refinance, 10years max tenure or ?
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 Jun 30 2015, 04:13 PM, updated 11y ago
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#1
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Senior Member
4,156 posts Joined: Jan 2003 
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i heard there is new rules (it has been 3-4 years) for the re-financing
what up with the max 10 years repayment period thing or if i just re-finance to other bank, will i still can only get 10 years of max tenure? |
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Jul 1 2015, 05:10 PM
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#2
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Senior Member
4,156 posts Joined: Jan 2003
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QUOTE(wild_card_my @ Jun 30 2015, 06:41 PM) Yes, and no. Ill elaborate. so the #3 basically has no different than previous, right??1. When refinancing, there are 2 portions of loans that you are getting: a) Refinancing of the outstanding balance b) Cashing out based on the value of the property. For example, if you have a property with the MV of RM500k, and the outstanding of RM200k, you can refinance the RM200k outstanding (refinancing potion) and cashing out up to RM250k (cash out portion) 2. For most banks, the refinancing and cash out portion is limited to a repayment period of 10 years, even if the loan with you current bank has a tenure of longer than 10 years. Doing this will usually affect your cashflow significantly since you are reducing the tenure of your loan. 3. For some other banks on the other hand, the refinancing potion can be extended to a maximum of 35 years; and the cash out portion will be calculated based on 10 years repayment period for the approval process. HOWEVER, if your loan is approved, the repayment period and instalment will be based on 35 years, for both REFINANCING and CASH OUT portion Hope that helps.  let say i have MV 500k on MBB, i now refinance with CIMB, hence i will paying 2500 to CIMB (loan of 500k) per months for 35years,eventhou it is said 10y |
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