Could someone enlighten me on refinancing.

For example, If existing house loan is RM250K, and market value now is an estimated RM400K.

How does refinancing work with margin of 80%-90% for zero moving cost and non zero moving cost package? The remaining 10-20% is for legal fees etc if taking up non zero moving cost package?

Do enlighten me as I am a nobod at this refinancing discussion

Have a question regarding MLTA.

If take up MLTA + AIA Loan.. is there any way that I can see an illustration for MLTA and it's advantages plus the CSV for any loan amount as an example?

I am a little confused with MLTA vs MRTA because I know while MLTA has CSV and MRTA does not have, I am trying to get an understanding in simple layman terms.

This post has been edited by S'aimer: Mar 11 2016, 01:35 PM

Thank you Bro LifeBalance.

Dear Bro Madgeniusfigo,

Thank you for the information. Most appreciated!

Dear Bro Madgeniusfigo and Bro LifeBalance,

Both of you have been helpful with your replies regarding the MLTA & MRTA - this has been quite enlightening as from the explanation and the illustrated plan of MLTA vs MRTA the AIA agent gave me.. I got to understand the difference better.

Bro LifeBalance, my sincere apologies for not taking up your offer to meet up to have you explain the details to me in person as I am afraid to approach any agent in LYN for any loan application etc. This because I don't have a good impression based on my interaction with a so called agent in here.

Bro Lifebalance,

Thank you for your understanding.

Bro Madgeniusfigo,

Actually the loan in question was the R&R loan with OCBC 2 years ago but the said agent did not even submit the documents nor reply to my sms or emails. (No follow up, not even professional afraid to say in my assessment of the guy.) I had to call OCBC up and find out that there is no such agent + no documents submitted. I also needed to check my alternatives in the end.

The best part about it is that the agent himself is the one who gave plenty of advice regarding loan eligibility and loan payments etc in this thread all the way since 2013. You will probably know who the guy is as I needn't say more about who the guy is.

In the end this gave me cause for worry about financial security, so had to go BNM after a few months to check the CCRIS if anything amiss. This is why I have don't really have a good impression of going to deal with any agent through LYN although I understand that this thread is about Q&A and sharing information.


This post has been edited by S'aimer: Mar 16 2016, 01:43 PM

That's good, bro lifebalance.

Bro Madgeniusfigo,

Yes it is done and over already, so I'm not having any grudge against the said agent. So no need to apologize for my poor experience at all. Just being more careful and cautious now.

That aside, I am already grateful that you guys are willing to answer my query.

Current BLR is 6.85%? I received a letter 2 months ago from my bank saying the BLR went up to 6.92% already so my installment payment went up by another 30 dollars more.

I have already applied to AIA, loan has been approved. Now waiting for the LO

-deleted- Double post

This post has been edited by S'aimer: Apr 26 2016, 07:33 PM

Thank you bro Madgeniusfigo

Just checking,

1. AIA has a lock down period of 5 years, there is no penalty for full settlement at some point during the duration of the lock down period right? The penalty only applies if borrower decides to refinance during the lock down period?

2. I understand that some banks if not all banks give 7 days grace period after the due date to pay the monthly installment. Does this apply to AIA as well? Because legal terms can be a bit confusing sometimes.

This post has been edited by S'aimer: May 3 2016, 01:34 AM

She did tell me at one point but I was going through the LO myself to be sure I understand the T&C.

Their legal terms a bit confusing, takes me a bit of time to understand. For example, payment of monthly installment is due on the 1st day of the month. Where the mortgage loan is being progressively drawn down, the interest on the disbursed amount shall be due for monthly payment on or b4 the 14th day of each month.

Is existing house - refinance loan with AIA. Currently under another bank charge.

Hm is there an issue with the LO T&C?

Ok thank you bro lifebalance

Do correct me right? Isn't there a 50% rebate for stamp duty for first time buyers if house price is less than RM500k - applicable to malaysians right?

Unless the period for the 50% rebate is over.

So just curious if bro leodinouknow has any rebate for stamp duty too because I didn't see any rebate for it?