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

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CheesePizzaa P
post May 17 2019, 10:02 AM

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Can I ask which is better? Property details: First house, RM343k, undercon, PR1MA.

Maybank
4.55%
100% loan
includes legal fees and MRTA

RHB
4.45%
90% loan
includes MLTA but not legal fees

Thank you!


lifebalance
post May 17 2019, 10:07 AM

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QUOTE(chicargo @ May 16 2019, 03:37 PM)
any banker here pls pm me?
i want to know bank value of a subsale prop, thanks
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Type of property
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QUOTE(CheesePizzaa @ May 17 2019, 10:02 AM)
Can I ask which is better? Property details: First house, RM343k, undercon, PR1MA.

Maybank
4.55%
100% loan
includes legal fees and MRTA

RHB
4.45%
90% loan
includes MLTA but not legal fees

Thank you!
*
RHB
wild_card_my
post May 17 2019, 10:08 AM

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From: Kuala Lumpur

QUOTE(CheesePizzaa @ May 17 2019, 10:02 AM)
Can I ask which is better? Property details: First house, RM343k, undercon, PR1MA.

Maybank
4.55%
100% loan
includes legal fees and MRTA

RHB
4.45%
90% loan
includes MLTA but not legal fees

Thank you!
*
Depends on what you need. 100% loan means you get more loan and less cash-out-of pocket to pay the 10% eventhough it has not legal fees financing. If you ahve the cash to pay the 10%, then I recommend RHB. But if you are going to take out EPF to pay for the 10%, then it is better off to take MBB since EPF returns are easily higher than that of mortgages
CheesePizzaa P
post May 17 2019, 10:22 AM

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QUOTE(wild_card_my @ May 17 2019, 10:08 AM)
Depends on what you need. 100% loan means you get more loan and less cash-out-of pocket to pay the 10% eventhough it has not legal fees financing. If you ahve the cash to pay the 10%, then I recommend RHB. But if you are going to take out EPF to pay for the 10%, then it is better off to take MBB since EPF returns are easily higher than that of mortgages
*
Thanks. Developer said can receive 10% bumi discount but not guaranteed. So yes I'm expecting worst case scenario and will use EPF. Also MBB banker just informed me, rate is now revised to 4.50%.

If I go for RHB, how much cash should I prepare? Say I don't get the bumi discount. So the 10%, plus legal fees, plus __? How much is the legal fees?

Also, if I want to sell this house say 10 years down the line, wouldn't MLTA be better?

wild_card_my
post May 17 2019, 10:33 AM

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QUOTE(CheesePizzaa @ May 17 2019, 10:22 AM)
Thanks. Developer said can receive 10% bumi discount but not guaranteed. So yes I'm expecting worst case scenario and will use EPF. Also MBB banker just informed me, rate is now revised to 4.50%.

If I go for RHB, how much cash should I prepare? Say I don't get the bumi discount. So the 10%, plus legal fees, plus __? How much is the legal fees?

Also, if I want to sell this house say 10 years down the line, wouldn't MLTA be better?
*
legal fees is usually about 2% of the house price, more or less. It scales down, the larger the loan size, the smaller the percentage. But I for PR1MA prices, 2% is about right.

Since 10% > 2%, that is why I might recommend the MBB. With only 0.05% the difference is too little. Do NOT use EPF if you can afford not to. In my professional opinion, given the situation at hand, the MBB offer is more sound.

Also, do consider your insurance/mrta/mlta situation. MLTA is indeed better than MRTA due to the absolute-assignment issues with MRTA. Some banks are offering no-absolute-assignment for their MLTA offerings too. There are plenty of insurance agents in this thread and the forum in general that would be keen to work with you on that insurance front.

This post has been edited by wild_card_my: May 17 2019, 10:35 AM
CheesePizzaa P
post May 17 2019, 10:49 AM

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QUOTE(wild_card_my @ May 17 2019, 10:33 AM)
There are plenty of insurance agents in this thread and the forum in general that would be keen to work with you on that insurance front.
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You mean shop around for insurance from others rather than going with the included one?
lifebalance
post May 17 2019, 10:51 AM

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QUOTE(CheesePizzaa @ May 17 2019, 10:22 AM)
Thanks. Developer said can receive 10% bumi discount but not guaranteed. So yes I'm expecting worst case scenario and will use EPF. Also MBB banker just informed me, rate is now revised to 4.50%.

If I go for RHB, how much cash should I prepare? Say I don't get the bumi discount. So the 10%, plus legal fees, plus __? How much is the legal fees?

Also, if I want to sell this house say 10 years down the line, wouldn't MLTA be better?
*
Depends on developer paying for your legal fees and etc

If you don't get your discount then you need to prepare the 10% down-payment

MLTA will be better for long term as you save cost
QUOTE(CheesePizzaa @ May 17 2019, 10:49 AM)
You mean shop around for insurance from others rather than going with the included one?
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You have an option to get mlta than mrta from the bank
wild_card_my
post May 17 2019, 11:05 AM

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QUOTE(CheesePizzaa @ May 17 2019, 10:49 AM)
You mean shop around for insurance from others rather than going with the included one?
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There are a few options:

1. get MRTA from the bank
2. get MLTA from the bank (not all banks offer this)
3. get life insurance from insurance agents

QUOTE(lifebalance @ May 17 2019, 10:51 AM)
Depends on developer paying for your legal fees and etc

If you don't get your discount then you need to prepare the 10% down-payment

MLTA will be better for long term as you save cost

You have an option to get mlta than mrta from the bank
*
Insurance agent,

MRTA vs MLTA is a whole topic that we can spend hours to discuss upon. You can't just say "MLTA will be better because it saves cost". You need to look at the clients' needs and requirements, inquire and investigate the purpose of the insurance, etc.
joe8489
post May 17 2019, 02:48 PM

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Low BR or Low BLR is better?

of course ideally...both is low!

but if only 1 is low? which should it be?
wild_card_my
post May 17 2019, 04:02 PM

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QUOTE(joe8489 @ May 17 2019, 02:48 PM)
Low BR or Low BLR is better?

of course ideally...both is low!

but if only 1 is low? which should it be?
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Ermm.. is there a choice? If your morthage is old it would be based kn BLR. If it is new ir current it would be based on BR
diners
post May 18 2019, 12:29 PM

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i am meeting my bank agent to sign LO tomorrow, while she shared with me the LO soft copy.

I saw a clause that i have some concern, it reads...

"the bank has the right to vary the loan pricing i.e. the interest spread and/or BR in accordance with prevailing BNM guidelines"

they can adjust the spread, while i thought is fixed throughout the tenure?
coolguy99
post May 18 2019, 03:18 PM

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QUOTE(diners @ May 18 2019, 12:29 PM)
i am meeting my bank agent to sign LO tomorrow, while she shared with me the LO soft copy.

I saw a clause that i have some concern, it reads...

"the bank has the right to vary the loan pricing i.e. the interest spread and/or BR in accordance with prevailing BNM guidelines"

they can adjust the spread, while i thought is fixed throughout the tenure?
*
Nope they can adjust the base rate anytime. For example if the opr increases or decreases.
diners
post May 18 2019, 03:41 PM

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QUOTE(coolguy99 @ May 18 2019, 03:18 PM)
Nope they can adjust the base rate anytime. For example if the opr increases or decreases.
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Thanks. But how about the spread - I thought it should be fixed?
AskarPerang
post May 18 2019, 07:05 PM

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QUOTE(diners @ May 18 2019, 03:41 PM)
Thanks. But how about the spread - I thought it should be fixed?
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Effective interest rate = BR (variable) + fixed spread
robeng
post May 19 2019, 10:17 AM

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QUOTE(wild_card_my @ May 16 2019, 03:44 PM)
Cool. For future and others' references, in general, here are the information required for valuation:

Property valuation request form

The first letter of the applicant's name:
Property address:
Property type (terraced/semi-D, etc.):
Number of floors:
Built-up area (sq. ft.):
Land area if applicable (sq. ft.): -
Renovations/extensions done to the property (as detailed as possible):
Cost of renovations/extensions (RM):

Completion year:
Title type (master/strata/individual):

Expected market/asking price (RM):
Financing type (subsale/refinance/completed-developer unit):
Has the booking fee been paid? (n/a for refinancing):

Please provide property photos if availablee
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Check your pm bro
Vintage_X
post May 20 2019, 12:55 AM

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QUOTE(diners @ May 15 2019, 08:26 AM)
Thanks for you inputs on flexi loans. Will consider it.

Yesterday went to request the PDS from the 3 banks (and boy you got all of them correct!) to compare the COF. I agree with you that PBB and MBB are stable compared to HLBB. I think I had made my decision. Thanks!
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Mind sharing what’s your final decision?

1. What’s the effective interest rate?
2. Full or semi flexi?
3. Did it include any MRTA/ MLTA/ OLTA?

BTW, what is PDS and COF? Sorry for asking so many questions as I’m also considering taking a loan with MBB or PBB. Many thanks!
diners
post May 20 2019, 10:59 AM

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QUOTE(Vintage_X @ May 20 2019, 12:55 AM)
Mind sharing what’s your final decision?

1. What’s the effective interest rate?
2. Full or semi flexi?
3. Did it include any MRTA/ MLTA/ OLTA?

BTW, what is PDS and COF? Sorry for asking so many questions as I’m also considering taking a loan with MBB or PBB. Many thanks!
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signed my Letter Offer yesterday, sealed the deal with PBB at 4.15%, semi-flexi (cuz i dont have much cash running around anyway laugh.gif ) included OLTA.

OLTA is a little bit pricy but i am fine with that, it's within my budget. i also met with my insurance agent later the day to buy MLTA separately. so if anything happens my MLTA+OLTA=covers the house+extra leftover for my family.

PDS = product disclosure sheet.
inside PDS, there is COF (Cost of Funds), this determines the BR of the bank aside from BNM's OPR.

you can study the COF and see the BR trend of the bank. i see HLBB have fluctuations, MBB and PBB are quite stable (at least following OPR).

let the lowest ELR wins.
lifebalance
post May 20 2019, 11:51 AM

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QUOTE(diners @ May 18 2019, 12:29 PM)
i am meeting my bank agent to sign LO tomorrow, while she shared with me the LO soft copy.

I saw a clause that i have some concern, it reads...

"the bank has the right to vary the loan pricing i.e. the interest spread and/or BR in accordance with prevailing BNM guidelines"

they can adjust the spread, while i thought is fixed throughout the tenure?
*
BR fluctuates while the spread is Fixed.

Spread will be varied once you don't abide to the Letter Offer T&C
diners
post May 20 2019, 01:06 PM

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QUOTE(lifebalance @ May 20 2019, 11:51 AM)
BR fluctuates while the spread is Fixed.

Spread will be varied once you don't abide to the Letter Offer T&C
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Yeap - got the confirmation from my banker that this clause is to support should I default or never pay within the timeframe.
dannychen
post May 20 2019, 02:53 PM

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QUOTE(diners @ May 20 2019, 10:59 AM)
signed my Letter Offer yesterday, sealed the deal with PBB at 4.15%, semi-flexi (cuz i dont have much cash running around anyway  laugh.gif ) included OLTA.

OLTA is a little bit pricy but i am fine with that, it's within my budget. i also met with my insurance agent later the day to buy MLTA separately. so if anything happens my MLTA+OLTA=covers the house+extra leftover for my family.

PDS = product disclosure sheet.
inside PDS, there is COF (Cost of Funds), this determines the BR of the bank aside from BNM's OPR.

you can study the COF and see the BR trend of the bank. i see HLBB have fluctuations, MBB and PBB are quite stable (at least following OPR).

let the lowest ELR wins.
*
such a good deal. may I know your loan amount?

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