Sorry bro I hope you don’t get offended, but any facts to back up your statement ya?

On the other hand, I do understand that currently BR of a particular bank may fluctuate which are driven by internal factors.

What I really mean is that since we are shifting from BR to SBR (which is standardized across all banks by Aug next year), and that according to the Revised Reference Rate Framework published by BNM, which states that the spread offered shall remain the same throughout the loan tenure, aren’t we suppose to look at the difference in spread (currently) in our decision making process before committing ourselves into the loan?

No offence bro, I’d just like to have more inputs on this matter and would also like to know if anyone else is aware of this at the moment.

True that, the only thing to compare in the future is the spread.

However, have you seen the illustration in the link that I’ve provided? It seems that in the future BR = SBR anyways as they will all move exactly in tandem with the OPR.

Given my scenario between bank A & bank B, bank B charges a lower spread hence does that mean I should opt for bank B as the spread will be fixed whereas the BR = SBR by next year?

In other words, the effective lending rate of bank B shall be lower by Aug 2022 as compared to bank A (larger spread).

I kinda get it now. May I know which one of these is true.

By 1st Aug 2022,

If the OPR -0.5%,
BR of all the current loans -0.5%?

Or

SBR by then is say 2.0% (follow OPR)
BR of all the current loans = 2.0% automatically (follow OPR as well)

Both are different.

I see.. So which would be better option? Take higher loan or let the bank know and loan based on 490k?
If based on 550k, I could save the 10% cash and put it into renovation. If 490k, i need to come out with 10% cash and more cash for renovation.
Scenario 1: loan more than 500k has lower interest.
Scenario 2: interest rates are the same
The property is for own stay.

Any advise?

Loan 490K better? Pay less installment amount

If the new loan amount is 800k for 35years, the lowest loan rate that I should expect is roughly how much? 2.8%, 2.9% or 3.0%? Which bank is that? Thanks

Hi all need advise.

Going to apply loan for a new property 550k.

Concern is i just got a new job offer (contract) which i took, and going to start in november. Banker just whatsapp me and asked me to prepare all documents.

Current job earning about 3.8k basic + 1.4k allowances. New job contract 6.4k basic no allowances.

No loan apart from rm203 monthly ptptn, 3 credit cards, no outstanding (only rm180 epp ending December) 

Question :

1) should i let banker know im changing job soon and go with new salary job offer letter

Or

2) dont declare getting a new job, go with 3.8k + 1.4k salary

Wife working in gov, and trying my best not to involve my wife in loan. Let me know which would be the best option to secure a loan. Thanks

Okay. 550k possible with the salary stated, will they count the allowance? Got +-50k saved up for reno, if needed can use for d/p

Thank you for your clarification.

The issue is that I do not have enough cash in hand, to pay for the housing loan downpayment, legal fee and stamp duty, and other miscellaneous fees.

Please correct my following assumptions, if the assumptions are incorrect.

1) When the bank issues the housing loan offer letter, submit the loan offer letter (and whatever document that can be given by the bank), to EPF, to apply for Account 2 withdrawal.

2) Use the money withdrawn from my EPF Account 2, to pay for the downpayment.

3) When housing loan approval letter, sales and purchase agreement are signed, submit housing loan approval letter, sales and purchase agreement, to EPF, to prove that the withdrawal from EPF Account 2 is genuinely meant to pay for loan downpayment.

Thank you once again.

Hi all,
currently i have a joined name loan, which the installment is 4k per month.
If i wanna take another loan, the banks will see my current commitment as 4k permonth or 2k (divide by 2)?

Hello, wanna ask, I have a joint mortgage loan with mrta.

If in the middle we got better offer from other bank and we would like to transfer then what will happen for the mrta part? Is the mrta tie with that particular bank LO or is the mrta totally separated (policy by insurance company) that we don't need to worry?

What is the difference between mrta and mrtt?

Hi sifu-sifu,

On year 2016 I bought an under-con condo, so sign the LO around March-2016. Since then the condo have some stop work issue on 2017 for 12-18 mths (due to deadly construction incident) so the construction delayed but still on-going until now, and still haven't reach my unit level (I bought level 4X, now they construct till level 2X), so I am still paying progressive interest now.

Until today, the PBB banker suddenly call me and ask me to sign the attached letter, saying I need to start paying the full installment amount because the construction period had been exceeded 36 mths!

Previously I already heard such thing from other owners as their bank loan LO did mention so (the exceed 36 mths thing and need to start paying full installment). But I checked my PBB LO there is no such clause, the only thing I haven't check is the loan agreement. Is it such clause (if exists) in loan agreement or S&P ?

By looking at the letter that the banker ask me to sign, it sounds so fishy as if I voluntarily wanted to start pay full amount for it. Definitely I not willing to do so, unless there is clearly stated in the LO or agreement.

Oh.. The quoted amount from HLB for mrtt is way lower than mrta. Any idea why? If they are the same thing why name it differently? Hmm..

Hi Sifus,

I've just got my 90% loan offered by UOB:
• amount: RM765,720 (without interest rate), RM1,218,022.21 (with interest rate)
• interest rate: 2.89%
• MRTA: RM41,900 (without interest rate), RM66,649.86 (with interest rate) for 35 years
• monthly installment: RM3,059 (RM2,901 loan amount + RM 158 MRTA)

May I know is the MRTA amount reasonable? Should I consider lowering the no. of years to 30 / 25 years?

At the same time, I'm waiting to hear back from a few other banks.

Many thanks for reading.

So is it reasonably for bank to demand this, even thought the clause was not stated in the loan agreement?

Okay.
Yeap... That's why Im concerned also. Because there didn't underwrite job risk level but put medical report underwritten only. Any insights?

That's why I find it weird. The banker from mbb told me this. Kind of like distrust the package offered. Afraid I take it up and then later cannot claim if bad things happened. If you were me, which would you take?
Same as above. Can you help me out? Difference around 6k ish

To whom should I pay the downpayment (10% of the house price) of the housing load? The lawyer who prepares Sales & Purchase agreement, or the bank which provides the housing loan to me?

Thank you for your advice.

Guys, let's say if I work in financial industry (insurance or bank), will I get the lower interest rate compared to other people?

Assuming other people have the same salary, age, gender, marital status, working job type etc like mine (except the industry that we worked).

Ok, so the answer is the employee most probably entitled for the benefit of lower housing loan rate when work under a bank, how about the employee that work under insurance industry (like Allianz, AIA, Prudential etc.)?

Does employee from Insurance industry get lower housing loan rate just like those who work under a bank?

Since insurance and bank are under financial industry?

The following interest rates are from loan offer that I receive, for a subsale property.

For the first year, interest rate is 2.87%.
From the second year till end of loan tenure, interest rate is 3.00%.
I wonder why the loan interest rate has 2 tiers.
Based on my limited understanding about housing loan, there is just one value of the loan interest rate applicable throughout the entire loan tenure, assuming that the Bank's Base Rate does not change.
Since interest rate of 2.87% is only applicable for only the first year, the effective loan interest rate is much closer to 3.00%, because one year (due to first year) is much shorter, as compared to the entire loan tenure.
Is there any reason why my housing loan has 2 tiers of interest rate?
Thank you for your information.

Hi all sifus, I have recently changed my job (from a bank to another bank) and I am planning to get a house.

PBB has approved my loan application (with 2.85% rate and 90% loan) but with one request: the need of a guarantor because I have just changed my job and confirmation will only come in 6 months' time (and by then I would have missed the HOC campaign.....)

If possible I do not want to get a guarantor as I know how sensitive this can get eventhough I am certain that I will not default on the loan.

Would like to know if there are other banks out there that are friendly to house buyers that just made a career change or are there any other ways to go around this guarantor requirement.

Thanks all