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House loan- Capital repayment vs advance payment), which one-> lower interest rate
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TSBboyDora
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 Jul 18 2016, 03:54 PM, updated 10y ago
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Hi all, wanna ask about capital repayment vs advance payment (which one can reduce the interest rate) Let say my house installment is Rm 1500. But every month I pay Rm 2000. (the extra RM 500 consider as advance payment, according to my bank officer) Or I just pay RM 1500 every month, after 10 month I straight pay Rm 5000 as capital repayment ( RM 500 x 10 ) since the additional RM 500 i keep every month until the 10th month. Some ppl say no different. So kind of confuse now  . Hope you guys can enlightens me in this loan matter |
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TSBboyDora
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Jul 18 2016, 04:24 PM
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QUOTE(ryansxs @ Jul 18 2016, 04:06 PM) Advanced payment is something like you are still paying your normal installment, just that you paying more for installment. But you are not directly paying off your loan amount. Thanks a lot. Just wondering since Im paying more in advance. doesnt it mean i settle more every single month? I check with the bank, the person say advance payment mean u pay first, if you didnt pay for the installment for few months also ok. "cz i ady pay in advance. " thats why i bit not sure here |
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TSBboyDora
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Jul 19 2016, 03:51 PM
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QUOTE(iAlien @ Jul 18 2016, 05:35 PM) i think TS refer to semi-flexi.. and yes if you just pay more, its consider advance payment, means u pay for the next half month (installment 1k, pay 1.5k) means next month you only need to pay 500 or you can do it every single month, but its very inconvenience for you just go to counter and said paid to principal, and sign a form.. or you can go around half years or 1 years Yes. Yes. Im semi flexi I have check. with the officer. They say all this while im paying in advance. It doesnt reduce the interest rate but i ady pay in advance. So, even i didnt pay for the next 5 months also can cz the amount of "advance payment" can cover my monthly instalment. |
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TSBboyDora
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Jul 19 2016, 03:52 PM
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QUOTE(Bonescythe @ Jul 18 2016, 05:24 PM) depends on ur account bro.. if ur housing loan is full flexi, then no nid inform.. ur housing loan account = current account = checking account so if ur loan is 50k, and u put 50k in.. then no interest for conventional, then need inform for semi flexi, i dun quite sure, but i think need inform also mine is semi flexi. Have to inform. Ady check with the bank. Thanks a lot. |
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