Hi guys and girls, anyone of you took up MBB's Maxi Home Flexi?

According to the banker it is considered an OD account on a Current Account, so you will only have 1 personal current account with OD

just got an LO from them and it seems their repayment is a bit weird compared to other banks.

In the LO, it states that the principal amount repayment is the same for the entire tenure, say for example:

Sum borrowed = rm500,000
Tenure = 35 years
Principle Repayment = rm 1,190.5 x 420 months

Interest calculation monthly = rm500,000(outstanding balance) * 0.0445(4.45%) / 12 months = rm1,854.2

Proposed Monthly Repayment = rm 2,350.8
Principle + interest = rm3,044.7

However, if my calculations are correct, my monthly repayment for the first few years are significantly less that the principle + interest monthly?

Another thing I found in the LO is that there states there is a 1% commitment fee on unutilized portion of Overdraft facility?

What does this mean? Anybody can help shed some light on this?

means whatever amount I overpay, I will be charged 1% ?

As I understand, available funds = amount of prepayment in the OD account.

checked with banker and banker says apparently this 1% commitment fee is not applicable and waived for maxihome flexi, shall get them to insert a clause into the LO or send me black and white.

still a bit suspicious though.

Yeap I believe so, thanks for your replies so far.

However, I've discovered that Maybank's Maxi Home Flexi is quite different from conventional full flexi loans.

Based on my calculations, the monthly repayment is significantly more than other conventional full flexi loans.

As per my previous example:



As there is a clause that you must commit a minimum of rm1,190.5 to principal amount every month, you are actually obliged to fulfill the principle + interest (rm3,044.7) instead of the proposed repayment of rm2,350.8.

Failing which, you will exceed the OD limit (rm500,000), and as we know, all hell will break loose from there on.

Do correct me if I'm wrong though.

Its bank dependent, usually for semi flexi's it will involve a savings account yes, but by putting money in the savings account, there will not be any interest offset by the amount in the savings account.

yeap by right it should be this way for semi-flexi's.

a word of caution, do check with the bankers on every fine print though, different banks may have different terms.

Hi all,

Would like to gauge my affordability for a second investment property to see how far I can commit

) Borrower info
Age - 29
Occupation - IT
No of borrower - 1
Single/joint borrower - Single
No of housing loan on hand - (One, Single Name - monthly payment RM3600 outstanding RM650k loan).

2) Income
A) Salary earner
Gross salary - RM10000/month
Contractual Bonuses - Nil
Allowance - Nil
Performance - 1 month
Rental income - Nil

3) monthly commitment
Credit card - 6, fully paid, no debts
Hire Purchase - None

Many Thanks

[quote=Madgeniusfigo,Mar 21 2017, 04:35 PM]
[/quote]
Dear

sry, technical errorr =P

1. Based on the details given by you, Your max loan eligibility for each bank is as follow:
Rm
A*BANK 666,951.53
H*NG LE*NG 838,574.50
M*YBANK 565,728.33
*CBC 601,856.33
R*B 625,451.33
U*B 601,856.33
C*MB 661,319.50
AFF*N -
PB* 661,319.50
HSB* 601,856.33

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Cheers
Dear

1. May I know how much is the borrowed amount for the housing loan in total?

2. WHAT'S the credit card usage last month? (Swiped utilized)

Cheers

[/quote]
1. May I know how much is the borrowed amount for the housing loan in total?
760k

2. WHAT'S the credit card usage last month? (Swiped utilized)
I average roughly <1.5k a month total all combined

I average about 1.5k in total for all my cards.