Dear Boon

1. It really depends how you deal with the DEVELOPER.

2. Usually without valid reason they won't refund you. Because they will look at you as someone who are just messing around and will keep your RM35K

3. So to get refund, please give a valid reason.

Glad it helps

Glad it helps

Dear JamesBotak ,

The criterias for first housing lona scheme is:

1. age less than 41 years old
2. Residential property
3. First time home buyer
4. Single applicant with income not exceeding RM5000
5. Repayment of monthly not more than 60% DSR
6. Property value RM100K - RM500K


1. As below calculation: Your DSR is below 60%, which is (good).
2. Your property withink RM100K-RM500K price range (good)
3. Your income can finance the property price as bottom right column shows. 5 banks is ok, including RHB
4. Your loan won't be a problem if your CCRIS and CTOS repayment is good and clean.

I have done few first home scheme, process for this loan is alright. But I don't want to promise you 100% confirmation .

1. depends on the property project, if it is underconstruction, developer usually will give perks of covering the costs or just the stamp duty s&p. Depends.
2. For subsales, usually you will need to pay for legal loan legal S&P, stampduty, valuation
3. If doesn't cover the entry cost (legal, stamp and valuation) Finance it into your loan amount. 90%+5%.

If you need anymore advise, feel free to inquire!

Glad that it s!

Dear Diversity,

Very good information you are sharing!

Now we are being ranked based on credit.

Dear AliceC,

1. 4.4% is a good rate, mind to tell me what is your loan amount?

2. CIMB is very particular in this, where they would entice client to take MRTA in return provide them with good rate. For Maybank, for what I have experience and communicate with the HQ, they aren't particular with you taking MRTA but charging you processing fees RM221 is their priority. HAHA...
So, HQ would give you rate as your loan amount, but the rate aren't according to standard of procedure, because different TOP management sign the rate offered will give different rate. So it depends on your maybank branch and also the experience of the agent you deal with (SUBEJECTIVE)

3. IF the CIMB banker can't help you to revise the rate to 4.4%, then there isn't anything you can do but take the offer.

4. Unless you go with other bank to get a better rate without MRTT prioritized. Now the best rate is with AMBANK and RHB.

Dear nexona88!
Thanks for the update! Need to start reading on the new budget plan and how it affects our housing loan

Dear
1) You will need to pay for valuation fees and upstamping fees
If you Top up RM550,000 property price.
Estimation
Valuation fees will be around RM1078
Upstamping fees (old fees- new fees) new fees is around Rm2508. Just top up on the difference.

2) If you have 3 housing loan to begin with, your 3rd house TOP UP will be 70% eligibility.
If you sold 1 house, you will left with 2 housing loan, which if you TOP UP, will be 90% eligilibity

3) It really depends on what is the interest rate you are currently being charged with. If the other bank offer a more delicious rate.

If you refinance just to save 0.05%, it won't worth it.
As, Refinance, you will need to pay Legal loan, stamp duty loan and valuation all over again. There's a cost for it, So it is better to calculate the total cost of refinance before opting for it.

1) After you refinance, you will usually get 3 years lock in period.

2) 2-3% penalty will applied during 3 years.

3) Bank wouldn't allow you to deattached from them, they will need to break-even their cost from your refinance.

for Refinancing, 1% make less impact on Rm100,000 comparse to Rm500,000

1. Refinance is a double edge sword. When you refinance, you wish to lower your monthly repayment with lower interest rate. But if you refinance and drag to longer loan tenure you would actually pay more total interest in the long term.
-Chose interest rate which is lower than yours, that could cover your entry cost
-When your loan tenure is 30 years, refinance and reduce the loan tenure to 20-25 years.
-With lower interest rate and shorter loan tenure, this would definitely save you a lot of interests in the long term.
-If you are in difficulty repaying the installment, refinance and prolong the loan tenure isn't wrong. As this will reduce your monthly repayment cost.

2. Sell Your house after refinance.
-It wouldn't be wise if you are planning to sell your house after refinancing.
-Bear in mind, you will be paying entry cost (legal fees, stamp duty fees and valuation fees) when you opt for refinancing.
-When you refinance, you will pay for the entry cost. When you sell it in short term, your interest saved from refinancing a lower interest rate wouldn't cover the entry cost.

3. Scenario of refinancing with zero down entry cost or no zero down but with higher interest rate

-In this scenario when you are given RM200K with zero entry cost with 5% fixed rate cost over 35 years
compare to
RM200K, entry cost (Rm10k), with 4.5% fixed rate over 35 years

zero entry cost will cost you RM223,939 total interest
no zero entry cost will cost you RM197,534 total interest

no zero entry cost will save you RM26K, better than zero entry

Conclusion
-It depends on your scenario, loan amount, interest rate different and your entry cost.

Dear James BOtak,

Take your time and read and digest, if still don't understand, do inquire more.

1. The process of loan application usually falls under 3-5 days.

2.Document required



This post has been edited by Madgeniusfigo: Oct 28 2015, 12:20 AM

Dear samkps,

Thanks for sharing.

This topic has been discussed long before, somewhere in this thread.

Putting cash in flexi account is not encourageble from the start, as it doesn't actually save you much or at all. (This you need to see it to believe it) I had seen the loan settlement between Rm250k, RM200K comparing with RM250K with RM50K credited in capital account.

Rm250k with RM50k in capital account you paid more interest in total.

(This has been discussed long time ago in other forum, but it depends if you believe it or not)

Anyway, Kudos to CIMB.

Dear Choywm,

Valuation fees follow a tier calculation system

For First RM100K =0.25%
Next residue up to RM2 mil = 0.2%
Next residue up to RM7 mil = 0.167%
Next residue up to RM15 mil = 0.125%
Next residue up to RM50 mil = 0.10%
Next residue up to RM200 mil = 0.067%
Next residue up to RM500 mil = 0.05%
Next residue more than RM500 mil = 0.04%

So it is almost the same or it could be lower for some valuation company firm charged. (It depends on company)

This is quite a huge debate since last time, need to search back the old thread and link it to you.

If you can look at 3 different loan statement example that I shown you, you will understand.

hope that it helps.
Remember that this is just the general calculation.
Different firm valuation might give you different charges amount.

Dear username

As per discussed in this thread, yes the do charge you and yes they are cruel.
Too many client over utilized the capital account which translate into low profit to the bank. Hence this might be one of the reason.

Anyway, there's plenty of banks in the market that are better or similar to CIMB. You have plenty of choices.

If you really hate how CIMB are treating you guys. Refinance and say byebye to them. haha

Dear Choy,

Yes it is normal.

1. For public bank, once default and the rate adjusted to BR+6.15%. It can't be reverted and you are being punished for the rest of your loan tenure.

2. Some banks will charge you interest late payment when you default for the 1st month and recurrence of such behavior, bank will adjust the interest you piad to 6.85%

3. Different bank different measure of punishment.

4. Never default on your payment. To prevent any future unecessary default, do put in advanced 3 months installment in the account first as back up.

Dear Choy,

I RESERVED MY COMMENT ON this....

1. Not all banks charges you set up fees, give you an example of a bank who prioritized on setup fees charges. MAYBANK, they will charge RM221 for semi or full flexi. But this can be waived if you requested it. This is subjective as bank will have the rights to instill this charges or they might allow you waiving it (No conditions applied in this, really based on who approved your deal.

2. Yes, it is around that range. Different bank different figure. But overall Rm459 for 5 years is consider acceptable. Anyway, would advise you to get MLTA.! MOre comprehensive coverage.