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Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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jocall123
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 Jan 4 2015, 05:34 PM
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New Member
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@wild_card_my, hi there I have a question. I am currently engaged to Alliance Islamic Loan for the 5th year and the details as below.
Initial loan amount : RM 301k
Interest rate : first 12 mths : 3.25%
Thereafter : BLR -2.05%
Tenure : 30 years
Current payment : RM 1.5k
I am thinking of refinancing my condo to payoff my car loan so that I can have lesser monthly commitment. I also understand that this will extend the loan tenure. Do you think it is advisable or just a stupid idea?
My current income : RM 5350 ( fix with allowance )
Car loan : 52k
Interest : 2.7%
Pls advice. Thanks
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jocall123
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Jan 5 2015, 09:25 AM
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New Member
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QUOTE(cfa28 @ Jan 5 2015, 09:01 AM) I have to disagree on the interest savings part. No doubt that 1) Interest on Car Loan is fixed in nature 2) Interest in higher upfront - due to Rule 78 Calculations but you will still get some interest saving as you will not be charged interest from the day you settled your Loan until the original expiry date of the Car Loan. You still save but much less. Try this link for savings on Car Loan http://autoworld.com.my/v2/tools/loan_settlement.aspIn the end of the day, its to to with your Cash Flow. Cos if you Refinance, the repayment is stretched over a longer period Actually my car is still new, I just got it 6 months ago, using the calculator link, I got rebate of about 8k. I m blur with all these finance thingy actually -.-!! I only think that if I refinance my monthly commitment will drop from RM 2200 to lesser. Anyway if paying off car is out of the picture, would it be advisable to refinance anyway based on the current BR rate and my current interest rate with the bank? Just let's say I wish to have some cash in hand. |
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