Yes. But in CLTA, you can’t name a nominee as the plan is under a master policy purchased by the bank. So the rm200k excess will go into an FD account created by the bank for the estate of the deceased and be distributed according to the legal beneficiaries of your probate (with will) or estate administration (without will)

In short, you can name a beneficiary in your will, but not the in the plan itself, but the process will be very very lengthy

As explained in the few replies earlier, monthly repayment amount will not reduce if you dump in extra. You will eventually pay off faster and have lower future interest but on paper, your repayment is still the same.

Normally the repayment amount will change if

1) interest rate is changed (due to Opr)
2) late payments (pre default, rate change due to failure to meet monthly commitment obligations), misc charges (fire insurance) causing the monthly repayment non sustainable till your term ends
3) defaults or restructured

However, you can write in to review your monthly commitment if you have done a large paydown of loan via early settlement. This is sometimes viewed as loan restructuring. (Something undesirable, just like the optional moratorium where takers get loan restructuring remarks in the CCRISS)

as explained by mini_orchard, there are legal/valuation/etc costs involved.

so for easy understanding, if you wanna refinance to save interest only, follow the guide below:

>= +0.45% interest for a 400k loan, you can refinance

if the diff is < +0.45%, the saving in interest u enjoy is only enough to cover the costs

bear in mind, the rates would change again in the future, if you need to cash out for other investments, you can proceed as your objective is not to save interest.

yes, there is zero cost package

there is no 100% guarantee that you won't get a 90% loan.

First of all, your income must come from category A country as maintained with the bank, i.e. Singapore, Korea, Japan, most European countries etc. Income from high-risk countries like Iran, and African countries will normally result in a straightforward decline in the application. Banks look at the job stability of your current employment.


1 of the ways to maneuver your current profile is to be a priority/ premier/ privilege banking customer of the bank (normally an RM200k to rm350k FD placement), which will increase your chance via "Capacity" assessment... your age and your job role/ employment contract (permanent or contract) also played a part...

Banks assess a person's profile based on the capability of repayment (utmost important factor), what you said is right as the only way bank gets to know you is through your CCRIS record to assess your "character". when there is none, the general scoring will reduce, but that is not the end of the story, if your DSR is relatively low you might get a better chance at securing 90%

No sir... SBR is the latest governing rate BNM mandates banks to offer loans.

It is a replacement of BR just like BR replace the earlier version of BLR.

3.08% is guaranteed to result in a loss for the bank as the bank is offering FD at 3%, factoring in all the costs of acquisition, lending rate < acquisition rate; no one wants to be involved in a "rugi" business

as far as interest is concerned, the ELR is the same, you should be fine. the bank asks you to re-sign the letter because prior to the drawdown, SBR is already effectively replacing BR since 1/8/2022

on top of @mini orchard's explanation, the property u r buying (under con/ subsale) and area of purchase (KL/Selangor) and also your country of origin also played a big part in bank's consideration

Contract Tak sama.

Conventional contract is non shariah compliance. In Islamic facilities, the bank purchased property and sell it back to the agent (purchaser) (Wakalah. Aka agency contract) and there is a ceiling profit rate imposed. Our old time local Islamic contracts are mostly profit sharing contracts using Bai’ Bithamin Ajil (BBA) methodology where sale and purchase with profit is offered to purchaser of property.

Modern contracts are mostly using Musharakah Mutanaqisah (MM) methodology. Both bank and the purchaser enter into a financing agreement with the bank and purchaser Co-providing capital to buy the property and the bank lease it back to the purchaser whereas purchaser promises to buy the property back from bank at a later stage.

Ok. In short. No interest is charged in Islamic financing, hence there are a few pros and cons

1) pro: Islamic financing offer no lock in and no early settlement penalty
2) cons: facilities agreement fee (bank documentation fee) is higher cos a few more documents are required
3) pro: ceiling rate reduces uncertainties (bank is unlikely to reach 10.x rate in short period of time )
4) cons: since no interest is chargeable, late payments etc will result in fixed charges, which is usually higher

there are a number of instrument fees. It varies from the number of borrowers to the type of financing and also the location of the property, bank, land tenure, master/ individual title etc.

880k property

assuming 90% loan is 792k

scale fee
first 500k - 5k
balance 292k - 2,336

Caveat, Statutory declaration, Deed of Assignment, Power of Attorney, SST - around RM2500 (Islamic loan may incur additional costs such as ijarah agreement, undertaking fee, service agency agreement, limited declaration of trust etc)

stamp duty 0.5% - 3960
stamp fee, register fee, land search, pencarian rasmi, affirmation fee - around 600

reimbursement fee (courier, traveling, admin fee, telephone/ fax charges, stationery etc) around 1000

5000 +
2336 +
2500 +
3960 +
600 +
1000 +
--------
15396
=====

Bear in mind, the amount may vary so take 2500 +/- as your final fee

very very low. company incorporation less than 2 years and salary/ dividend is paid by your own company to your own account.

DSR wise is OK, but all banks look into the stability of your new sdn bhd setup, hence u might not get the loan even if you have proper LHDN documentation. Just my preliminary findings, do enlighten us if your have other supporting income/ docs

not only wait, you need to make sure your business and lhdn profile is sustainable. meaning to say, consistent income and consistent business growth

if your old company is a multi national company and located in category A of the foreign country list, you stand a chance to apply straight away by submitting proof of income you have abroad, however 2021 tax computation is needed and it is a deviation approval, which is quite subjective.

Yes. Old and new offers and even all running loan accounts

Agent fee is borne by the vendor(seller)

First house u get full exemption on MOT up to 500k

So for spa and loan doc legal fees, estimate 12-16k including loan stamp duty (0.5%)

Valuation fee 1500+/-

If there is MOT fee included then it is likely to be around 25k.

there are a number of abandoned projects which dragged on for more than 10 years...

the interest is to be borne by borrowers and you can actually claim compensation from the developer.

However, more often than not, you will need to compromise and even wipe off all the interest, because you want the project to be completed. there is a project in Taman Desa called Desarina, which is abandoned for more than 10 years. the developer wounded up and a white knight came in to save the project

yes

reduce interest - yes
reduce tenure - yes