Dear

1. The 50% waiver is like a one chance (talian hayat) if you didn't use it on your first property, you can use it on the 2nd property.

2.No, for KWSP withdrawal, you are only eligible for the withdrawal given that you only have 1 property. If you have 1 property and intend to purchase another one and intend to withdraw EPF acc2 cash, you must sell off your property, before you could withdraw.

If you have settled your properties and unencumbered, how EPF knows you have x amount of settled properties? They can search through land office, how amny titles hold by you..

Dear,

For what I know of till now, there only allowed as what I have told you. They might have changed.

even in their clause of terms written is as below.

Could you show me the full reply from the EPF, so that I can validate whether they had change their clause.?

The extra payment you've made is used to reduce the principle thus you're paying lesser interest. However your installment amount per month remains the same.

E.g installment is 2000 per month, 400 paid to principle and 1600 goes to interest, by putting extra every month or one time advance payment, it would make the payment to maybe 800 on principle and 1200 on interest. This effectively reduces your loan tenure e.g you took a loan for 35 years but doing now it's reduced to 30 years, but will not reduce your monthly installment that you pay to the bank.

Hope this is clear enough.

Dear WahBiang,

Extra payment

1. When you pay extra for monthly installment, which it will reduce your total interest charges.

Example:

2016:
Housing loan Rm500,000 / 4.5% interest rate / 35 years loan tenure
Monthly installment is RM2,366 (Rm1,875 Interest + Rm491.28 Principal = Rm2,366)

As you can see, your installment payment are actually paying more towards your interest than your principal.
If you decided to start paying extra RM500 every month. Your Monthly payment will be RM2,866 (RM1,875 Interest +RM991.28 Principal = RM2,866)

You will be paying more towards your Principal with the extra RM500. Hence, if you continue paying extra RM500/month consistently.

Your total interest saved would be RM180,759
Your Loan tenure will be shorten by 136months.

-This will help reduce your interest charges and reduce the loan tenure.

Paying extra to Capital account/advanced account

2. If you have a sudden influx of cash into your pocket, lets say inheritance of RM100,000, and you decided to put it into your housing loan capital account/advanced account, because you have max out ASB and other financial options.

Example:

2016
- Housing loan Rm500,000 / 4.5% interest rate / 35 years loan tenure
Monthly installment is RM2,366 (Rm1,875 Interest + Rm491.28 Principal = Rm2,366)
Total interest charge: RM493,837.28

- If you credit in Rm100,000 into the account, housing loan outstanding would be RM400,000 (RM500,000 -RM100,000), and paying the same installment amount, this will reduce your total interest charge to Rm395,072.

Because the interest you are paying right now is 4.5% on Rm400,000 instead 4.5% on Rm500,000.

Hence, you save interest and reduce the loan tenure likewise.
Do note* Your installment will never alter, your minimum installment payment will forever be the same RM2,366 for the rest of the mortgage tenure. It will never be reduced*
3. After completion, you start paying the installment as normal. Before construction, you are just paying for the interest only, won't reduce your capital.

Yup,

Hope the information serve you well!

Cheers 

Hi,

So far bank no longer such scheme for completed properties, only during the undercon period.

it will calculate as total outstanding on your credit card, 5% from the total outstanding.

I might need to get back to you on this for different banks for the the EPP calculation again whether they will take 12k or 1k.

As I know, they would take 5% of 12k since the bank has already paid 12k for you upfront with the credit card but you're paying back 1k monthly.

it will be on the remaining balance. E.g if you've paid until 6 months = left 6k outstanding then it's 5% of 6k

Same thing. It will show your card limit had lowered but your outstanding balance is shown how much cash loan u took so the it's calculated on the outstanding you took

Dear,
1.
If you have EPP RM12k, your credit card debt calculation should based on 12k 5%.

However, to calculate 5% for the credit card debt, the epp amount should shown in ccris outstanding figure.

Because 5% debt calculation will based on the outstanding only.

But, some bank would update monthly for the epp, some bank would update full amount of the epp into ccris outstanding.
Hence, answer is very subjective, where different bank will have different method policy to update the epp outstanding.

2. Just check ur ccris, the ccris outstanding debt ccris5% allotment will be ur credit card debt calculation.

Cheers

Not true on the Ccris part, the bank can print as many time as they want.

You can only have one banker serving you at a time, you can't find 2 banker to apply the same bank for you. It depends you are looking for a mortgage planner that works long term with you or a banker that just work for you until they resign one day and you'll have to look for another banker again

Mortgage planners don't work with a particular bank and they can advise you what to do with all your mortgage loans as part of your financial planning in the long term.

What you bought is an undercon project so the bank you can only apply are those that are the end financier to the project.

Dear,

1. If you select too many banks to submit, what if 3 of the first banks rejected your loan due to certain criteria you didn;t meet? the 4th bank will have higher chances of rejectingyour loan.

2. Yes, of cos chosing the bank that are panel for the developer's project. Free legal fees are usually given by the developer hence, any bank will do. (ASSUMING you are purchasing deevloper's project)

3. There's 2 kind of mortgage consultant, 1 is direct banker and another is outsourced mortgage consultant. Outsourced mortgage consultant have a wider reach towards more banks, they can consult you based on all the bank they represent you.

Cheers

No problem

Dear,

This is forum open thread to share, debate, discuss and giving constructive suggestions.

If you have anymore inquiries, feel free to ask 

Cheers

Depends on the loan size and your loan profile. You have to apply first for the loan.