sorry i just to ask some question. if one person got a loan and mrta. then they refinance (refinance no state mrta just pure loan). the mrta is still got or have been cancel?

Hi, want to ask some questions regarding my housing loan.

Recently I applied for housing loan with Public Islamic Bank, and in the letter of offer (LO) stated that need to take credit card, which is okay for me.
Fast forward, my loan approved and they sent me not one, but two public islamic credit card platinum, one visa and one mastercard.

So my question is, since the LO stated the need for the credit card, I really need to activate the card right? But do I have to activate both of them? Or only one will be sufficient? And what will happen if I didn't activate both of them?

Currently have already signed SPA & Loan Agreement, awaiting the lawyers for stamp duty etc. Loan is not yet disbursed to the developer.

Thanks in advance 😁

What is the latest rate?

3.85% for those with "preferred risk" or "favourable" credit profile

Generally, housing loan (not referring to mbb) repayment works this way ....

1. If borrower pays the stipulated monthly amount, then there is no problem with interest or principal figures.

2. If borrower pays more than the stipulated monthly amount (eg 2 months), the extra payment will be treated as advance instalment for the following month and interest will be charged as normal.

3. If borrower wants to part settle the principal, normally have to give notice to the bank and they will then deduct from the principal. The next interest chargeable will be based on the reduced amount.

Outstanding Loan is the amount borrowed.
Balance outstanding is the amount repayable (principal + interest)

Same with Credit Card terms ...

Credit Limit is the card limit shown no matter how much one has charged the card.
Balance outstanding is the amount of charged transactions minus repayments, if any.
If Balance Outstanding = Credit Limit, then the card cannot be charged further.

For SI, the money should come from Savings/Current account. If don't have one, then have to open an account.

Different banks may only have slightly different procedures and terminology but it won't be far off.

Whatever procedures, bank won't rugi but borrower must monitor their statement to ensure it is correct.

Hi Sifus,
Can anyone share a list of banks offering such package?
i somehow signed up to houzkey from MBB and this Oct will be 12th month so i wanted to convert to mortgage.
planning to sell my current house ~ 500k and use that money to offset some principal for new loan..

any advice will be very much appreciated

Try RHB & PB

current I found Standard charter offering refinance @ 3.95% with zero costs.

my current mortgage rate with maybank islamic is 4.3 %

should I switch

current I found Standard charter offering refinance @ 3.95% with zero costs.

my current mortgage rate with maybank islamic is 4.3 %

should I switch

Can anyone share their knowledge on some of my questions? Thanks!

1) which bank still provides refinancing solutions more than 10 years tenure? as i remember BNM had earlier issued a guideline that refinancing cannot be more more than 10 years tenure.

2) if let’s say the parents wish to sell a property at lower value to a child. although i know that it would be a better option if the parents transfer ownership under love and affection to their child first only then the child refinance from bank and pay back to his parents, but would this overall process until loan disbursements would take longer time than parents sell the property thru normal sales and purchase procedures to the child?

Can anyone share their knowledge on some of my questions? Thanks!

1) which bank still provides refinancing solutions more than 10 years tenure? as i remember BNM had earlier issued a guideline that refinancing cannot be more more than 10 years tenure.

2) if let’s say the parents wish to sell a property at lower value to a child. although i know that it would be a better option if the parents transfer ownership under love and affection to their child first only then the child refinance from bank and pay back to his parents, but would this overall process until loan disbursements would take longer time than parents sell the property thru normal sales and purchase procedures to the child?

hi good day

got an offer of 3.85% for 949k full flexi but MRTA 54k, total loan 1003m

what would be a good value to reduce it to? i understand that MRTA is another type of insurance incase of death but i have already got life insurance

and is it possible to pay the MRTA value in cash rather than parking in under the loan?

thank you very much from a first time buyer

thanks sifus for answering my earlier questions! @Pac Lease @lifebalance

btw, does anyone here with OCBC / UOB mortgage? am applying for the semi flexi loan from both banks, yet to get approved. but understand from the market OCBC is running min 3.8% & UOB min 3.85%, both with mrta. asked the banker, both got no interest capping and no commitment fee for extra payments.

just wondering, are there any admin costs / processing costs / hidden costs i should consider when deciding between these 2 banks? else it seems that OCBC with 3.8% is quite attractive