Semi flexi paying extra via internet or machine wont reduce principal?? Is this confirmed?
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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 Jun 21 2015, 12:01 AM
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Jun 21 2015, 02:49 AM
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QUOTE(ims2628 @ Jun 21 2015, 02:32 AM) Yes most bank need advance inform regarding on this or else they will just treated as advance payment. You normally bank into your loan account? Yes, I bank in directly into the loan account using internet banking.. but when I calculated the interest they charged me, it looks like my extra payment did reduce the principal before taking into account the interest calculation. That's why it confuses me since I keep hearing need to give advance notice in order to deduct principal.. |
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Jun 21 2015, 01:52 PM
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QUOTE(Jasoncat @ Jun 21 2015, 11:01 AM) I suggest that you check with your banker. It could be either the principal has already been repaid by the extra funds or principal remain the same as per your loan amortisation schedule but interest is calculated based on the remaining principal less the advanced payments. Hmm so whats the difference between the two in terms of total interest charged over the loan tenure? I suppose is the same but the second one loan tenure still the same not reduced? |
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