you can go to the bank website to check their latest BLR and BR rate.

what is the interest rate now for loan rm280000 after OPR cut?

Is there a way I can convert a joint name mortgage loan into only 1 party?
It will be either party of the current joint loan.

You an try to refer to their website

possible 3.7 - 3.8%

You can refinance the loan under the single borrower & owner of the property

Understand that the effective lending rate aka the interest rate charged on our loan is Base Rate (BR) + Bank’s spread rate.

So I assume BR follows OPR which is fine. How does the bank’s spread rate is determined? Will it change frequently?

you can apply refinance via Memorandom of transfer or sales purchase agreement then the loan will become first party charge.

bank spread rate was fixed in the loan package. only Base Rate will change. Similar to last time loan package under BLR. If your loan package is BLR-2.4, so -2.4% will be fixed.

SR is determined based on your risk factor prior to the loan application.

It can also be changed if you fail in your obligation to repay back the loan.

Thanks Keith. What if the house is under the name of both the joint name and now would like to finance it under one party?
Will it be the same re-financing procedure? What kind of cost should be expected for this process?
The change will be only at the bank part and not the owner of the house.

yea no issue as long as the person's income and take over the entire loan.

Loan agreement will need to re-do depending on the loan amount.

So low now? How about 365k loan?

If property price 750k (below bank value)
I pay deposit 200k, loan 550k, dont want any insurance (MRTA/MLTA)

No other commitment, current house and car fully paid

what is the possible lowest interest can get now?

Hi sifus, let's say snp price is 500k, under development but buyer managed to loaned only 300k / 60%, meaning remaining 200k / 40% need to be borned by buyer. But since it's still under development so it's progressive billing. Will the loaned 60% goes to the first 60% of the progressive billing? After bank paid out 60%, the remaining 40% progressive billing will have to be paid by buyer, progressively?

This post has been edited by budang: Mar 5 2020, 04:12 PM

Same

3.8% and above

No, you will have to come up with the progressive payment first before the balance is disbursed from the bank by stages.

you can ask your sales purchase agreement lawyer how will they advise the bank during the disbursement.

Thank you so much for the advise.

Hi, may I ask based on the attached, when I can do fully settlement? Currently I am serving progressive loan interest. The 36 months is it from the first release or from fully release? Thanks in advance.

This post has been edited by realitec: Mar 5 2020, 06:38 PM


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Hi guys, can i cancel the loan after i signed the LO?

Hello mortage sifus,

What the max loan possible for following scenario:

Net: MYR 8200
Performance bonus: MYR 25200

Existing housing loan: MYR 3928
Existing car loan: MYR 1525
Existing personal loan: MYR 831

Fully paid condo MV: MYR 600K

Intend to refinance the condo to settle car & personal loan as housing loan currently paying progressive interest-schedule completion late 1Q2021

Thanks in advance

sure, you can cancel the loan.

is from the first release date to calculate the tenure.

your refinance with debt conso loan structure show as below :

1. Term loan : 290,000
2. Overdraft : 250,000

you can have 2 option which is term loan and overdraft. both also allow you to do debt consolidation for your car loan and personal loan.

share the outstanding amount for your existing loans.