Elymus is their semi-D. RM1.2 - 1.8mil.

How to reduce your bank interest? The easy way!

Posted on Aug 28, 2015
If you are a home owner, you would have already known about the soaring interest rate on mortgage loans, which also causes fear among first home buyers. The property price these days are shooting sky high and so is the bank interest rate. However, buyers still have the option of shrinking the interest by opting for the right payment method.

There are several types of payment methods available for home loans and among them are the conventional once-a-month payment and the Bi-weekly payment. Even though Bi-weekly payment is well-accepted in foreign countries, it is less widespread among Malaysians, and for most, it is still non-existent. The only bank that offers this as an option is UOB Bank.

Bi-weekly payment is a scheme which can aid buyers to cut down several costs, when it comes to paying mortgage loans. So in what way will the Bi-weekly payment method assist to lessen interest?



So what's the catch??



The catch is, instead of paying once a month, buyers will be obligated to pay twice a month, once every 14 days. The buyer only makes a 12-month payment per year on a typical monthly payment, yet this method will make them pay 13 months of payment a year, which is 26 Bi-weekly payments.

The most essential fact is the loan tenure will reduce from 30 years to 25.5 years, with just one extra month of payment each year. So how much can buyers save on interest with this easy approach?



Let's do the math!!



Assuming that you are acquiring a property worth RM500,000, a serviced apartment, with 10% down payment and about 4.5% bank interest.



Loan Amount: RM500,000

Down Payment: RM50,000

Interest Rate: 4.5%



Typical payment:

Monthly Loan Instalment: RM2280

Total Interest: RM370,830

Tenure: 30 years



Bi-weekly payment:

Bi-weekly Loan Instalment: RM1140 (x 2)

Total Interest: RM335,210

Tenure: 27.5 years



Based on the rough calculation above, with the Bi-weekly payment, buyers can pay off the loan 2.5 years in advance and can save up to RM35,620 on interest.



Extra payment is a burden?!?



Forking out additional payment per year is a big burden, since most people depend on their monthly salary for the payment.

There is a simple way to overcome this.



Steps to make things easy!



Firstly, remember to have a separate bank account for the home loan payment and it is advisable to set a standing instruction for the deduction, every 14 days once. To be on the safe side, start your account with one extra month of payment.

If your monthly payment is RM2,280 (Bi-weekly: RM1,140 x 2), make sure you add in at least RM190 per month and make it RM2,470 (Bi-weekly: RM1,235 x 2).

After your 24-weeks deduction, you will have extra cash in your account just to cover for the next two payments to complete the 26 Bi-weekly payment cycle per year.

It is vital to discuss with your bank before deciding on your payment method, as banks will have different approaches on this matter. Overall, the Bi-weekly payment is a good way to reduce bank interest and a method that should be considered by many.

http://www.propertyguru.com.my/resources/p...edarticletittle

House prices may increase due to weaker Ringgit

Home prices in Malaysia are expected to increase as material and building cost become more expensive due to the weakening ringgit, reported New Straits Times.

LBS Bina Group Bhd managing director Tan Sri Lim Hock San noted that the impact of ringgit’s depreciation on the prices of property is inevitable.

“Building materials are more expensive and construction costs are going up as well as the ringgit weakens and even the workers are asking for higher salaries because they get lesser value for every ringgit,” he said after the property developer’s extraordinary general meeting.

To sustain themselves, property developers may have to raise the prices of their products to curb the higher costs.

“As a developer, we also urge the government to abolish cooling measures for the sector such as the real property gains tax (RPGT), foreign home ownership and tight lending rules.”

Lim said reducing the prices of homes for foreign buyers to RM500,000 from RM1 million may help stabilise the ringgit.

Image: Sourced from Kinibiz.com

Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my

http://www.propertyguru.com.my/property-ne...ent=newstittle1

I believe you can change the standing instruction to bi-monthly.

Quite big as semi-D.

PROPERTY DETAILS
Address: Seremban, Negeri Sembilan
Property Type: 2-Storey Semi-D
Land Title: Residential
Tenure: Freehold
Built Up: 4,415 - 5,383 sq.ft.
Land Area: 50' x 100'
Bedrooms: 4+2
Bathrooms: 6+1
Total Units/Lots: 64
Listing Price: Min: RM1,298,888 ; Max: RM1,890,000
Price per sq. ft.: RM295
Expected Completion Date: May 2017


UNIQUE SELLING POINTS
Solid Merbau Timber @ Staircase & 1st Floor (excludes Bathroom)
Built-In Thermal Reflective Insulation
Anti-Termite Soil Treatment
Rain Water Harvesting Tank
Solar Water Heater System with Pressure Booster Pump
Tempered Glass Shower Screen for Master Bathroom & Bathroom 1,2,3,4
Massage Bathtub for Master Bathroom
Carpet Grass at Bedroom 4
CCTV at Perimeter Fencing
CCTV at Each Unit
HD Video Intercom Connected to Guard House
Double Layer Access Card System

Has anyone got your membership lately?

i was told my membership card will be ready by tomorrow.

All legal and loan fees are FOC!

Number of membership card i will let you know when i get it.

This post has been edited by neonikson1: Sep 6 2015, 04:48 PM

Elvina's latest sales chart.... only a few units left!


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Hi Alvin, good pick bro! Yes you should be included in the owners WhatsApp list, we keep in touch there. Tennis over weekend... My favorite!!!!

All the best with the transition!

Definitely going! I am quite curious on their organisation and execution of the event, also want to see how creative the management is.

may be loan reject unit.

Of course Wai Wai bro! Just pm me your phone number will add you to the WhatsApp group.

WOW!!!!! Serious???? That's a steal!!!!

RM600k for corner! I wished i knew about this project earlier!!!

info on Suriaman :


Selling price: from RM568,888
Discount package: 6 +3%

Freehold
land size: 22 x 80sf
Built-up: 2766sf

This post has been edited by neonikson1: Sep 9 2015, 07:31 PM


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1% down payment... very affordable!

I think they just estimated the station to be near Labu toll.

Cons:
- Further away from club house

Is it north south direction? I haven't seen the parcel layout yet.