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

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ngph988
post Jan 4 2018, 02:33 PM

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QUOTE(Togepy @ Jan 4 2018, 05:53 AM)
Hi, i read somewhere in the forum that some forummer mention about mortgage loan which consist of od facility might have issue with epf withdrawal, is it true?
*
QUOTE(Togepy @ Jan 4 2018, 09:19 AM)
They did not mention what issue, i think its because epf might think that it is not a normal mortgage loan and we are abusing it to withdraw epf. So just checking whether anyone else heard about it or not.
*
QUOTE(Togepy @ Jan 4 2018, 11:54 AM)
ok noted, thanks
*
EPF can't be withdraw if one has taken OD facility. Please refer to link below under terms of withdrawal, item 7

EPF Act

I wonder why an insurance agent mentioned no issue to withdraw. Get the facts right before conclude it.
lifebalance
post Jan 4 2018, 03:19 PM

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QUOTE(ngph988 @ Jan 4 2018, 02:33 PM)
EPF can't be withdraw if one has taken OD facility. Please refer to link below under terms of withdrawal, item 7

EPF Act

I wonder why an insurance agent mentioned no issue to withdraw. Get the facts right before conclude it.
*
Hi Great Eastern Insurance agent CONsultant, you should get your facts right on what kind of loan facility it is, there is no specific information mention that this person applied a pure OD facility, not did the person mention it was for new purchase or monthly withdrawal,before vomiting spam in here. icon_rolleyes.gif

This post has been edited by lifebalance: Jan 4 2018, 03:49 PM
it_muse
post Jan 5 2018, 05:30 PM

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Hi guys

Like to ask ur opinion...
2 banks given quote same ELR
1. 3.85 BR + 0.55 SR
2. 3.65 BR + 0.75 SR
Which one is better? and how should i compare them?
lifebalance
post Jan 5 2018, 05:41 PM

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QUOTE(it_muse @ Jan 5 2018, 05:30 PM)
Hi guys

Like to ask ur opinion...
2 banks given quote same ELR
1. 3.85 BR + 0.55 SR
2. 3.65 BR + 0.75 SR
Which one is better? and how should i compare them?
*
If both are the same, you could compare the following:

1. Lock in period
2. Service charges
3. Facility (Semi or Full Flexi)
4. Charges per withdrawal or to maintain the account
5. Prepayment (whether you're allowed to pay additional to offset the principle)
6. Penalty for late repayment
7. Interest rates
8. Online banking
9. Availability of nearby branches
10. Customer service
11. Overall loan package.


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

it_muse
post Jan 5 2018, 05:50 PM

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QUOTE(lifebalance @ Jan 5 2018, 05:41 PM)
If both are the same, you could compare the following:

1. Lock in period
2. Service charges
3. Facility (Semi or Full Flexi)
4. Charges per withdrawal or to maintain the account
5. Prepayment (whether you're allowed to pay additional to offset the principle)
6. Penalty for late repayment
7. Interest rates
8. Online banking
9. Availability of nearby branches
10. Customer service
11. Overall loan package.
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
*
Thanks a lot for your feedback thumbup.gif
I need to do my homework now, comparing all the list you mention icon_idea.gif
kiwiguy
post Jan 5 2018, 07:01 PM

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Hi All, I was informed that banks have quota loan for every projects. is it true? means that if the quota is full, my loan won't be approved if i apply with the bank? tq
lifebalance
post Jan 5 2018, 07:06 PM

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QUOTE(kiwiguy @ Jan 5 2018, 07:01 PM)
Hi All, I was informed that banks have quota loan for every projects. is it true? means that if the quota is full, my loan won't be approved if i apply with the bank? tq
*
Yes there will be a fixed quota. If it's full then look for another bank which still has quota
kiwiguy
post Jan 5 2018, 07:17 PM

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QUOTE(lifebalance @ Jan 5 2018, 07:06 PM)
Yes there will be a fixed quota. If it's full then look for another bank which still has quota
*
ohh i see. how can I check on this?
lifebalance
post Jan 5 2018, 07:25 PM

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QUOTE(kiwiguy @ Jan 5 2018, 07:17 PM)
ohh i see. how can I check on this?
*
You can ask the developer or the bank will tell you when you approach them
kiwiguy
post Jan 5 2018, 09:56 PM

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QUOTE(lifebalance @ Jan 5 2018, 07:25 PM)
You can ask the developer or the bank will tell you when you approach them
*
thanks for your feedback.
i was given a list of financier from developer.
the list include the contact no. of team lead/sales manager and their team member. should i apply right to the manager or just to one of the team members?
lifebalance
post Jan 5 2018, 10:15 PM

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QUOTE(kiwiguy @ Jan 5 2018, 09:56 PM)
thanks for your feedback.
i was given a list of financier from developer.
the list include the contact no. of team lead/sales manager and their team member. should i apply right to the manager or just to one of the team members?
*
Either is fine
pentel
post Jan 7 2018, 11:24 AM

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For CIMB HomeFlexi Smart, if i want to prepay, do i need to walk in to the branch or can do via online banking?

Loan officer told me can do via online banking but when i called customer support, they told me need to go branch.

Would anyone happen to know?
ngph988
post Jan 7 2018, 12:44 PM

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QUOTE(it_muse @ Jan 5 2018, 05:30 PM)
Hi guys

Like to ask ur opinion...
2 banks given quote same ELR
1. 3.85 BR + 0.55 SR
2. 3.65 BR + 0.75 SR
Which one is better? and how should i compare them?
*
QUOTE(it_muse @ Jan 5 2018, 05:50 PM)
Thanks a lot for your feedback  thumbup.gif
I need to do my homework now, comparing all the list you mention  icon_idea.gif
*
Always look for lowest Effective Rate since these are floating rates. We would know when the rate will be officially increase the rate hence enjoy the rate while it lasts.

Aside for that there are couple of things you will need to look into

1) Loan amount
2) Total Margin (any fees/MRTA finance by the bank)
3) Loan tenure
4) Lock in period
5) Semi Flex/Full Flexi/Islamic
6) Cancellation fees (MBB and HLB do impose cancellation fee)
7) Redraw Facility
8) Redraw charges
9) Misc Fees
10) Prepayment/Capital repayment
11) Late charges (PBB will adjust rate to 6.XX% if you miss 1 month payment on housing loan)
12) General Terms & Conditions
13) Online banking
14) Distance to nearest branch
15) Banking expierence
16) Professionalism of mortgage officer


QUOTE(kiwiguy @ Jan 5 2018, 07:01 PM)
Hi All, I was informed that banks have quota loan for every projects. is it true? means that if the quota is full, my loan won't be approved if i apply with the bank? tq
*
QUOTE(kiwiguy @ Jan 5 2018, 07:17 PM)
ohh i see. how can I check on this?
*
QUOTE(kiwiguy @ Jan 5 2018, 09:56 PM)
thanks for your feedback.
i was given a list of financier from developer.
the list include the contact no. of team lead/sales manager and their team member. should i apply right to the manager or just to one of the team members?
*
There will be a listing of panel banks from developer. You may refer to sales agent. Should one bank quota full, their End Financing (EF) team will request HQ to increase quota, subject to approval. This may take time to process.

However, always feel free to compare among the banks since rates are quite competitive nowadays.

You may look after mortgage officer recommended by sales agent or your own banker, either way
lifebalance
post Jan 7 2018, 01:21 PM

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QUOTE(pentel @ Jan 7 2018, 11:24 AM)
For CIMB HomeFlexi Smart, if i want to prepay, do i need to walk in to the branch or can do via online banking?

Loan officer told me can do via online banking but when i called customer support, they told me need to go branch.

Would anyone happen to know?
*
If it's a semi flexi then you'll need to walk in to the branch to make the prepayment

If it's a full flexi loans tied to the current account then just bank into your current account for any excess.
hihihehe
post Jan 7 2018, 06:49 PM

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QUOTE(kiwiguy @ Jan 5 2018, 07:01 PM)
Hi All, I was informed that banks have quota loan for every projects. is it true? means that if the quota is full, my loan won't be approved if i apply with the bank? tq
*
Yes and no.

You still can ask the panel try to allocate extra quota for you.

Been there done that
ngph988
post Jan 8 2018, 12:06 AM

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QUOTE(pentel @ Jan 7 2018, 11:24 AM)
For CIMB HomeFlexi Smart, if i want to prepay, do i need to walk in to the branch or can do via online banking?

Loan officer told me can do via online banking but when i called customer support, they told me need to go branch.

Would anyone happen to know?
*
For time being, semi flexi account holder need to inform customer service upon allocate your extra money to deduct interests.

They will have CIMB clicks to transfer money without notifying customer service in future. Stay tune thumbsup.gif
lifebalance
post Jan 8 2018, 08:10 AM

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QUOTE(hihihehe @ Jan 7 2018, 06:49 PM)
Yes and no.

You still can ask the panel try to allocate extra quota for you.

Been there done that
*
Extra quota is upon request and subject to approval for any extra allotment. Not always 100% will get extra quota
1282009
post Jan 8 2018, 07:49 PM

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QUOTE(ngph988 @ Jan 7 2018, 12:44 PM)
Always look for lowest Effective Rate since these are floating rates. We would know when the rate will be officially increase the rate hence enjoy the rate while it lasts.

Aside for that there are couple of things you will need to look into

1) Loan amount
2) Total Margin (any fees/MRTA finance by the bank)
3) Loan tenure
4) Lock in period
5) Semi Flex/Full Flexi/Islamic
6) Cancellation fees (MBB and HLB do impose cancellation fee)
7) Redraw Facility
8) Redraw charges
9) Misc Fees
10) Prepayment/Capital repayment
11) Late charges (PBB will adjust rate to 6.XX% if you miss 1 month payment on housing loan)
12) General Terms & Conditions
13) Online banking
14) Distance to nearest branch
15) Banking expierence
16) Professionalism of mortgage officer
There will be a listing of panel banks from developer. You may refer to sales agent. Should one bank quota full, their End Financing (EF) team will request HQ to increase quota, subject to approval. This may take time to process.

However, always feel free to compare among the banks since rates are quite competitive nowadays.

You may look after mortgage officer recommended by sales agent or your own banker, either way
*
Very good questions u have posted. I got a loan offer below.

Bank A:
BR 3.0 + 1.25 = 4.25% (without MRTA)
Lock in period from VP = 3 yrs (2% penalty)
semi flexi, withdrawal charges rm25 per transaction
Late charges by a month = interest increase by 1% (after 6 months can appeal if record is good)
Easy to find branches
Pleasant experience with bank (salary credited to this bank)

Bank B:
BR 3.9 + 0.4 = 4.30% (without MRTA)
semi flexi, withdrawal charges rm10 per transaction
No past experience with this bank

What makes me confused is that banker B told me that since bank A has low BR, very likely they
will increase their BR faster and higher than bank B since bank B already has high BR of 3.9.
Is this at all valid? Which bank will u choose?





Aeon89
post Jan 8 2018, 07:58 PM

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Question

I am interested in a house in KL,

Can i apply housing loan in Penang for the house in KL?

Noob here

Note its a sub sale unit

This post has been edited by Aeon89: Jan 8 2018, 07:59 PM
lifebalance
post Jan 8 2018, 08:15 PM

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QUOTE(1282009 @ Jan 8 2018, 07:49 PM)
Very good questions u have posted. I got a loan offer below.

Bank A:
BR 3.0 + 1.25 = 4.25% (without MRTA)
Lock in period from VP = 3 yrs (2% penalty)
semi flexi, withdrawal charges rm25 per transaction
Late charges by a month = interest increase by 1% (after 6 months can appeal if record is good)
Easy to find branches
Pleasant experience with bank (salary credited to this bank)

Bank B:
BR 3.9 + 0.4 = 4.30% (without MRTA)
semi flexi, withdrawal charges rm10 per transaction
No past experience with this bank

What makes me confused is that banker B told me that since bank A has low BR, very likely they
will increase their BR faster and higher than bank B since bank B already has high BR of 3.9.
Is this at all valid? Which bank will u choose?
*
No, it will not make sense.

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

Go for 4.25%

QUOTE(Aeon89 @ Jan 8 2018, 07:58 PM)
Question

I am interested in a house in KL,

Can i apply housing loan in Penang for the house in KL?

Noob here

Note its a sub sale unit
*
Should be okay depending on the policy of the bank, some banks will ask you to pass the case to KL branch instead.

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