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Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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budang
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 Apr 8 2020, 10:10 AM
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QUOTE(eric.tangps @ Apr 8 2020, 04:59 AM) Ideally the lower the better as the spread is normally fixed unless you default in payment. However in the end, the net effective rate also to be considered as this is what you will pay for as some Bank’s Base Rate is higher but spread is lower but you will be at risk of future Base Rate revision. BR is dependent on the banks’ benchmark cost of funds and liquidity, and can be reviewed by banks anytime even if there are no changes in OPR. Thanks for the advise mate |
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budang
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Apr 8 2020, 11:57 AM
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QUOTE(lifebalance @ Apr 8 2020, 11:02 AM) Looks pretty good already for the current rate you're getting. Thanks for sharing your view  |
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budang
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Apr 10 2020, 09:24 PM
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Dear sifus,
I've gotten 2 offers as below, which one do you reckon is better? Personally I prefer Bank 1 because they offers CLTA which I think is quite a good option for me to consider, however it has a slightly higher interest rate albeit lower spread rate.
Bank 1:
Loan Amount: RM422,535.20 (Loan Amount RM413,100, MRTA RM9,435.20, MRTA covers 25 years, sum assured RM422,525.20)
Interest Rate: 3.8% (Base Rate 3.25%, Spread Rate 0.55%)
Tenure: 35 years
Monthly Repayment: RM1,821
Bank 2:
Loan Amount: RM423,400 (Loan Amount RM413,100, MRTA premium RM8,900 covers 25 years, sum assured RM413,100, Critical Illness premium RM1,400 covers 15 years sum assured RM50K)
Interest Rate: 3.6% for first year, 3.72% second year onward (Base Rate 3.02%, Spread Rate 0.58% first year, 0.70% second year onward)
Tenure: 35 years
Monthly Repayment: RM1,780 first year, RM1,810 second year onward (This one a bit strange because the repayment slightly higher compared to mortgage loan calculator)
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budang
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Apr 10 2020, 10:38 PM
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QUOTE(diners @ Apr 10 2020, 09:44 PM) is actually ok... means you are paying a little bit more principal... it doesn't matter anymore if you're planning to pay more monthly.... the extra will ultimately reduce your principal... Thanks for the advise sir. I didn't know about this. But why would they do that? Because other banks I've encountered usually just round up to the nearest ones instead of tens. |
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budang
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Apr 11 2020, 12:20 PM
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QUOTE(coolguy99 @ Apr 11 2020, 12:39 AM) Always get the one with the lower interest rate, that difference will be huge as your loan amount is a lot. QUOTE(lifebalance @ Apr 11 2020, 09:59 AM) Offer number 2 is better as the interest is lower overall Thank you for taking the time to reply me, appreciate that. |
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budang
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Apr 11 2020, 12:22 PM
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QUOTE(Cyclopes @ Apr 11 2020, 11:38 AM) Bank 1, comes with CLTA or MRTA? It comes with MRTA, but have the option to choose CLTA (about 7k more expensive). |
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budang
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Apr 11 2020, 07:16 PM
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QUOTE(diners @ Apr 11 2020, 03:33 PM) Extra RM6 only.. don't fret lah, maybe just they just round up to the nearest tenth... mine they round up RM8 (if this makes u feel better 😂) Once the market float back to normal, then OPR rate increase back you need top up anyway (say +0.5% OPR until like last Dec), your monthly amount is RM1930 already also, i assume this is PBB, u ask them if they have ODLTA... it is the same sum assured throughout the tenure, with almost the same premium + put into loan (not sure your age, just guessing) Your loan with PBB too? Eh really appreciate the advise on ODLTA, I've checked with my banker and she said it's available and will get a quote for me on this. |
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budang
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Apr 16 2020, 10:38 AM
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QUOTE(Amideva @ Apr 16 2020, 07:39 AM) Hi all, 1. If pay booking fee now (during MCO), is there usually any fix time for us to arrange the bank loan before the SPA is signed? What if MCO is extended further? Note: the property is already completed. 2. Are banks able to arrange bank loan during the MCO? Are the loan officers working? 3. If we intend to withdraw from EPF to partially pay for the downpayment, then can we do that BEFORE the bank loan? Has anyone withdrawn from the EPF to pay for the downpayment? Some bank officers are still working. I applied 3 banks and 2 banks approved my loan whilst the other one said they're forced to WFH and no progress. So it depends |
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budang
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Apr 16 2020, 01:40 PM
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QUOTE(Amideva @ Apr 16 2020, 10:43 AM) How long you arrange loan after you do booking? Can you wait till after MCO lifted, then only arrange loan? Mine was a newly launched property so could be different from yours. Better to check with your sales agent. But I believe they will extend the period because of the MCO now |
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budang
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Apr 16 2020, 10:32 PM
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QUOTE(Amideva @ Apr 16 2020, 03:50 PM) You dare to invest in newly launched property? Own stay |
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budang
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Jul 8 2020, 09:41 AM
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Sifus, I have a property under development and the the bank had released 90% of the loan and I'm servicing the interest monthly. But ever since the moratorium kicked I noticed the monthly interest was not automatically deducted from my account anymore since I did not opt out from the moratorium.
Now my question is, once the moratorium is over will I be paying more a month? Or will the loan tenure increase?
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budang
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Jul 8 2020, 11:04 AM
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QUOTE(lifebalance @ Jul 8 2020, 10:21 AM) No, you'll still be paying the same monthly installment (do follow with the letter on what's the new monthly installment that you are required to pay from time to time as when banks reduced/increase their Base Rate, your monthly installment will differ. Hi Keith, thanks for taking your time to reply me. But for my case, due to the moratorium it seems that the interest amount is piling up onto the total outstanding amount, will it affect me in any way? Since the supposed interest amount was not deducted from my account during the 6-months moratorium. |
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budang
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Jul 8 2020, 11:45 PM
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QUOTE(apalexar @ Jul 8 2020, 12:20 PM) Not sure if all bank will do the same but for mine SCB, if opt out to pay progressive interests for 6 months, when start to pay monthly installments later, payment will used to settle the outstanding progressive interests first. QUOTE(lifebalance @ Jul 8 2020, 05:53 PM) Not sure if all the banks are practicing the same method payment, best to check with your bank on their methods. As far as I know, US sourced employment is recognizable in Malaysia but not all banks though. Depending on how your employment income from US is being channeled to you. You may be required to declare on FATCA. However I can't comment further without further narration and looking at your documentations. Thanks for the reply! |
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budang
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Jan 22 2025, 01:34 PM
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RM695k, 35 years, 3.95% (3.0% + 0.95%) from Maybank.
Any possibility of better rate? Agents welcomed to reach out to me.
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budang
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Jan 23 2025, 10:54 AM
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QUOTE(LostAndFound @ Jan 22 2025, 10:36 PM) Pretty sure 3.8 or 3.85% should be achievable (unless you're considered higher risk customer). Have you checked with other banks? 3.95 does not seem very competitive. Trying out OCBC currently. Was told 3.8% may be possible |
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budang
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Feb 26 2025, 05:47 PM
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QUOTE(adam1190 @ Feb 16 2025, 05:11 PM) Yes |
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budang
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Feb 26 2025, 09:35 PM
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OCBC 700k 35 years 3.8%
Catch: Min MRTA needed, but it's reasonable if you're looking for protection anyway
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