Aiyo.. the 60k I gave is only an example lar. It represents the current outstanding balance. My question was, will the bank lower the outstdg balance if we choose to settle early?

I see. Then you may call your bank to check it out for accurate answer.

Hi Luis, can share what is the latest loan rate for the zero moving cost refinance package? say 300k loan?

any sifus know why HLB loan this month so expensive for progressive interest? i've been paying on time every 1st of the month. there's no disbursement. suddenly it's 600++ from 300+.

edit:
compared and checked all statements and noticed april's payment was used as advanced payment instead of deducting outstanding. i normally pay extra which ended up in advanced payment pool (so i forgot the actual advanced payment i have)
the amount 600++ SHOULD be Apr + May

This post has been edited by xHj09: May 1 2020, 06:21 PM

So its still correct? I was shocked too when i saw my loan statement this morning.

How did you check that it was used for advanced payment?

Edit: Checked. The money for April did go into the advanced payment bucket. But the money is still deduced from my loan account. I have the full flexi loan by the way. How do I withdraw my money from the advanced payment pool?

This post has been edited by coolguy99: May 1 2020, 06:45 PM

banker will get back to me on monday. should be correct i guess

hmm mine's semi flexi so i cant answer that, but my dad says his full flexi can just withdraw online.

just walk in to the bank, fill in the form, then wait for few working days and money will be credited...

Will be around 4% if you opt for zero moving cost compared to a normal loan package as the bank need to cover their cost for your legal fees

If you pay more every month then you will save on the interest, depending on much you prepay extra monthly

You may have to check with your bank on your previous prepayment made whether it was made correctly or not

Guys seriously I have a complicated question on HLB loan, it is about the capping 70% issue.
Let say my loan is 100k, I chose full flexi thus attached with current account. Ok here is the question,

If I have 100k in my current account, meaning that my 70k will help me to save interest but 30k serve no purpose right? My banker called me, he told me the 30k I can pay off principal to reduce my outstanding amount to 70k so i can fully enjoy the savings in interest.

However, I read the terms and conditions in the letter offer, it stated that the 70% capping is applied to the OUTSTANDING BALANCE but not LOAN AMOUNT, isn't that the 70% of the loan become 49k (70% of 70k) ? So the 30% of the outstanding amount is 21k still chargeable for interest. Correct?

Any sifus know the answer for this? Because the banker claimed that I can enjoy 0 interest while I arrange 70k in current account and 30k to pay off principal.

Really a very tricky question as I already asked many times and checked many times. Seriously i also confused

As far as I can guess, 70% capping is usually capped on your loan amount.. ie RM100K, max RM70K capped. If you pay off RM20, balance is RM80K so it will be capped at RM56K max. Logic is Bank will want to ensure there is some profit to be made.

Maybe true HLB person can explain it properly or read your Letter Offer T & C.

This post has been edited by eric.tangps: May 2 2020, 11:32 AM

Not sure about it without your LO but sounds like he/she tricks you or the banker really blur blur one.
What my SCB banker told me is bank still need earn interests anyway, such an honest one

Thank you for the explanation...

Hello there,

Just wondering which bank offers the lowest rates for refinancing? And which js the best..

Need to get some opinion on whether to do refinance or not.
Loan rates is 3.91 with ocbc
Remaining loan are 400k

I browse some current rates and get result of lowest 3.85 / 3.65. Which to my understand would not save much in interest.

Assume that I do not need extra moment for now and that means if refinance that would be balance loan.

ocbc in past few years have / increased somewhat higher rates compare to other local bank such as PBB/etc

So my dilemma are should I go refinance to local banks such as MBB or PBB??

Purpose of refinancing, if to save on interest.. should consider seriously.

If best rate is 3.70% pa, your savings is about 0.21% pa ie RM840 per annum. Legal costs say around 2% for refinancing would be RM8,000 which is payable upfront, hence payback period is 9 years assuming interest savings is RM840 pa (which is not correct as interest would be on outstanding balance and outstanding balance is on reducing scale). So technically, your interest savings will only be 10th year onwards.

I see.. all banks also at around 4% for their zero moving cost package?? if without that package, 300k loan will be at what %? Thank you.

hi, Ekash, i think standard chartered offer zero moving cost for refinance and loan amount must be more than 300k. i'm not sure for their interest rate, you may call to their contact centre to check it out for the interest rate ya.

you no need to be so confuse, just call to bank contact centre to find out the info. Otherwise, you can dump in money into the loan, after 1 or 2 month, just check on your loan statement. If bank still charge you interest, then you call back to your banker to answer it.

Before you do refinance, firstly you can talk to your current bank to discuss for reduce the interest rate. If they reject you, then you can refinance your loan to other bank. I will not suggest to refinance merely on outstanding balance. If possible you can refinance current loan with cash out. At this Covid-19 period.most of the people now is need cash to standby for uncertain in the future.

I need your kind advice. After we have made the final payment to settle our housing loan, the bank will return us all the documents and ask us to go see /appoint our lawyer. May I know what is the purpose of appointing a lawyer? Is it to discharge? What exactly does the lawyer need to do to discharge the property?

The purpose is to remove bank claim on your property thus full ownership with you, beforehand bank own the right to the property and can sell off the property shall you default on loan.