Hi guys,

It is me again.

I will need some cash for renovation and emergency.

So I planning to "refinance" my fully paid property. So I should be looking at what kind of loan?

Full flexi or semi flexi?

Conventional or Islamic?

Which bank offers the best ? Or all roughly the same

Should i opt to get more cash ? which this affects my mortgage loan in the future if i wanna buy another house?

Hello just wondering, in the booking form for house i agreed upon a house in the region of 300k. With i added a stipulation of 100% house loan +5% for legal fees etc as im aiming for 1st house scheme .
The agent have also said its refundable for the booking. Unless loan approved but i cancel then booking burn.



However recently the banker that the agent used came back to me with few offers but its like 100% + mrtt at their own stipulated market value ( there is lower higher and on the dot market value when compared to my purchasing price) with the higher market value, the agent ask to do a markup to cover legals fee etc . But to be honest i dont want to do a markup loan.

Do i have a case to cancel the house purchase WHILE retaining my booking fees that i have paid since the loans that i get was not as i expected.

This post has been edited by PeinEVO: Feb 17 2020, 08:17 PM

I have a property with outstanding loan amount around 517k. I am thinking to refinance it because the interest rate seems to be a bit high compare to other now. 🤔
May I know is there any mortgage agent or bank can help here? Tq

1. 85% because its commercial
2. Loan amount is based on 85% of the SPA price.
3. You can refinance it for 85% margin subject to your Commitment/Income.

Will need to see ur documents to see if it's advisable to do so since refinancing cashout is calculated within 10 years.

Full flexi
1. Requires current account
2. Monthly fee
3. Prepayment deposit in current account directly reduces principal loan amount thus reduces interest incurred
4. Don't need to notify bank for prepayments
5. No withdrawal fees for prepayment

Semi flexi
1. Savings account will do
2. No monthly fees
3. You may need to notify bank for prepayment / you can also manually transfer prepayment to the loan account without having to notify the bank. Subject to the bank tnc
4. Some banks may need you to notify them
5. Rm10 to 50 for withdrawal fees subject to the bank tnc

Some islamic loan do not impose lock in period so if you intend to settle the loan fast then Islamic loan, otherwise, either 1 is fine.

Opting a higher cashout would mean you need to pay more monthly thus will affect your future loan, you can however use the extra cash out as a downpayment for the new property so you don't have to borrow so much to balance it back.

Normally if you want to cancel your purchase, why would you want to retain the booking fees ? unless you are buying another similar unit with the agent/developer ?

Yeah you can do so, just bear in mind that you will need to pay for a loan agreement since you are transferring to another bank.

Eh i meant getting back without it getting burned by agent or owner leh.

Unless there are certain clause written in the booking that entitles you for the refund otherwise it'll be burnt.

Normally if you move on to a different unit with the same agent/developer, shouldn't be a problem.

I only wrote in the booking forms in the remarks section .. subject to 100% loan +- 5% [+- loan amount in numbers]

So you think is it possible for me get refund... Because so far i only get either 100% + mrtt or 90% + 5% with markup ... if u want more details maybe we can pm or whatsapp ..

Thanks ya

I did some google but still a bit confuse about the cost involved for me to do refinance.
Do you mean that I just need to pay for the loan agreement? 🤔
I have read some of the previous post found that there is ZMC offer by standard chartered.
But not sure is there any tnc.

Thanks for your response.

Are you saying if I pay cash and then do a refinance, I can only get 10 years tenure? If I want 25 years tenure I must use loan to buy upfront but only get 85% of SPA price?

Assume no problem on income and commitment.

I can advise you to vist few bank and try to apply for refinance loan. Even after approved, if you wish not to accept the offer the bank won't charge you single cent.
So you can compare the package if your loan can be approve.

You see, the remark you wrote in there is quite vague especially with the +/- 5%, which leaves a big questionable gap for the developer on whether to refund you or not.

i.e you are now trying to say that your loan margin must be 95% - 105% only then you will proceed otherwise you will like to get a refund.

I will suggest you sit down with your agent to negotiate for a refund, if they are kind enough, then they will just refund it to you. Otherwise, they will suggest you recommend another buyer to take over your unit so you can get your refund.

The cost of refinancing depends on your loan amount.

When you refinance a property, it involves changing of banks therefore you need to re-do a loan agreement, you will also incur a valuation fees as the bank will need to inspect your property value by sending a valuer over to your place.

ZMC packages normally charge you higher interest as they absorb your loan agreement fee inside, which in the long term is your loss since you will be paying a much higher interest.

No, the internal bank calculation for cash out portion is 10 years, which thereafter will be re-calculate to your eligible maximum tenure up to 35 years for refinancing.

Anyone gotten loan from Bank Of China? seems like their rate is very good but not much chatter about them? Any comment from sifu?

Hi all. Planning to buy 2nd house.

Gross income: 5k.

Age: 30

Monthly fix commitments in CCRIS: 2k

Max amount I can borrow?

Apology for replying late. Just check with banker, they said it is compulsory. If not it will be 4.05%

Dear all,

I am planning to take a 35 year loan for RM 600k but from my estimate I can pay it off fully in 20 years. Because of this I am looking at flexi and semi-flexi loan. I hope someone can share their input -

(a) assuming the interest rate for a conventional flexi loan and the profit rate for islamic flexi loan is the same, is it better to choose the islamic loan? Since there will be rebate (Ibra) for early repayment.

(b) when deciding on which loan to take, what else should i be looking at beside the interest/profit rate.

© for a flexi loan at 4% interest rate, if i have 200k, would it better to invest the 200k at 6% returns compared to putting the 200k into the current account to reduce the principal?

Bank just approved my loan at 4.55% interest rate. I'm wondering how you guys get up to 4%. 3 banks applied with same interest rate.

Loan margin 80%
Basic loan amount: Rm334,680.00
Mrtt premium: rm1,918.72
Total loan amount: rm336,598.72
Interest rate: 4.55%
Tenure: 26 years + 3
Monthly installment rm1842

No lock in period

Condition
1) to open saving acc in MBSB
2) mrtt is compulsory
3) to pay processing fee rm200
4) to purchase AIA fire insurance rm170.70 ( one time pay off)

1. Is it normal for home loan application to appear under 'application for credit' with RMxxx,xxx as pending in CCRIS, but later bank inform application has been totally rejected?

2. What would be the implications if bank loan applied and rejected on CCRIS score / report?

Thank you in advance!

213k

a. It's the same, the rebate in the islamic loan is similar to conventional loan's interest saved if you make prepayment.

b. Lock in period, how prepayment can be made, penalties and fees/charges for withdrawal of prepayment

c. better to put in 6% return of investment.

1. the bank that you applied does not provide low interest rate
2. your profile isn't that good

1. Normal

2. No implications

Which bank is the best for low interest?

How do I improve my profile?

Review your ccris. Make sure no late payment, cut down on your cc if you have too many.