i've applied to several banks including Maybank, HLB and Bank of China. i already received approval from maybank as follows:



i find maybank offer is high at 3.45..already appeal and waiting for result. HLB and Bank of China i'm still waiting for result.

However, Bank of China indicative offer is very attractive:



Just hope it is safe to deal with them..since they are foreign banks not under BNM..scared anything happens.

This post has been edited by hazremi: Jun 16 2020, 10:54 AM

looks good, go with BOC then.

Guys. Need some advice.
Currently Servicing flexi loan with 3.41 rate
I am thinking Whether I just dump money into this loan to reduce the interest amount and then finish it in next 15 years.
Or
Refinance with probably 3.25 rate with remaining loan amount and shorter tenure of 15 years

I don’t need cash out money at the moment.
In a dilemma should I go for refinance With lower rate ??

No, unless your direction is to reduce the monthly installments or to cash out

Hm. My objective still wants to reduce monthly instalment with lower interest rate. But I am thinking whether worth it considering my remaining loan is around 400k
Would it worth to pay those fees/etc for refinance with lower rate ?
Or
Just put extra money in exiting loan to reduce remaining balance amount and hence lower interest amount ??

unless you plan to hold the loan for the next 10 - 15 years, reducing that little interest won't help much in saving on interest.

Better to put in more prepayment monthly if you can

Noted.
Or if I want to cash out more cash then made sense to refinance with lower rate.
Now I got your point “reduce monthly instalment”. If I want to pay less monthly instalment then go for refinance.

yeah if you want to keep some cash on hand for other purposes then it's good to do the refinancing.

Correct.

As Keith mentioned if u need some cash for a purpose u may go for refinancing.

But if u just wish to have a lower monthly installment amount and refinance it, u might end up will pay more interest then serving your existing loan.
Why? Because refinancing is serving a new loan. The first 10 years mostly are paying 70 - 80% as interest in your monthly installment.
You might be serving like 50% as interest now in your existing loan but end up u revert back to 80%.
This is something u need careful calculation

Refinancing for only the existing loan amount, may be costly taking other related cost into account. As savings in slightly lower monthly installment may not off set the refinancing cost. However if you refinance for a higher amount and use the difference for some purpose, then it may be cost effective.

What is the lowest loan interest rate now?

3.1 - 3.2%

Hi. Keen to acquire agriculture land to build house. Looking to get maximum financing. Got some ppl say can get 90% financing if submit together with approved building plan. But more complicated with agriculture land?? anyone got experience/can advise?

Which bank offer 3.1%?

I am currently thinking to refinance my house.

Current loan balance about 110k.
Monthly about 720.
Tenanted at 850 a month.
current interest rate for this loan is 4.15%. Last time is 5.1% before adjustment.

Planning to refinance this property so that i can cash out some money to put in ASB2 saving. Last year i ask bank can refinance around 280k.

Looking at the current situation, is it wise and worth it to refinance this property?
Is refinancing will be able to enjoy those tax exemption by gov as well?

This post has been edited by cavaliars: Jun 18 2020, 09:01 AM

Sure, with the current low interest rate, you can benefit more in earning higher interest elsewher.

Which bank the property is encumbered to? The current rate seems quite high.

Perhaps need your personal info and the property details to calculate the max loan eligibility and to advise whats the rate you'll probably enjoy.

This post has been edited by ngph988: Jun 18 2020, 02:03 PM

need to include the refinance cost whether worth it or not MRTA Lawyers Stamp duty etc..

currently under CIMB, maybe due to small amount of loan, that is why got high interest rate.

is refinancing eligible for the current House Ownership Campaign?

Lower loan amount will always be charged a higher interest by the bank.

Refinancing is not eligible for HOC