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

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lifebalance
post Jan 17 2019, 10:33 PM

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QUOTE(Agent 45 @ Jan 17 2019, 08:17 PM)
anyone mind to explain how does capping works on fully flexi loan? hlbb fully flexi loan has 70% capping on the principal loan amount, is this capping only applicable for lump sum payment? afaik, for example if loan 300k, pay lump sum more than 210k, the rest of 90k will still need to pay for interest.

if monthly installment is 1400/month, every month i pay 2400, how this 70% capping going to work?
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1400 will still be paid towards your monthly installment and you need to specify the 1k extra is for prepayment towards the principal.

And yes 90k portion will need to serve the interest.

Unless your 1k extra prepayment has exceeded your 210k, the extra payable will no longer reduce any payable interest.

This post has been edited by lifebalance: Jan 17 2019, 10:34 PM
Agent 45
post Jan 18 2019, 09:18 AM

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QUOTE(lifebalance @ Jan 17 2019, 10:33 PM)
1400 will still be paid towards your monthly installment and you need to specify the 1k extra is for prepayment towards the principal.

And yes 90k portion will need to serve the interest.

Unless your 1k extra prepayment has exceeded your 210k, the extra payable will no longer reduce any payable interest.
*
which mean no matter how much extra payment i make, i cannot exceed the 210k limit? if exceeded 210k, any extra payment will still have to pay for interest?

does this mean that loan with no capping is better than loan with capping, if i have the ability to make extra payment every month(if both interest rate is the same)?

This post has been edited by Agent 45: Jan 18 2019, 09:22 AM
lifebalance
post Jan 18 2019, 01:04 PM

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QUOTE(Agent 45 @ Jan 18 2019, 09:18 AM)
which mean no matter how much extra payment i make, i cannot exceed the 210k limit? if exceeded 210k, any extra payment will still have to pay for interest?

does this mean that loan with no capping is better than loan with capping, if i have the ability to make extra payment every month(if both interest rate is the same)?
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Yeap you're right on the no capping
Ekash
post Jan 19 2019, 04:21 PM

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Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.

Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..

If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??

Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??

Comments and inputs are welcomed.. Thx thx

@wild_card_my @lifebalance
wild_card_my
post Jan 20 2019, 01:12 AM

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QUOTE(Ekash @ Jan 19 2019, 04:21 PM)
Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.

Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..

If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??

Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??

Comments and inputs are welcomed.. Thx thx

@wild_card_my @lifebalance
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1. The short answer is yes, you could, provided that the "cash-out" of one of the refinancing could cover the loan balance of the property that you are going to "consolidate" into the one loan account.

2. At 900k? Assume about 2% of the loan amount. To be sure, it is important to run some numbers with the law firm. The professional fees and stamp duty are fixed - for RM900k, they are RM8,692 and RM4,500 respectively. But there are other costs associated with the documents that will be put on you. Don't forget the valuation fees as well

For example:
user posted image

3. The good news is that, the "moving costs" can be financed on top of the 90% margin, making your margin about 92+%. All offers can be reviewed before signing. Most people mistake the "moving costs" financed by the banks as the actual costs, in reality, they are just the max amount to be financed, if the actual amount is lower/higher, the firm(s) may withdraw less from the allocation, or you would have to top up

3. This is a good option actually, which I have covered in some of my articles. Consolidating your mortgages for cash, to settle some other loans including another mortgage to free you from the 90% capping for only the first 2 residential properties.

4. Discharging a property from mortgages always has a cost, be it to discharge so it would be charged to another bank (refinancing) or to fully discharge it as a full-settlement (the one you would pay off in cash), this would be "absorbed" (haha, no free lunch eh?) by the lawyer that will do your refinancing loan agreement (LA)

This post has been edited by wild_card_my: Jan 20 2019, 01:14 AM
lifebalance
post Jan 20 2019, 01:53 AM

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QUOTE(Ekash @ Jan 19 2019, 04:21 PM)
Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.

Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..

If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??

Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??

Comments and inputs are welcomed.. Thx thx

@wild_card_my @lifebalance
*
You can combine them into 1 housing loan

in order to do so, 1 of your property must have enough appreciation in value to cash out enough to pay off the other property outstanding amount.

Example if your 600k property is worth 1.5m now, then you can cash out additional 300k to settle off the 300k outstanding house and lump it into 1 home loan.

In terms of refinancing a 900k loan, it's estimated roughly 22.5k


if it's after the lock in period, you will not incur any penalty if you choose to refinance.
Ekash
post Jan 20 2019, 03:10 PM

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QUOTE(wild_card_my @ Jan 20 2019, 01:12 AM)
1. The short answer is yes, you could, provided that the "cash-out" of one of the refinancing could cover the loan balance of the property that you are going to "consolidate" into the one loan account.

2. At 900k? Assume about 2% of the loan amount. To be sure, it is important to run some numbers with the law firm. The professional fees and stamp duty are fixed - for RM900k, they are RM8,692 and RM4,500 respectively. But there are other costs associated with the documents that will be put on you. Don't forget the valuation fees as well

For example:
user posted image

3. The good news is that, the "moving costs" can be financed on top of the 90% margin, making your margin about 92+%. All offers can be reviewed before signing. Most people mistake the "moving costs" financed by the banks as the actual costs, in reality, they are just the max amount to be financed, if the actual amount is lower/higher, the firm(s) may withdraw less from the allocation, or you would have to top up

3. This is a good option actually, which I have covered in some of my articles. Consolidating your mortgages for cash, to settle some other loans including another mortgage to free you from the 90% capping for only the first 2 residential properties.

4. Discharging a property from mortgages always has a cost, be it to discharge so it would be charged to another bank (refinancing) or to fully discharge it as a full-settlement (the one you would pay off in cash), this would be "absorbed" (haha, no free lunch eh?) by the lawyer that will do your refinancing loan agreement (LA)
*
QUOTE(lifebalance @ Jan 20 2019, 01:53 AM)
You can combine them into 1 housing loan

in order to do so, 1 of your property must have enough appreciation in value to cash out enough to pay off the other property outstanding amount.

Example if your 600k property is worth 1.5m now, then you can cash out additional 300k to settle off the 300k outstanding house and lump it into 1 home loan.

In terms of refinancing a 900k loan, it's estimated roughly 22.5k
if it's after the lock in period, you will not incur any penalty if you choose to refinance.
*
From the reply, if the 600k property cant fetch up to 900k now, then I cant really consolidate them together?? Can the loan be based on 2 diff property???
lifebalance
post Jan 20 2019, 04:38 PM

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QUOTE(Ekash @ Jan 20 2019, 03:10 PM)
From the reply, if the 600k property cant fetch up to 900k now, then I cant really consolidate them together?? Can the loan be based on 2 diff property???
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What do you mean by 2 diff property ?
wild_card_my
post Jan 21 2019, 10:31 AM

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QUOTE(Ekash @ Jan 20 2019, 03:10 PM)
From the reply, if the 600k property cant fetch up to 900k now, then I cant really consolidate them together?? Can the loan be based on 2 diff property???
*
Basically what you would want is to have one of the properties to have appreciated in value enough that the cash-out portion of the loan would be able to cover the outstanding balance of the other property, that is to completely settle the loan on the other property.
KTCY
post Jan 21 2019, 01:15 PM

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Got my loan approved from MBB. 4.4%
Is this good rate ?
lifebalance
post Jan 21 2019, 02:20 PM

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QUOTE(KTCY @ Jan 21 2019, 01:15 PM)
Got my loan approved from MBB. 4.4%
Is this good rate ?
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Good enough
hyperzz
post Jan 21 2019, 07:01 PM

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Hello,

What is the total cost of property discharge/reassignment, after full loan settlement ?

1) lawyer charges
2) government charges
3) bank charges

Thanks

Agent 45
post Jan 22 2019, 09:03 PM

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I got a loan offer from mbb, but it doesnt state what types of loan that they offer in the offer letter, for example there are different types of loan offered by mbb such as maxihome, maxihome flexi loan and etc. Should I or can i ask the banker to state their offer in the offer letter?

I read through the offer letter on terms and conditions but there is no clause stating on excess payment and how it is going to reduce the principal and save interest. Should I or can I ask the banker to put in this clause?




lifebalance
post Jan 22 2019, 09:28 PM

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QUOTE(Agent 45 @ Jan 22 2019, 09:03 PM)
I got a loan offer from mbb, but it doesnt state what types of loan that they offer in the offer letter, for example there are different types of loan offered by mbb such as maxihome, maxihome flexi loan and etc. Should I or can i ask the banker to state their offer in the offer letter?

I read through the offer letter on terms and conditions but there is no clause stating on excess payment and how it is going to reduce the principal and save interest. Should I or can I ask the banker to put in this clause?
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Get your banker to explain to you
Agent 45
post Jan 23 2019, 09:09 AM

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QUOTE(lifebalance @ Jan 22 2019, 09:28 PM)
Get your banker to explain to you
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already ask him, what i think is to put it down in black and white instead of verbal explanation, should be more secure? but he told me not everything is clearly stated in offer letter and cannot change the format of offer letter.
lifebalance
post Jan 23 2019, 10:03 AM

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QUOTE(Agent 45 @ Jan 23 2019, 09:09 AM)
already ask him, what i think is to put it down in black and white instead of verbal explanation, should be more secure? but he told me not everything is clearly stated in offer letter and cannot change the format of offer letter.
*
Yes, the LO is a fixed template, there is no other black and white beside the LO at this point of time, if you still insist, then I recommend you to take up other bank loans
Ash1988
post Jan 23 2019, 10:41 PM

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When the bank calculates DSR, let say the PL is going to matured in 2020 and the completion of project 2021, assuming mortgage loan start in that period.
Do they take consideration of the PL into DSR.

This post has been edited by Ash1988: Jan 23 2019, 10:46 PM
lifebalance
post Jan 23 2019, 11:05 PM

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QUOTE(Ash1988 @ Jan 23 2019, 10:41 PM)
When the bank calculates DSR, let say the PL is going to matured in 2020 and the completion of project 2021, assuming mortgage loan start in that period.
Do they take consideration of the PL into DSR.
*
can you explain what is PL ?
Ash1988
post Jan 23 2019, 11:06 PM

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QUOTE(lifebalance @ Jan 23 2019, 11:05 PM)
can you explain what is PL ?
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Personal Loan
lifebalance
post Jan 24 2019, 09:26 AM

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QUOTE(Ash1988 @ Jan 23 2019, 11:06 PM)
Personal Loan
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bank will not the consider PL once it matures (if that's what you meant by fully paid off)

QUOTE(Paul Atreides @ Jan 24 2019, 02:05 AM)
hi all.

i applied with the bank to pay off one of my property outstanding amount. they told me to get a lawyer to carry this out.

can i just pay off the final amount without a lawyer?

thanks
*
well if you know how to do all the legal work, you don't need a lawyer

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