
Hi Sifu in housing loan,

i received offer from Maybank,

loan amount : Rm90k

interest rate : 4.5%

loan tenure : 15 years

insurance premium : Rm873 cover 90k for 8 years

Is this offer best enough?

And one more thing, when i use the housing loan calculator to calculate, i found out that after finish pay during 15th year, i have paid total interest of Rm33,925. That amount of interest paid is mean a lot to me. Any idea on how to effectively reduce the interest to the most minimum? Let's say reduce to RM10k?

Thanks in advance!!!


dragonnite999999
post Today, 10:29 PM

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QUOTE(ngph988 @ Dec 14 2017, 12:51 PM)
Well, I would say different credit officer has different risk assessment towards loan application. If credit officer deem the income may not support the application, for sure they will ask for latest income document or supporting document to support.

You may feel irritated as well if your banker request you a new document again, right? Why not just wait for latest document so this will help you and banker to expedite the case?

If application is recommended for approvals, probably will take 3-5 working days.

Cheers  icon_rolleyes.gif

Personally, I do not need any insurance agent to guide me how to conduct a mortgage loan application.
*
Hi Sifu in housing loan,

i received offer from Maybank,

loan amount : Rm90k

interest rate : 4.5%

loan tenure : 15 years

insurance premium : Rm873 cover 90k for 8 years

Is this offer best enough?

And one more thing, when i use the housing loan calculator to calculate, i found out that after finish pay during 15th year, i have paid total interest of Rm33,925. That amount of interest paid is mean a lot to me. Any idea on how to effectively reduce the interest to the most minimum? Let's say reduce to RM10k?

Thanks in advance!!!
lifebalance
post Today, 10:55 PM

Life & Mortgage Planner
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Posts: 4,808

Joined: Nov 2014

QUOTE(hontoni1983 @ Dec 14 2017, 09:36 PM)
Hi Sifu here...I am receiving few loans offer from different bank,actually all banks are offering the same rate 4.3%,however, I understand these rate are based on BR rate, which comes out as these:

MBx: 4.3% (BR 3.00 + 1.3)
RHx: 4.3% (BR 3.65 + 0.65)
CIMx: 4.3% (BR 3.90 + 0.4)

Just wanted to know, the BR rate + xx amount is it fix? which means, if eventually e.g. MBx decide to increase BR to 3.3, my interest will subsequently be revised to 4.6%? If this concept is correct, then CIMx will be better choice? or is there a risk that CIMx maybe poor manage, and the BR increase to 4.2 + 0.4? with MBx being a more stable management??

With the rate and loan package the same (all are fully flexi), which one is the best to take?
*
Spread is fixed upon loan being offered to you.

With regards to BLR, banks no longer run on BLR already, it's on Base Rate right now.

Previously, BLR changed according to the Overnight Policy Rate (OPR), which is determined by Bank Negara Malaysia from time to time.

The BR is dependent on banks’ benchmark cost of funds and liquidity. Banks can also review it anytime if there are no changes in the OPR.

With the BR, interest rates are determined by banks’ benchmark cost of funds and Statutory Reserve Requirement (SRR).

BR should differ from bank to bank depending on their own efficiencies in lending.

1) BR will depend on the SRR determined by Bank Negara. It is the minimum level of reserves required for each bank to retain before lending out. If the central bank increases the SRR, the cost of lending will increase. You will notice that BR also increases.

2) The “Spread Rate” above the BR will be determined by the borrower’s credit risk, liquidity, operating cost and profit margin. If the bank’s profit were to increase, the BR would be reduced.

3) Correlation with the OPR. If Bank Negara increases the OPR, the BR will also increase.

BR is a floating rate. That means it could go up or down due to the above reasons.

“The spread is fixed. If we add this two we will get the Effective Lending Rate (ELR). Every bank has a different BR. So, is the BR the determining factor when you choose which bank to take a loan facility from?

“The lowest BR does not necessarily mean the lowest interest rate. It also depends on the spread. BR can be low but the spread can be very high. We have to look at the ELR to determine which package to take


Since 3 of them offer the same rate, pick 1 which you think has the following
1. Convenient in online banking
2. Branches nearby you
3. Charges incurred by the loan facility
4. Flexibility
5. Lock in period
6. Prepayment to your loan
7. Penalties


QUOTE(dragonnite999999 @ Dec 14 2017, 10:28 PM)
Hi Sifu in housing loan,

i received offer from Maybank,

loan amount : Rm90k

interest rate : 4.5%

loan tenure : 15 years

insurance premium : Rm873 cover 90k for 8 years

Is this offer best enough?

And one more thing, when i use the housing loan calculator to calculate, i found out that after finish pay during 15th year, i have paid total interest of Rm33,925. That amount of interest paid is mean a lot to me. Any idea on how to effectively reduce the interest to the most minimum? Let's say reduce to RM10k?

Thanks in advance!!!
*
Seems okay to me for the loan amount that you're applying for.

You may pay extra every month whenever you have extra money to reduce your interest overtime.

The extra payment will help you to reduce your loan tenure because you've incurred less interest by paying more towards your loan principle.

If you pay just minimum installment amount then you'll definitely incur more interest overtime in 15 years.

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