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 Full flexi loan, to start installment before VP, Good or Bad? can save interest?

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chrisoth80
post Dec 16 2016, 12:48 AM

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QUOTE(heavensea @ Dec 15 2016, 07:14 AM)
Gd morning sir, this's a very good and straightforward explanation. Thank you. smile.gif

I've some doubt abt flexi loan ac, hopefully you do not mind to explain.

About the flexi loan account number, is it the same ac numbers to pay "normal monthly installments" and "extra lumsum money to offset principal"?
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my past experience with cimb is quite simple. cimb full flexi will provide me a current acc and its linked to my home loan so i just dump in to my current acc from the beginning to offset the progressive billing interest as well as loan interest to reduce the principal amount. There is a monthly service fee RM10. This was 7 yrs ago but today most of the banks had revised the t&c for full flexi loan as they will not allow you to offset any progressive billing interest at all during construction period
chrisoth80
post Dec 16 2016, 09:36 AM

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QUOTE(Takuro82 @ Dec 16 2016, 09:11 AM)
My HSBC Flexi loan allow to offset progressive billing interest during construction period.
Mine is started last year.
As long I dump in certain amount of money into my current account, it will automatic deduct the principal and charge interest based on remaining amount.
For example I borrow 500,000
They will show my current account amount like -500,000.
When I dump in 50,000, it will show -450,000 on my account, and usable amount 50,000.
The interest charge on daily basis.

The con of flexi loan is when you unable to fulfill your repayment, then it will be disaster.
Not advise for those without discipline to pay your loan on time one.
For those always pay loan in advance one, it is advisable that you should go for flexi loan
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You are right. Full flexi is good for those with excess fund as you can dump in to offset the interest at any day and time and also with the flexibility to withdraw it out at any time as well

of course it's not advisable to perform any withdrawal since the ultimate goal for full flexi is to save big chunk of interest to reduce overall loan amount but at least it gives you the flexibility

It's good to know HSBC still allow to offset progressive billing interest


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