Hi Guys,

First time posting.

I'm actually looking for an impartial Mortgage broker, one who wants my business and replies to emails.

Quite happy for recommendations from anyone.

The mortgage would be for a new build with plans already approved in Nilai, land loan is currently with CIMB but took ages to sort out, so open to ideas.

Thanks  smile.gif

What's the prevalent interest rate for bungalow land loan?

Hi Guys,

First time posting.

I'm actually looking for an impartial Mortgage broker, one who wants my business and replies to emails.

Quite happy for recommendations from anyone.

The mortgage would be for a new build with plans already approved in Nilai, land loan is currently with CIMB but took ages to sort out, so open to ideas.

Thanks  smile.gif

What's the prevalent interest rate for bungalow land loan?

Hi everyone, I don't understand about how refinancing works.. I have a unit of apartment still with financing about 150K, current market price is about 310K and I've rented it out since last year slightly more then a year, am I able to get refinancing for it? How does it works?

Hi everyone, I don't understand about how refinancing works.. I have a unit of apartment still with financing about 150K, current market price is about 310K and I've rented it out since last year slightly more then a year, am I able to get refinancing for it? How does it works?

Hi. Silly question here. If i buy a house with mark up loan (full loan) do i still need to pay the seller 10% downpayment then only get it back after bank disbursement? Is there any chances that i wont get the 10% overpayment back? Thanks

Hi. Silly question here. If i buy a house with mark up loan (full loan) do i still need to pay the seller 10% downpayment then only get it back after bank disbursement? Is there any chances that i wont get the 10% overpayment back? Thanks

Dear qkumba,

1. There isn't any silly question, every question is a question to be answered diligently.

2. For normal housing purchase, 10% down payment is paid upon signing of SPA.

3. Usually if you do a mark up on the SPA price, you need to get consent from the seller, then you need a lawyer to help draft the contract of agreement. Hence, you don't need to pay the 10% DP, seller will wait for the disbursement. Technically, you won't lose your 10% as you didn't pay it.

This is standard procedure, there's other different modus operandi.

Dear,

There's a different between this two

1.
Full flexi:

1) current account tied to loan account
2) auto debit from current account at month end and interest is calculated based on outstanding balance minus amount in current account
3) maintenance charge of RM10 per month
4) setup/ processing fee of Rm200 (certain bank)
5)The liquidity comes in the form of an ATM card or a linked CASA account to the housing loan. 
Example: You have a shop that is opened Monday to Satuday, rest on Sunday. On Saturday, you deposit all your proceeds of the week into the flexi account, on Sunday, you would save [(your-HL-interest-rate)/365]*AmountDeposited worth of interest. On Monday, you withdraw the money to run your business
6) Withdrawal of money or crediting of money through ATM,CHEQUE,OVER THE COUNTER, or online

Semi Flexi

semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
3) if you indicate advance payment, no additional interest is saved as "advance" payment will only be credited to your loan account when it reaches your cycle date, so it is plain advance payments. and must be in multiple of your monthly payment.
4) For redrawable prepayments, you need to indicate separately and Redraw charge of RM50 is imposed (M*B charge Rm25)
5) Withdrawal of money or crediting of money through Cheque or Over the counter
2.
Term loan
1) can pay extra but only into early settlement
2) cannot withdraw the cash
Hence it is troublesome to have term loan account, term loan account quite dinasour age for housing loan. Housing loan nowadays more of opting for flexi.

But property agent said i have to pay 10% downpayment when sign SnP. After 3 months when bank disburse loan only i will get back the 10%. Agent said that seller surely want to hold the 10% instead of wait for 3 months empty handed. And said thats the standard procedure

By the calculation of full flexi loan if u have 10k extra in the account for 1 day the interest u save is rm1.30. 10 days is rm13. By the end of the month they charge u rm10 fee. So u only save rm3 by keeping 10k in the account for 10 days in 1 month am i correct? Which is as good as nothing

I'm buying this for own stay.

is your purchase an undercon project ?

If so, the property agent can't take in this 10% as this is out of the norm, most likely he's trying to tie you down with this 10% story to get you committed.

But this is not the usual practice, you may argue this with the property agent. If he still insist, it's up to you to decide to pull out or commit this 10% ... it's a huge risk for you as the purchaser

For example

If you took a loan of 300k for 35 years @ 4.5% interest
Your repayment is RM1,419 per month

Now if you put in RM10,000 into your account
The repayment would have drop to RM1,372

So literally, you're saving about 47 per month or RM1.57 per day.

Of course that's based on 10,000 deposit, what about higher amount ?

If you're looking at return of investment, definitely putting all your money into the flexi account will not save you alot of cost since the interest is around 4.5%, if you got any other investment that generates 7%, please go for it, use it to pay off 4.5% and you still earn 2.5%

It is a sub sale apartment. Completed 2012. I bought it thru property agent. And agent ask me to pay 10% to house owner when signing SnP and said that i will get it back after 3 months when bank disburse loan as this is a standard procedure

So meaning any extra cash u put in it will decrease the amount of monthly installment instead of the period of loan?

But property agent said i have to pay 10% downpayment when sign SnP. After 3 months when bank disburse loan only i will get back the 10%. Agent said that seller surely want to hold the 10% instead of wait for 3 months empty handed. And said thats the standard procedure