Apr 6 2016, 04:18 PM
QUOTE(cheekychee @ Apr 6 2016, 04:07 PM)
Hi all,
I have a full flexi account with some money deposit inside. My house is under construction and i have been servicing my house interest and find it every month burning money by servicing interest just like that. So i talk to my bank to do early installment, so that i can start paying installment instead of burning interest.
But the way the bank explain to me is it wont make a lot of difference since my account is full flexi, and my current deposit already deducted some of the interest. Even though i start early for installment repayment, its just like deducting more from my account, but the interest saving is the same.
Can anyone enlighten my is it true? i thought start paying installment early better than start late, or it make no difference?
Thanks.
your early installment means every month you put your scheduled monthly installment into your full flexi current account right?I have a full flexi account with some money deposit inside. My house is under construction and i have been servicing my house interest and find it every month burning money by servicing interest just like that. So i talk to my bank to do early installment, so that i can start paying installment instead of burning interest.
But the way the bank explain to me is it wont make a lot of difference since my account is full flexi, and my current deposit already deducted some of the interest. Even though i start early for installment repayment, its just like deducting more from my account, but the interest saving is the same.
Can anyone enlighten my is it true? i thought start paying installment early better than start late, or it make no difference?
Thanks.
it would help a bit but it won't help much unless you put a lump sum of money into your full flexi current account.
let's say your loan size is 500k, you put 200k inside and the interest charge base on 300k only
but if you only put monthly installment into it , like 2500 then the interest charge base on 497500 which is hardly to save up any
but now you are servicing your interest while waiting your house to complete so it depends on the progress of your house currently. If your house situated at lower floor then the interest you need to service is getting more. If at higher floor then the interest still lesser.
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