Recently applied for loan offered 3.53% 35 years tenure. Semi-flexi. Loan 1mil. Wondering what is the lowest rate thus far?

You're not getting the full correct concept of flexi Mortgage/housing loan..

housing loan repayment consist of Principal & interest, whereby the repayment was calculated based on your loan amount(example 500k), tenure (example 35 years), & interest rates(example 4%). Suppose that you pay according to the repayment amount(repayment is RM 2214 based on the example given), it'll take 35 years to finish the loan.

Out of the RM 2214 repayment, interest is charged monthly based on the outstanding loan amount on daily rest. So for your 1st installment(example on January), interest is RM500k *4%*31/365 RM 1698.63, and principal amount is RM 515.36 (2214-1698.63). Hence after repayment, your principal becomes 499,484.64 (500000.00-515.36). The process goes on every month.
So now come the flexi part,every bank have different flexi loan mechanism. But the basis of charging interest are the same, charged monthly based on daily rest. Technically means, when you pump additional funds into the loan, it'll directly reduce the principal, hence interest charged will be lesser. when your monthly repayment remain the same, it'll resulted in shorter tenure because interest charged was reduced from your additional funds. and yes it'll shorter your tenure, you just not aware of it.

Based on my experience, MBB semi Flexi loan is if you put example RM 100000.00 into the loan, and your repayment monthly supposed to be RM 2214.00, it'll be treated as "advance payment", but this advance payment is eligible to reduce interest (Some bank advance payment WILL NOT BE TREATED AS PRINCIPAL PREPAYMENT, hence wont reduce interest charged). And for the next 45 months (100000/2214) you no need to make monthly repayment anymore, even your standing instruction will stop. untill the whole RM 100k finished deducted then will back to normal.

RHB bank is the most flexi....Literally like saving accounts. You pump into loan now, 1 minutes later you want withdraw out also can. and the monthly repayment of RM 2214.00 still continue, you must continue pay monthly accordingly even you have RM 100k pumped into the loan.

Just beware that some bank have interest capping, means they'll still charged the interest based on the capping. i heard PBB have 30% capping, means loan 500k, max you can pump in 350k(70%) for interest saving, if you pump in more then that, they'll still charge you based on the 150k loan(30% of 500k).example you pump in 450k, loan balance left 50k, bank still charge you interest based on 150k. RHB if not mistaken no capping.

is the loan capping stated in the letter of offer or loan agreement? my pb does now state any of this

my current loan interest is 3.6.%

is this a good rate? 1.5m loan

loan interest capping mostly should reflect on letter offer.. loan agreement most of the time are standard clause, hence you see there'll be letter offer attached together with the loan agreement.

Recently applied for loan offered 3.53% 35 years tenure. Semi-flexi. Loan 1mil. Wondering what is the lowest rate thus far?

I'm also hunting for a loan now. Your 3.53% is the lowest I have heard so far.

Hi fellas,

Affin Bank
Loan amount 804,195
Tenure 34 years
Interest rate 3.95%

should consider? is it reasonable?

Hi fellas,

Affin Bank
Loan amount 804,195
Tenure 34 years
Interest rate 3.95%

should consider? is it reasonable?

seems high as it was 3.83 to 3.95 % before the OPR cut
have checked with other banks?

Is this the final rate after appeal? If not, appeal. If yes, macam very high. How many banks did you apply for loan?

Hi fellas,

Affin Bank
Loan amount 804,195
Tenure 34 years
Interest rate 3.95%

should consider? is it reasonable?

Quite high. FYI I'm getting 3.55% ~RM600k 33years, from PBB, MBB & RHB before any appeal. once I get official offer letter from all, I will ask them to compete with one another.

ahh i see.. may bcz they're the first one to offer.

currently i have 1 house loan active, but buyer and I had already sign SPA, (redemption expected to be done by Dec2025).. so now I apply for next new house. is that the reason for higher rate?

try RHB

ahh i see.. may bcz they're the first one to offer.

currently i have 1 house loan active, but buyer and I had already sign SPA, (redemption expected to be done by Dec2025).. so now I apply for next new house. is that the reason for higher rate?