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 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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hhy
post Mar 2 2016, 05:00 PM

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good afternoon..
i am so much lacking of knowledge in field of housing loan.
i am buying a house at 600k. And i applied housing loan with two banks. They have given me the offer, but i really dunoe which offer is better ><

Bank A offer me a 90% loan (without mrta) at interest 4.4%, loan tenure 35years, monthly installment at 2530.

Bank B offer me a 89% loan (without mrta) at interest 4.45%, loan tenure 30years, monthly installment at 2690.

Can u share me the advantage and disadvantage of this two offers? Hehe or more directly which offer to choose.

personally, i got no problem of the 1% difference in down payment. What are the other factors to consider in selection?

I am so stressed now sad.gif

Thanks for your reply.
hhy
post Mar 3 2016, 12:25 AM

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QUOTE(lifebalance @ Mar 2 2016, 05:08 PM)
Hi.

If 1% downpayment isn't a problem for you.

Bank A offer me a 90% loan (without mrta) at interest 4.4%, loan tenure 35years, monthly installment at 2530.
- Lower installment, higher interest paid to the bank overtime due to loan tenure up to 35 years

Bank B offer me a 89% loan (without mrta) at interest 4.45%, loan tenure 30years, monthly installment at 2690.
- Higher installment, lower interest to the bank overtime due to loan tenure up to 30 years

If forking up 2690 is not a problem for you monthly, then go for Bank B, if the extra 160 a month is a crunch to your monthly budget, you may opt for 2530.

Depends also on loan facility, if you're on a full flexi loan, you may opt to dump in extra cash to lower down the interest paid to the bank. Bank B will definitely be the choice if you can afford it as effectively you've shaved off 60 months off your loan.
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yaya good analysis for me smile.gif but throughout the whole process, the banker never mention about the flexi loan thingy. So i guess i should direct ask him tomorrow. but the lawyer is from bank side, how we can secure the plan i am getting is full flexi loan?
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