What does the lawyer do? Issue a letter to the land authority or city council? Or what to effect the discharge?

you may ask the lawyer what is their process to do ownership transfer.You also can walk in to any lawyer firm to inquiry for your question.

How fast the bank will adjust the rate following OPR reduction announcement yesterday?

This morning the banker told me my loan has been approved with rate of 3.55%

Your lawyer will pretty much represent you to liaise with bank’s lawyer on removing the bank interest from your property so when you transfer / sell your property is much easier as bank consent no longer require

Thank you very much

hi guys,

my is mbb semi flexi
recently BNM just revise the ORP
but haven't see banks update
update the new BLR rate yet?
My loand still see 3.75% profit rate showing .

any way to take advantage of low interest currently?
Other than refinance cost.

if making advance payment will help a lot?

Can speakin to the branch help to reduce the interest further more?
any valid point can share
Thx

This post has been edited by soulmad: May 6 2020, 11:14 PM

MBB will reflect the reduction on 8/5 stay tune and so far the fastest to reflect so among those banks that had make reduction announcement. There were talk around another reduction in 2H20 shall economy remain not promising. Not advisable to refinance given the 3+% interest u having now, perhaps top up loan can be consider shall MV have move significantly amid paid bulk of your loan sum to date

Hi All sifu,

My loan just approve today from PBB and they offer 3.65%
The officer mention BR is 3.02 + 0.63 and when next week PBB announce the reduction it will be done to 3.15%

Is this a good deal ? He explain that the spread rate is lower from PBB compare to others bank and PBB had maintain BR at 3.02 for quite sometime.

3.55% is really a good rate if no extra condition.
Adjustment will be depends on bank side, may take days, weeks or months, or even have possibility that it remain it's current BR.

Quite good but not sure when PBB will announce it, so far only CIMB and Maybank have made announcement.
PS: just saw PBB ady announced

This post has been edited by apalexar: May 7 2020, 11:59 AM

hi senpais,

As the OPR is reduced again, I don't know whether is it a good or bad impact on my current loan offer.

I got my loan approved from AmBank before the OPR is dropped to 2.00%,
it was 3.80% (BR 3.35 + 0.45) + 10Y MRTA on an RM 510k loan amount.
(edit: I tried Maybank, what I got was 3.9%)

With the recent cut in OPR, may I know if this is a good/bad impact to my current offer?

Thanks!

This post has been edited by flying_duck: May 7 2020, 02:10 PM

Recently got loan approved at a good rate (spread .27).
Applied 15k for 33 years MRTA on this loan to get that rate, funded into the loan, as advised by the officer. By default, MRTA not compulsory.

Insurance provider requested us to do medical check up and if I didn't revert before 90 days, the application is not considered taken up.

My question is:
What is the consequence if medical check-up failed? The 15k loan cancelled and we will pay lower monthly installment? Or still pay the same?

is it just me or it's a little too high? 🤔 later when BNM increase OPR back to, say 3.25%, then your rate will go up to 4.55% though...

This post has been edited by diners: May 7 2020, 07:07 PM

can bank lock in the interest rate?

My friend who's working at MBB as relationship manager said the rate is okay
but I don't know because I'm not in the finance industry and this is my first housing loan.
umm.. I wouldn't use the word "too high".. it's just simple maths.

You're right on the rate will go up when the OPR back to the average of around 3.00 to 3.25 based on the OPR history in the previous 5 years.
Let's assume if someone secured his/her loan at 4.15% last year when the OPR was 3.00,
so if the OPR is back to 3.25, mine would probably be 4.55% and his/her would be 4.40%.

At the end of the day, the 0.15% is only RM20k difference based on my loan amount over the loan terms of 35years.
And that is the case of assuming the interest rate of the loan is fixed at 4.55 & 4.40 since the beginning,
hence the difference could be lesser or more but yea, the difference is not giving me the impression of "tooooo high".

Back to what I really concern, is the recent OPR cut good or bad for the current loan offer I got?

Bank may revised the rate, monthly installment will be depends on rate diff

Before BNM reduce OPR for the first time last year, the best rate can get is 4.35~4.45

Good, why you would think it's bad

I see.Thanks.
I actually don't know it's good or bad, my finance knowledge is close to 0.
Therefore I think it's better to ask senpais here for opinion instead of guessing here and there..

Well, since you’re confident with the numbers, sign them dotted lines. Yoohoo. Congrats on your purchase. 💪🏻

Hi, any OCBC representatives here? I don't fully understand my loan statement. OCBC says to opt out deferment, just continue to pay as usual. I did, and for April's interest, I was charged a full amount of my monthly repayment.

Monthly repayment RM2590.
Profit billed RM2590.

On the 1st of May, RM2590 goes to profit, 0 goes to principle

Umm, I don't know whether what are the other factors I need to consider other than the numbers..
Thanks.

Whats best residential and commercial refinancing option now?