for #3, isnt loan letter offer and stamped spa is enough? must have loan agreement?

Actually the monthly interest charge by bank is different every month and not necessary reducing also if u happens to read the loan statement.
By paying a flat figure every month we are actually not paying an accurate figure. Bank just give u a convenient figure to pay.
Hence the little inaccuracy will snow ball till your loan will be extended at the end.

Bear in mind that the extra rm300 to rm500 u pay every mth only saves u less than RM2/mth. Why not spend that amt for a good meal ?

I hv a client dump in 50k cash into the loan and next mth the interest only reduced rm124+.

Logically thinking:
50,000 = reduce rm124
5,000 = reduce rm12.4
500 = reduce rm1.24

Worth to pay that extra ?

What abt the principal? How much does it reduce? Is it a lot more compared to the interest portion?

I thought Citibank loans have a reducing balance method, then the principal and interest should reduce too. Anyone borrow from Citibank?

This post has been edited by Amideva: Apr 18 2020, 03:27 PM

but the 50/500/50000 can reduce principal ma...

This post has been edited by diners: Apr 18 2020, 07:25 PM

Hi,

For foreigners, able to purchase properly now for properties above 600k right?

May I know for foreigner working in Malaysia, for first property, able to obtain 90% loan for 35 years?

Hi all,

There is a house with 3 names, eg. A+B+C
But now we would want to remove C

How is the process? And how much?
House loan fully settled. Market value should be around 500k.

Thanks and stay safe.

Loan agreement not compulsory.

Loan offer letter and stamp spa will do

Only restricted to certain projects

And no to your 2nd questions

Depends on your commitment as well

Refinance

C can transfer his/her right to either A or B by way of transfer, beneficiary to pay for legal fee and stamp duty while C need to pay for RPGT based on 1/3 of market value-not applicable if transfer to close next of kin i.e husband to wife or parent to son/daughter.

Of course the money is to reduce the principal but the saving of interest is so little that u literally still paying abt the same amount of interest every month after putting the extra money.

Simple calculation on how much u can save on monthly interest with lump sum payment of 50K to the principal.
Worth to do that ???

Why not use that money to have a good trip to Iceland with family rather than to save RM188 ?!


Attached thumbnail(s)

you can see it as you are making RM188 from the 50k you invested with return of compounded interest of 4.5% with almost no risk. More flexible than FD and higher return.

put 50k in, 5 years later it will be approx 62-63k........ how about earn 13k in 5 years sounds to you? 13k cannot go Iceland but sure can go many places.

You can put the 50k in yet still have another 50k to spend on a trip to Iceland. there is not one rule that apply to all.....

This post has been edited by keane04: Apr 20 2020, 01:31 PM

i see i want iceland trip

This post has been edited by diners: Apr 20 2020, 05:40 PM

Dear Sifus,

wanna ask MBB offer this loan 3.85% RM1,445@35years

good anot? my concern is lowest interest rate.... got any bank will offer lower rate?

Got similar rate from MBB & PBB.

Anyhow, i went for PBB as MRTA was lower.

This post has been edited by stchoong: Jun 13 2020, 12:51 PM

The Spread Rate look on higher side, above the norm +-0.5% given BR outlook will continue to stabilize if not another 1/2 drop this year. If there is no lock-in period then good to go as ultimately you may refinance down the road shall BR moving uptrend

Looks good enough, if you want to try lower rate, then maybe PBB

Loan for Land.. Which bank offer a better rate ? Anyone can share ?

thanks

Try MBB or CIMB.

The current loan rate is a bit high at 4.0%, hence wish to refinance it to get lower loan rate. if zero moving cost refinancing, any idea on the expected loan rate for 280k loan and 35 years loan term? Which bank has better offer on this? Thank you.

For early settlement of the housing loan, let’s say there are 12 more installments, e.g. 12x RM5000 = RM60k which you would have to pay normally until end of loan.
But if we settle early, does the bank recalculate for us (the interest), and end up we only have to settle less than the amount, for example, maybe RM56k only. Save RM4k interest.

Is this how it works?

You can refer to your current outstanding balance vs the 60k and see whether current outstanding is lower or not.