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

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tzeyong
post Oct 19 2018, 10:41 AM

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hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ?
deadman8836
post Oct 19 2018, 11:46 AM

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QUOTE(deadman8836 @ Oct 9 2018, 12:09 PM)
hello Masters. I got an offer by CIMB for a 90% housing loan and they offer me:

Semi Flexi: Interest Rate 4.55%
Full Flexi: Interest Rate 4.65%

Is the interest rate good enough? I am still torn on which one is better hence I hope to get some guidance and insight from all the masters here.

I am still waiting for Maybank (renewing EF with developer) and RHB bank.
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Hello all masters,

I finally managed to get hold of all the information needed:

CIMB Full Flexi: Interest rate 4.65% (4.15 + 0.50) with GMTA of RM10k for 11 years
RHB Full Flexi: Interest rate 4.45% (3.90 + 0.55) with GCLTA of RM18k for 20 years.
Maybank: Interest rate 4.45 (3.25 + 1.20)

Which one will be a better choice? I am quite confused here so I will really appreciate inputs from you guys.

This post has been edited by deadman8836: Oct 19 2018, 11:47 AM
ngph988
post Oct 19 2018, 11:47 AM

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QUOTE(tzeyong @ Oct 19 2018, 10:41 AM)
hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ?
*
It really depends on your personal financial planning. Upon settlement of your housing loan, you also need to allocate a portion of budget to conduct MOT from bank's name to your beneficiary's name should you kick the bucket.

Usually bank's MRTA is on reducing term hence it's not sufficient to transfer the ownership.
lifebalance
post Oct 19 2018, 11:49 AM

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QUOTE(tzeyong @ Oct 19 2018, 10:41 AM)
hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ?
*
Just enough for the property, but you can choose to cover more which is up to you to decide.

Whether it's with the bank or personal it's up to individual preference. I'd stick to my personal insurance.

QUOTE(deadman8836 @ Oct 19 2018, 11:46 AM)
Hello all masters,

I finally managed to get hold of all the information needed:

CIMB Full Flexi: Interest rate 4.65% (4.15 + 0.50) with GMTA of RM10k for 11 years
RHB Full Flexi: Interest rate 4.45% (3.90 + 0.55) with GCLTA of RM18k for 20 years.
Maybank: Interest rate 4.45 (3.25 + 1.20)

Which one will be a better choice? I am quite confused here so I will really appreciate inputs from you guys.
*
Either RHB or MBB is good
deadman8836
post Oct 19 2018, 11:52 AM

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QUOTE(lifebalance @ Oct 19 2018, 11:49 AM)

Either RHB or MBB is good
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Hello bro, thank you so much for your reply. But what is the difference between the two interest rate offered? What should be my key in decision making? Sorry, I am new to this.
lifebalance
post Oct 19 2018, 11:53 AM

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QUOTE(deadman8836 @ Oct 19 2018, 11:52 AM)
Hello bro, thank you so much for your reply. But what is the difference between the two interest rate offered? What should be my key in decision making? Sorry, I am new to this.
*
It still adds up to 4.45% so it's no difference in making your decision.
tzeyong
post Oct 19 2018, 12:36 PM

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[quote=lifebalance,Oct 19 2018, 11:49 AM]
Just enough for the property, but you can choose to cover more which is up to you to decide.

but in my case..mlta coverage 250k interest rate is gonna be 4.8% , but coverage 500k interest rate will be 4.47 %.
i really have no idea to decide..
tzeyong
post Oct 19 2018, 12:36 PM

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QUOTE(lifebalance @ Oct 19 2018, 11:49 AM)
Just enough for the property, but you can choose to cover more which is up to you to decide.

Whether it's with the bank or personal it's up to individual preference. I'd stick to my personal insurance.
Either RHB or MBB is good
*
but in my case..mlta coverage 250k interest rate is gonna be 4.8% , but coverage 500k interest rate will be 4.47 %.
i really have no idea to decide..
lifebalance
post Oct 19 2018, 12:37 PM

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QUOTE(tzeyong @ Oct 19 2018, 12:36 PM)
but in my case..mlta coverage 250k interest rate is gonna be 4.8% , but coverage 500k interest rate will be 4.47 %.
i really have no idea to decide..
*
Then get 500k coverage since you'll save 0.33% interest rate
helo
post Oct 20 2018, 12:52 AM

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rhb full flexi vs maybank semi flexi (islamic)

both same interest rate 4.45%, both same no monthly fees.

with the same amount of monthly installment, rhb offer 200k of a joint name mlta coverage, while maybank only single name mrta of coverage upto 368k.

maybank claimed they have lower base rate and a higher spread of 1.2% as compared to rhb 0.8%, so they will reduce my inetrest rate later upon request. maybank claimed rhb cant reduce the ineterest rate further upon request later.
is this true?

which one should i choose?
Dondake
post Oct 20 2018, 10:59 AM

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Hi Sifus,

Just asking for some advise as I am buying my first house.
I got offer from public bank
1st to 12th Month 3.77% + 0.58%
13th to 402th Month 3.77% + 0.70%

Is it a good rates for 35 years?

Btw my house is still under construction, and expect to complete by another 1.5 years. Hence, should I just pay the full amount for that periods or it's better to paying the interest only for the time being?

Thank you.
lifebalance
post Oct 20 2018, 11:03 AM

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QUOTE(helo @ Oct 20 2018, 12:52 AM)
rhb full flexi vs maybank semi flexi (islamic)

both same interest rate 4.45%, both same no monthly fees.

with the same amount of monthly installment, rhb offer 200k of a joint name mlta coverage, while maybank only single name mrta of coverage upto 368k.

maybank claimed they have lower base rate and a higher spread of 1.2% as compared to rhb 0.8%, so they will reduce my inetrest rate later upon request. maybank claimed rhb cant reduce the ineterest rate further upon request later.
is this true?

which one should i choose?
*
Both also okay.

QUOTE(Dondake @ Oct 20 2018, 10:59 AM)
Hi Sifus,

Just asking for some advise as I am buying my first house.
I got offer from public bank
1st to 12th Month 3.77% + 0.58%
13th to 402th Month 3.77% + 0.70%

Is it a good rates for 35 years?

Btw my house is still under construction, and expect to complete by another 1.5 years. Hence, should I just pay the full amount for that periods or it's better to paying the interest only for the time being?

Thank you.
*
yes it's a good rate already. If you got the extra money then pay extra to reduce the interest incurred.
helo
post Oct 20 2018, 02:37 PM

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Thankz, so what the Maybank claims is not that true?
lifebalance
post Oct 20 2018, 04:19 PM

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QUOTE(helo @ Oct 20 2018, 02:37 PM)
Thankz, so what the Maybank claims is not that true?
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Not true.
helo
post Oct 20 2018, 07:12 PM

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How does high base rate affect us in the later stage of loan? Or no effect at all?
Rhb3.9
Maybank 3.25
But lastly the effective rate is the same 4.45%

Thankz to all sifus for ur patience

This post has been edited by helo: Oct 20 2018, 07:13 PM
gshock_kaki
post Oct 21 2018, 01:36 AM

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QUOTE(helo @ Oct 20 2018, 07:12 PM)
How does high base rate affect us in the later stage of loan? Or no effect at all?
Rhb3.9
Maybank 3.25
But lastly the effective rate is the same 4.45%

Thankz to all sifus for ur patience
*
what’s the package 1st? usually banks will compete to make all the ELR same, so, base rate doesn’t mean anything but i personally prefer lower bank rate if package is similar (coz my mind keep telling me high base rate can’t go any higher.. haha.. probably kena brain wash d)
zfc
post Oct 21 2018, 08:12 AM

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If I'm buying a property for investment and plan to sell it within 10 years, should I get MRTA or MLTA? I'm confused with these articles:

https://uliasset.com/interesting-facts-mrta...know-buy-house/
It mentioned "If you plan to buy a house for investment or “flipping”, taking up a short-term MRTA can save you a lot of cost."

But another article:
https://www.iproperty.com.my/guides/which-m...k-mrta-or-mlta/
It mention under MLTA, "If you intend to keep the property for the short term or use it for investment, then it is the best policy as it is easily transferable".
After that under tips and tricks it mentioned "If you plan to sell the property within a few years, do not purchase a mortgage insurance."

So which option should I go? MRTA, MLTA or none?
lifebalance
post Oct 22 2018, 09:51 AM

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QUOTE(zfc @ Oct 21 2018, 08:12 AM)
If I'm buying a property for investment and plan to sell it within 10 years, should I get MRTA or MLTA? I'm confused with these articles:

https://uliasset.com/interesting-facts-mrta...know-buy-house/
It mentioned "If you plan to buy a house for investment or “flipping”, taking up a short-term MRTA can save you a lot of cost."

But another article:
https://www.iproperty.com.my/guides/which-m...k-mrta-or-mlta/
It mention under MLTA, "If you intend to keep the property for the short term or use it for investment, then it is the best policy as it is easily transferable".
After that under tips and tricks it mentioned "If you plan to sell the property within a few years, do not purchase a mortgage insurance."

So which option should I go? MRTA, MLTA or none?
*
MLTA over the long term is cheaper than MRTA. If just for short term <5 years and you got no more plans to take up further loans thereafter, then MRTA
zfc
post Oct 22 2018, 11:25 AM

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QUOTE(lifebalance @ Oct 22 2018, 09:51 AM)
MLTA over the long term is cheaper than MRTA. If just for short term <5 years and you got no more plans to take up further loans thereafter, then MRTA
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I thought MLTA is more expensive over the long term? Referring to this article.
https://www.imoney.my/articles/mrta-vs-mlta-need
lifebalance
post Oct 22 2018, 02:48 PM

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QUOTE(zfc @ Oct 22 2018, 11:25 AM)
I thought MLTA is more expensive over the long term? Referring to this article.
https://www.imoney.my/articles/mrta-vs-mlta-need
*
cost is brought down with the cash value over the long run

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