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

lifebalance
post Feb 11 2019, 10:15 PM

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QUOTE(azhan82 @ Feb 11 2019, 08:14 PM)
Quick question:
Is it true, that when selling a house, you dont really need a lawyer?
Especially if the buyer's lawyer already drafted the S&P.

Only once the purchase confirmed the mortgage, then you will require to hire one to handle the memorandum of transfer?
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You still need lawyer to represent you to make sure your interest is protected while negotiating for the S&P

QUOTE(lobsterman @ Feb 11 2019, 09:20 PM)
hi, currently i got a full flexi loan with cimb with the rate of 4.7%. every month being charge rm 10 for he current account maintenance. should i looking for other loan that possible giving me more lower interest rate and better condition?

saw the advertisement of pbb ABBA islamic offering 4.35 % any 1 apply on it?
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This rate is only for new purchase, not for refinancing.

Lowest so far for refinancing is 4.4% depending on your profile and loan amount.

QUOTE(kyoazizi @ Feb 11 2019, 09:53 PM)
Anyone on RHB Islamic Full Flexi housing loan?
Do they have monthly fee rm10 for acc maint?
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Undercon or completed?
kyoazizi
post Feb 11 2019, 10:38 PM

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QUOTE(lifebalance @ Feb 11 2019, 10:15 PM)

Undercon or completed?
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Undercon.
lobsterman
post Feb 12 2019, 09:31 AM

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QUOTE(lifebalance @ Feb 11 2019, 10:15 PM)
You still need lawyer to represent you to make sure your interest is protected while negotiating for the S&P
This rate is only for new purchase, not for refinancing.

Lowest so far for refinancing is 4.4% depending on your profile and loan amount.
Undercon or completed?
*
hi thanks for reply, in my case is rm 450k loan. what is the entry fees for lowest interest rate flexi package like? do they charge rm 10 for current acc maintenance monthly? its refinancing loan. the prev loan is sign on 2012 and start pay installment from 2016.

This post has been edited by lobsterman: Feb 12 2019, 09:33 AM
lifebalance
post Feb 12 2019, 10:04 AM

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QUOTE(kyoazizi @ Feb 11 2019, 10:38 PM)
Undercon.
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ya got monthly RM10 charges

QUOTE(lobsterman @ Feb 12 2019, 09:31 AM)
hi thanks for reply, in my case is rm 450k loan. what is the entry fees for lowest interest rate flexi package like? do they charge rm 10 for current acc maintenance monthly? its refinancing loan. the prev loan is sign on 2012 and start pay installment from 2016.
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looking at 4.4 - 4.6%, that also depends if u want semi or full flexi loan faciltiy.

Semi Flexi
- Normally comes with withdrawal fee
- No need to maintain current account
- Will need to wait longer for your money to return back to your savings account
- No monthly fees
- Usually recommended for people who are not business owner 

Full Flexi
- Normally doesn't come with withdrawal fees
- Need to maintain current caccount
- Don't need to wait for your money to go back to your current account to make withdrawal
- Monthly fee to maintain your current account
- Usually recommended for people who runs a business as money comes in from businesses, it will save interest on the daily rest. And the business owner can use that money again a few days or weeks later for his business.

plurbuddyskuppy
post Feb 12 2019, 10:06 AM

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Just to share, I just received call from MBB-i, i got rate 4.47. At first, they offer me 4.5 then I request for negotiation with banker, after a week, the inform the new rate.

I am happy. Eventho only reduce 0.03 from early offer, it affected big amount for 35 years loan.

btw, its my first home.
winter01942
post Feb 12 2019, 11:38 PM

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QUOTE(plurbuddyskuppy @ Feb 12 2019, 10:06 AM)
Just to share, I just received call from MBB-i, i got rate 4.47. At first, they offer me 4.5 then I request for negotiation with banker, after a week, the inform the new rate.

I am happy. Eventho only reduce 0.03 from early offer, it affected big amount for 35 years loan.

btw, its my first home.
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care to share the loan amount?


plurbuddyskuppy
post Feb 13 2019, 03:27 PM

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QUOTE(winter01942 @ Feb 12 2019, 11:38 PM)
care to share the loan amount?
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430k++ included MRTT
chidori
post Feb 14 2019, 11:17 AM

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Dear sifus, I have a question:

Full Flexi loan
35 years: example rm1000 monthly
20 years: example rm1500 monthly

If I go for 35 years and pay rm1500 monthly, the loan will also finish at 20 years?
Is there any advantage or savings if take shorter loan period?


lifebalance
post Feb 14 2019, 11:21 AM

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QUOTE(chidori @ Feb 14 2019, 11:17 AM)
Dear sifus, I have a question:

Full Flexi loan
35 years: example rm1000 monthly
20 years: example rm1500 monthly

If I go for 35 years and pay rm1500 monthly, the loan will also finish at 20 years?
Is there any advantage or savings if take shorter loan period?
*
yes you're right but the calculation won't be so linear la. But for sake of simplicity, the answer is yes.

There is really no advantage or savings taking a shorter loan period other than you pay a higher installment and incur lower interest.

With the flexibility to deposit money nowadays to reduce on the interest on your housing loan, there is no necessity to take a shorter loan period to get any extra advantage compared to a longer tenure.

With a longer tenure, you can get a lower installment which can help you reduce your overall DSR to take another future loan.
chidori
post Feb 14 2019, 12:35 PM

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QUOTE(lifebalance @ Feb 14 2019, 11:21 AM)
yes you're right but the calculation won't be so linear la. But for sake of simplicity, the answer is yes.

There is really no advantage or savings taking a shorter loan period other than you pay a higher installment and incur lower interest.

With the flexibility to deposit money nowadays to reduce on the interest on your housing loan, there is no necessity to take a shorter loan period to get any extra advantage compared to a longer tenure.

With a longer tenure, you can get a lower installment which can help you reduce your overall DSR to take another future loan.
*
Thank you very much for your kind reply.
I will proceed for longer period : )

By the way, I talked with maybank mortgage, they explain to me that with their full flexi loan, the monthly commitment will be recalculated quarterly and reflected in next quarter (meaning 6 monts).
This means that the monthly commitment will be reduced if we put in additonal funds and the tenure will be remain at original loan agreement... not sure if this will affect the total interest and how does other bank loan works.
lifebalance
post Feb 14 2019, 03:42 PM

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QUOTE(chidori @ Feb 14 2019, 12:35 PM)
Thank you very much for your kind reply.
I will proceed for longer period : )

By the way, I talked with maybank mortgage, they explain to me that with their full flexi loan, the monthly commitment will be recalculated quarterly and reflected in next quarter (meaning 6 monts).
This means that the monthly commitment will be reduced if we put in additonal funds and the tenure will be remain at original loan agreement... not sure if this will affect the total interest and how does other bank loan works.
*
yeah because MBB facility offered is an OD facility, the calculation works back to the same
chidori
post Feb 14 2019, 10:37 PM

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QUOTE(lifebalance @ Feb 14 2019, 03:42 PM)
yeah because MBB facility offered is an OD facility, the calculation works back to the same
*
I see... Thanks again!

Now the next steps is to learn about MRTA, legal fees and property valuation fees...

Is there any good website to estimate legal fees (subsale house)?

It tried 2 online legal fees calculator and have difference ~15%
Hmm....
lifebalance
post Feb 15 2019, 11:11 AM

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QUOTE(chidori @ Feb 14 2019, 10:37 PM)
I see... Thanks again!

Now the next steps is to learn about MRTA, legal fees and property valuation fees...

Is there any good website to estimate legal fees (subsale house)?

It tried 2 online legal fees calculator and have difference ~15%
Hmm....
*
Nope, you will need to ask a mortgage consultant
blancpain4470
post Feb 16 2019, 08:46 AM

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QUOTE(lifebalance @ Feb 12 2019, 10:04 AM)
ya got monthly RM10 charges
looking at 4.4 - 4.6%, that also depends if u want semi or full flexi loan faciltiy.

Semi Flexi
- Normally comes with withdrawal fee
- No need to maintain current account
- Will need to wait longer for your money to return back to your savings account
- No monthly fees
- Usually recommended for people who are not business owner 

Full Flexi
- Normally doesn't come with withdrawal fees
- Need to maintain current caccount
- Don't need to wait for your money to go back to your current account to make withdrawal
- Monthly fee to maintain your current account
- Usually recommended for people who runs a business as money comes in from businesses, it will save interest on the daily rest. And the business owner can use that money again a few days or weeks later for his business.
*
Actually there are very little difference between full and semi flexi. Unless you need to move money in and out frequently, the semi flexi is more attractive. My understanding is both are calculated on daily rest.
lifebalance
post Feb 16 2019, 12:24 PM

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QUOTE(blancpain4470 @ Feb 16 2019, 08:46 AM)
Actually there are very little difference between full and semi flexi. Unless you need to move money in and out frequently, the semi flexi is more attractive. My understanding is both are calculated on daily rest.
*
Correct, depends on individual on which type of facility they will most likely utilized.
blancpain4470
post Feb 16 2019, 03:16 PM

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QUOTE(lifebalance @ Feb 16 2019, 12:24 PM)
Correct, depends on individual on which type of facility they will most likely utilized.
*
We are in the process of getting one. MBB semi flexi seems good enough for us. Hoping to get 4.4% when the loan approved next week ... at least that's the bank officer informed us 🙂
chidori
post Feb 17 2019, 08:57 AM

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QUOTE(lifebalance @ Feb 14 2019, 11:21 AM)
yes you're right but the calculation won't be so linear la. But for sake of simplicity, the answer is yes.

There is really no advantage or savings taking a shorter loan period other than you pay a higher installment and incur lower interest.

With the flexibility to deposit money nowadays to reduce on the interest on your housing loan, there is no necessity to take a shorter loan period to get any extra advantage compared to a longer tenure.

With a longer tenure, you can get a lower installment which can help you reduce your overall DSR to take another future loan.
*
Just thinking about this again, if there is no savings of interest, what's the reason bank offer shorten period... the only reason maybe is to avoid BR fluctuations perhaps.

QUOTE(blancpain4470 @ Feb 16 2019, 03:16 PM)
We are in the process of getting one. MBB semi flexi seems good enough for us. Hoping to get 4.4% when the loan approved next week ... at least that's the bank officer informed us 🙂
*
I also got the same 4.4% but it is MBB full flexi and monthly maintenance of rm10 is waived

Is yours with compulsory MRTA?
apalexar
post Feb 17 2019, 01:46 PM

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Just to share about my loan from scb:
4.45%, 35 years, no mrta, no lock in period, 70% capped interest save, full flex with monthly fee rm10

Choose full flex because can simply withdraw any amount of money when I need smile.gif
blancpain4470
post Feb 17 2019, 02:12 PM

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QUOTE(chidori @ Feb 17 2019, 08:57 AM)
Just thinking about this again, if there is no savings of interest, what's the reason bank offer shorten period... the only reason maybe is to avoid BR fluctuations perhaps.
I also got the same 4.4% but it is MBB full flexi and monthly maintenance of rm10 is waived

Is yours with compulsory MRTA?
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My banker told me RM5 monthly fee for flexi can't be waived because it is overdraft. That's why we will go semi. MRTA is optional but it will affect the rate. I will see next week what rate we will get.

blancpain4470
post Feb 17 2019, 02:16 PM

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QUOTE(apalexar @ Feb 17 2019, 01:46 PM)
Just to share about my loan from scb:
4.45%, 35 years, no mrta, no lock in period, 70% capped interest save, full flex with monthly fee rm10

Choose full flex because can simply withdraw any amount of money when I need  smile.gif
*
Unless you plan to withdraw money all the time, no point part for the monthly fee.

For MBB semi flexi we can also transfer money to my existing current account on line. Not really that inconvenience.

Moreover in your case you need to take good care of your ATM, it can withdraw money from this flexi account! 🤭

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