Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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 Aug 9 2015, 09:43 AM
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#1
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Junior Member
100 posts Joined: May 2010 
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What is the best rate for 700k without MRTA in the market? 4.45%?
By the way, any disadvantage that I should know on Islamic HL? Tempted on the 20% discount on Stamp Duty. Was informed no disadvantage. Can early settle with rebate given. |
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Aug 9 2015, 10:34 AM
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#2
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Junior Member
100 posts Joined: May 2010
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QUOTE(ims2628 @ Aug 9 2015, 10:00 AM) Can get 4.35 subject to profile grading. Average 4.4 should be no problem without mrta. There's a slightly disadvantage documentation for loan legal is more compare with conventional loan therefore for professional charge at loan legal fees there will slightly higher. And early settle with rebate given? What do you means by this? As for loan legal fee, this is absorb by developer (panel bank). In view of this, bank may not want to offer lower rates to 4.4? For Islamic loan, its stated the selling price upfront in the loan documentation. The selling price comprise of principal amount + profit (interest in conventional terms) over the whole tenure based on ceiling rate. Thus when early settle, they will consider the "unearned profit portion" as rebate. The rebate is not discount. Its a 'mechanism' to deduct from the outstanding loan amount in the event of early settlement since Islamic loan has stated the selling price upfront. |
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