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

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robeng
post Apr 19 2019, 11:58 PM

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QUOTE(wild_card_my @ Apr 19 2019, 09:44 PM)
From my experience, the 21 days is just a "guideline". Most sales agent will not mind you extending as long as you are serious about your loan applications. Nowadays very difficult to sell houses, they would rather give you time to settle the loan (and thus sign the SPA) than force your hand.

thank you Robeng!
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Ahh that’s a big relief to hear that. Btw it’s elmina unit by sime darby.
SUSMNet
post Apr 20 2019, 10:35 AM

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QUOTE(matrix88 @ Apr 14 2019, 11:24 AM)
recently I received a letter from bank which I took my housing loan, they are lowering my monthly repayment by a few hundreds, claiming it is because of lowering interest, but wouldnt it be better for me to pay the higher amount to indirectly pay less interest every month? if you look at the bank statement, we are merely paying small amount in priciple but most of it is in interest. then why the bank want me to pay lower now? are they trying to make more money from me or this is the SOP?
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Yes u r right
But my advise for u is u take the money to invest else where to earn more than housing loan interest
wild_card_my
post Apr 20 2019, 10:46 AM

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QUOTE(MNet @ Apr 20 2019, 10:35 AM)
Yes u r right
But my advise for u is u take the money to invest else where to earn more than housing loan interest
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I agree wholeheartedly, as long as the money is invested.

Mortgages typically has the lowest financing rate available to the general public
lifebalance
post Apr 20 2019, 11:39 AM

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QUOTE(MNet @ Apr 20 2019, 10:35 AM)
Yes u r right
But my advise for u is u take the money to invest else where to earn more than housing loan interest
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As long as there are other investment out there that can earn more than the 4.xx% of the housing loan interest rate, your money is already helping you to make money to pay for your housing loan interest.
matrix88
post Apr 20 2019, 01:15 PM

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QUOTE(lifebalance @ Apr 20 2019, 11:39 AM)
As long as there are other investment out there that can earn more than the 4.xx% of the housing loan interest rate, your money is already helping you to make money to pay for your housing loan interest.
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but from the bank statement, every month only paying off like 10% and remaining 90% is interest charged. dont you think early settlement is a better option?
wild_card_my
post Apr 20 2019, 01:24 PM

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QUOTE(matrix88 @ Apr 20 2019, 01:15 PM)
but from the bank statement, every month only paying off like 10% and remaining 90% is interest charged. dont you think early settlement is a better option?
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That is not how you should calculate it. The installment is based on a term loan, with a tenure. So you would be paying interest based on the loan outstanding.

For example, if you borrow RM500k, your monthly interest for a 30-day month:

4.5%/365 x 30 days (of the month ) x 500k

If you pay RM10k into this loan account, you save the interest on the RM10k only:

4.5%/365 x 30 days (of the month) x 490k
lifebalance
post Apr 20 2019, 01:51 PM

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QUOTE(matrix88 @ Apr 20 2019, 01:15 PM)
but from the bank statement, every month only paying off like 10% and remaining 90% is interest charged. dont you think early settlement is a better option?
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Doesn't work that day, as you make prepayment,, the bank charges you lesser interest so gradually your installment that you pay every month, the proportion towards the principal amount will be higher overtime.
matrix88
post Apr 20 2019, 05:52 PM

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QUOTE(lifebalance @ Apr 20 2019, 01:51 PM)
Doesn't work that day, as you make prepayment,, the bank charges you lesser interest so gradually your installment that you pay every month, the proportion towards the principal amount will be higher overtime.
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this is what i am thinking off. means paying off more principle earlier is better, reduce more interest charged, right?

the other guy ask me to invest the money rather than pay off more principle, but this will end up with high interest payment, low principle payment, then forever paying for high interest lo, principle dont move....
apalexar
post Apr 20 2019, 07:42 PM

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QUOTE(matrix88 @ Apr 20 2019, 05:52 PM)
this is what i am thinking off. means paying off more principle earlier is better, reduce more interest charged, right?

the other guy ask me to invest the money rather than pay off more principle, but this will end up with high interest payment, low principle payment, then forever paying for high interest lo, principle dont move....
*
Guess the monthly payment is calculated and fixed by the bank, if you want to make any prepayment perhaps you can gather up the extra few hundreds each month and pay in lump sum to bank after you have save it up to an amount.
Not sure if you can make prepayment every month with just few hundreds, anyone have idea about this?
apalexar
post Apr 20 2019, 07:50 PM

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QUOTE(robeng @ Apr 19 2019, 11:58 PM)
Ahh that’s a big relief to hear that. Btw it’s elmina unit by sime darby.
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Check with your agent if it's allow to extend, Elmina unit somemore, hot cake o
wild_card_my
post Apr 20 2019, 08:37 PM

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QUOTE(matrix88 @ Apr 20 2019, 05:52 PM)
this is what i am thinking off. means paying off more principle earlier is better, reduce more interest charged, right?

the other guy ask me to invest the money rather than pay off more principle, but this will end up with high interest payment, low principle payment, then forever paying for high interest lo, principle dont move....
*
Principle will always move, it is calculated as per your installment, this is why it is called a term loan. It has a tenure, and the installment paid will reduce the principle within the stipulated tenure as long as there are no changes to the interest rates (of which the banks would ask you to increase your installment anyway). There is no such thing as "principle don't move", you are not taking an overdraft housing loan, are you?

The reason it is important to think about this is because there are people who can earn more than the mortgage interest rate. I am not asking you to do anything dude, whatever you want to do is up to you. but it is important to know all the options in hand before making a decision. And I'm not just some guy, I teach people these things on a daily basis, mortgages is what I do for a living; it should help to listen to my opinions as many already have cool2.gif

QUOTE(apalexar @ Apr 20 2019, 07:42 PM)
Guess the monthly payment is calculated and fixed by the bank, if you want to make any prepayment perhaps you can gather up the extra few hundreds each month and pay in lump sum to bank after you have save it up to an amount.
Not sure if you can make prepayment every month with just few hundreds, anyone have idea about this?
*
For most housing loan, the installment is fixed, but the interest calculated will be reduced, I've already shown the example above if still don't understand then it is not on me laugh.gif

For the benefit of others:

You do not need to make a huge lump sum. Some banks will take all the advanced payment to reduce the principle and thus reduce the interest payable. Different banks have different acceptance of this though. Some would not consider advanced payments to reduce the principle.


apalexar
post Apr 20 2019, 09:09 PM

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QUOTE(wild_card_my @ Apr 20 2019, 08:37 PM)
Principle will always move, it is calculated as per your installment, this is why it is called a term loan. It has a tenure, and the installment paid will reduce the principle within the stipulated tenure as long as there are no changes to the interest rates (of which the banks would ask you to increase your installment anyway). There is no such thing as "principle don't move", you are not taking an overdraft housing loan, are you?

The reason it is important to think about this is because there are people who can earn more than the mortgage interest rate. I am not asking you to do anything dude, whatever you want to do is up to you. but it is important to know all the options in hand before making a decision. And I'm not just some guy, I teach people these things on a daily basis, mortgages is what I do for a living; it should help to listen to my opinions as many already have cool2.gif
For most housing loan, the installment is fixed, but the interest calculated will be reduced, I've already shown the example above if still don't understand then it is not on me  laugh.gif

For the benefit of others:

You do not need to make a huge lump sum. Some banks will take all the advanced payment to reduce the principle and thus reduce the interest payable. Different banks have different acceptance of this though. Some would not consider advanced payments to reduce the principle.
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But it depends if the bank accept online prepayment, is it?
Like mine standchar seems like it's auto deduction monthly from the account and if need to make any prepayment then will need to visit bank, and yes can put my extra cash into the account for reduce the interest and I dont think I want to visit bank just to make few hundreds prepayment tongue.gif
lifebalance
post Apr 20 2019, 09:24 PM

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QUOTE(matrix88 @ Apr 20 2019, 05:52 PM)
this is what i am thinking off. means paying off more principle earlier is better, reduce more interest charged, right?

the other guy ask me to invest the money rather than pay off more principle, but this will end up with high interest payment, low principle payment, then forever paying for high interest lo, principle dont move....
*
That’s where opportunity cost comes in, unless you have unlimited resources to choose both option then there is no need to think about such issue.
wild_card_my
post Apr 20 2019, 10:22 PM

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QUOTE(apalexar @ Apr 20 2019, 09:09 PM)
But it depends if the bank accept online prepayment, is it?
Like mine standchar seems like it's auto deduction monthly from the account and if need to make any prepayment then will need to visit bank, and yes can put my extra cash into the account for reduce the interest and I dont think I want to visit bank just to make few hundreds prepayment tongue.gif
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Yes, in general, for semi-flexi loans, the bank will not take the "pre-payment", that is payments that you made on top of the installment as capital repayment. If you make extra payments anyway, they would consider that as advanced payment only.

If you have full-flexi, and depending on the type of the full-flexi, you can put money into the savings/current account to make the prepayment, in the way of reducing the withdrawn overdraft.

This is a little too complicated to explain without going through things case by case.
robeng
post Apr 20 2019, 11:59 PM

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QUOTE(apalexar @ Apr 20 2019, 07:50 PM)
Check with your agent if it's allow to extend, Elmina unit somemore, hot cake o
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Checked. He said can extend 😅
wild_card_my
post Apr 21 2019, 12:06 AM

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QUOTE(robeng @ Apr 20 2019, 11:59 PM)
Checked. He said can extend 😅
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of course can extend. I know because I bough SD units as well, in Serenia. As long as you are serious about getting the loan, they are happy to hold your sale. because if you release your unit, it gets back into circulation if they can't manage to get a buyer (they can call all current interested buyers)
lifebalance
post Apr 21 2019, 11:16 AM

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QUOTE(robeng @ Apr 20 2019, 11:59 PM)
Checked. He said can extend 😅
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Like I said, depends on the agent on how desperate he needs the sales, he will try to ask the developer to help hold. If he had another buyer, he wouldn't care much about extending your unit and quickly entertain the next buyer.
wild_card_my
post Apr 21 2019, 12:26 PM

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QUOTE(lifebalance @ Apr 21 2019, 11:16 AM)
Like I said, depends on the agent on how desperate he needs the sales, he will try to ask the developer to help hold. If he had another buyer, he wouldn't care much about extending your unit and quickly entertain the next buyer.
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Insurance agent,

At this market? Be realistic la. There will be "budi bicara" but chances are there are no buyers lining up for the unit unless it is unique. Not many developers are able to fully sell all their units. That's why you see agencies opening up booths in shopping malls like insurance agencies, trying to dispose these units.

My business partners (referrers) in developers try to keep the buyer they have to go through with the signing.
AskarPerang
post Apr 21 2019, 10:55 PM

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Hi, all mortage specialist.
Would like to know the interest rate for commercial loan (shop/retail lot), below 300k amount.
Up to how much MOF I'm able to get?
Effective interest rate I'm looking at?
And also tenure is how many years?

Thank you.
Pac Lease
post Apr 21 2019, 11:07 PM

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QUOTE(AskarPerang @ Apr 21 2019, 10:55 PM)
Hi, all mortage specialist.
Would like to know the interest rate for commercial loan (shop/retail lot), below 300k amount.
Up to how much MOF I'm able to get?
Effective interest rate I'm looking at?
And also tenure is how many years?

Thank you.
*
Alliance bank offer interest rate 5.75%, tenure is 25 years or age 70, MOF is up to 85%.

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