Jan 28 2016, 04:56 PM
Hey Sifus, Si-Jies,
I have an issue with Ambank Islamic term home loan.
I am buying a house, and i opted for islamic flexi loan.
However Ambank told me they no longer have a flexi loan, but their term loan is Semi-flexi.
Over the phone, the bank office has told me that if i make additional payments into the account, the interest will be reduced (calculated daily).
However all this is just verbal promise. All my reading and research online says that Term loan does not reduce interest if additional payments are made.
The officer said that if i wish to reduce the principal, i will need to write a letter, and deposit rm5000 at a time. This money cannot be withdraw. And it will be shown as reduction in principal on the statement.
However he also said that if i just bank in additional money every month, maybe few hundred each month, he says it will reduce the interest, the same as if i deposit a large amount. But will not show on the statement.
So when i asked him what is the difference he says "some people like to see the principal amount reduced in their statement."
I have signed a loan offer, but waiting on loan agreement documents.
Is it true that nowadays "term loan" from ambank is so called semi-flexi? Or are these guys just telling me what i want to hear.
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
Quote
0.0506sec
0.56
7 queries
GZIP Disabled