Hi Sifus, May I know how bank calculate the progressive interest ? If we dump in extra money during construction period will this help to reduce the progressive interest ?
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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 Jul 23 2016, 12:24 AM
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Jul 23 2016, 01:30 PM
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QUOTE(lifebalance @ Jul 23 2016, 12:46 AM) The progressive interest depends on the total loan percentage disbursement paid to the developer based on the stage of completion. Thanks for the information. Some banks allow you to dump in your money during construction period while some don't allow. They may also not allow your interest to be reduced during the construction period or allow you to do so but do not allow you to withdraw the money you put in until after the contraction is completed. You will need to check with the loan package offered in the loan letter offer   Do you think it will benefit the loan taker in the scenario that we increase the D.Payment (+50K), loan amount : (500K) OR We apply loan amount (RM 550K), then Only dump in the extra cash (50K) during the disbursements period (if banks allow) to reduce the progressive interest ? (Assuming the 50K in FD and with 4.3 p.a) |
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