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

Togepy
post Jan 4 2018, 05:53 AM

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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?
lifebalance
post Jan 4 2018, 08:47 AM

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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?
*
You got the original post?

What issue did you read about?
Togepy
post Jan 4 2018, 09:19 AM

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QUOTE(lifebalance @ Jan 4 2018, 08:47 AM)
You got the original post?

What issue did you read about?
*
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.
lifebalance
post Jan 4 2018, 10:18 AM

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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.
*
No, there won't be an issue, because EPF will directly bank in the money in to your savings account which you can either use it to pay off the loan, but the cap is no more than 20% of the SPA price.
Togepy
post Jan 4 2018, 11:54 AM

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QUOTE(lifebalance @ Jan 4 2018, 10:18 AM)
No, there won't be an issue, because EPF will directly bank in the money in to your savings account which you can either use it to pay off the loan, but the cap is no more than 20% of the SPA price.
*
ok noted, thanks
ngph988
post Jan 4 2018, 02:24 PM

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QUOTE(orly? @ Jan 3 2018, 05:59 PM)
Thanks all for the comments.
Any advice on which option is better? 4.22 with 25 years mrta or 4.25 without mrta? Likely that I will be getting a new property after 5-10 years and possibly selling this too.
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Of course without MRTA, if you have sufficient life insurance. The MRTA cost will be incurred in your monthly installment.

QUOTE(LamboSama @ Jan 3 2018, 06:09 PM)
do you mind sharing which bank is this?
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PBB. Maybank also offering such rate but terms and conditions applied.

QUOTE(LamboSama @ Jan 3 2018, 07:04 PM)
Thank you for your reply.
Is it recommended to apply from a branch or directly from HQ?
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PBB branch manager has empowerment to approve loan amount less than 300k. Any amount exceeded 300k shall revert to HQ for credit assessment with branch manager recommendation.

QUOTE(valve @ Jan 3 2018, 11:13 PM)
Just to check on the MRTT's concept. I joint loan with my wife, both covered 100% according to MRTT's offer letter but the tenure is different. I am having 30 years tenure while my wife only 28 years tenure. What would happen if one of us passed away/disable ? Need to continue run the loan or all covered ? What's the different on another 2 years tenure that different with mine ?
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QUOTE(valve @ Jan 3 2018, 11:18 PM)
So meaning that, need to continue pay another 2 years for full installment since the tenure of the loan is 30 years ? When it will be activated ?
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MRTT shall pay out death benefit/sum assured should life assured passed away or in total permanent disabilities (TPD). Any shortfall from bank outstanding family member will need to bear with it.

MRTT's sum assured/death benefit will reduce significantly, especially near to end of loan tenure. You may request MRTT insurance company provide you policy and enclose quotation for your review.

If you are worry about the shortfall, you compensate it with your personal life insurance.
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.

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