You only need to focus on the interest charge.

The monthly payment is not relevant because the money came from access payment account and it is for accounting only . It is the minimum payment requirement for your loan agreement.

Lately I'm also looking for this MBB full flexi maxi home offer and its calculation method seems really different than other bank full flexi home loan.

I make an example of taking 1,000,000 loan amount @4.5% rate for 30 years loan period.
Base on normal bank loan calculator, the monthly installment calculated is around RM5100.

However, base on MBB calculation, it'll fix the principal amount first, i. e. 1000000/360=rm2778.
Then it'll never specify the interest rate, which is always fluctuate.

Base on the daily rest calculation, the interest rate for the 1st month of installment will be 1000000x4.5%x30/365=RM3699.
So base on MBB flexi calculation : installment = principal + interest charges,
1st installment will be RM2778+3699=RM6477.

Is this the correct calculation? If yes, it means MBB flexi home loan need to pay >20% monthly installment than other? 🤨

hi,

currently i m using maybank islamic homeloan named commodity murabahah home/shophouse financing-i since july 2018
pay monthly installment through standing instruction from my maybank saving account
and i also can pay extra monthly from my maybank2u : pay bills > pay to maybank maxi home loan

it is a semi flexi loan, since there is no current account open for this loan and there is no monthly fee paid to maintain this account
and it is also stated in the loan agreement if i want to withdraw excess payment, the RM 25 processing fee will be charged.

my question:
is that possible for me to change my loan account from semi flexi to full flexi? (off course with additional monthly fee to be paid by me)

thanks.

hi, is that correct the monthly fee is only RM5? not RM10?
thanks.

means better take Islamic loan for full flexi right?

I think so, as the Islamic full flexi should allow withdrawals without one-time or monthly fees.. I could be wrong, but it's my understanding from my recent chat with an MBB agent.. Anyone can also confirm if required monthly repayments can auto or manually reduce based on latest funds dumped into principal? Example, as per loan.. Monthly is RM2500.. If dump in say 50K.. can the monthly repayments reduced accordingly? or the money simply reduces the next interest charge and principal owed?

Consider as advance payment, which will reduce the interest hence reduce monthly payment as well

Oh I see.. So in addition to reducing Principal... It's also considered as advance payment and so for next month.. Interest is reduced, if one pays full .. it goes on as normal and reduces the next month cuz principal reduced too.. but say one pays but less rm500, it fetches the bal RM500 from previously dumped cash and adjusts principal accordingly.. similarly interest too.. Except that it'll be slightly more interest charged next month than if one paid the full normal amount.. Correct?

Full Flexi
When you apply you will get a Current Account + Loan Account (Both share the same account number). You only need to deposit your monthly installment into your current account and every due date it will auto deduct from your current account to pay the loan. Your Loan account Principal will reduce each month until 30 years to become zero.

500k loan, 4.5% interest rate = Monthly Installment 2.5k for 30 years. Suddenly you kena TOTO, you got extra 500K and you deposit into your current account. This will ONLY offset/reduce the Interest charge become 0%, but monthly you still need to pay your installment amount which is 2.5k, and the 2.5k money will fully goes into reduce the Principal because you already lower the interest charge become 0 and make you faster to finish the bank loan (like 30 years become to 15 years). Why still need to pay installment? Because your 500k is sitting in your current account and you can withdraw anytime so it won't reduce your housing loan period, UNLESS, you take the 500k go to counter and ask for you want to fully pay the 500k to reduce your Principle and settle the house loan.

Pro= Can withdraw/deposit all your money in the current account as you wish.
Con= Rm10.60 maintenance charge per month


Semi Flexi
When you apply, you only got a Loan Account. So, you only need to deposit your monthly installment into it. Everything work the same with Full flexi, just you cant anytime suka suka withdraw your extra money deposited to reduce the interest charge.

Pro= No monthly maintenance charge
Con= withdraw money need to go over counter with administration charge per withdraw.

Nice explanation. Just to add that semi flexi can withdraw via M2U (only full website, not mobile app) and only in RM1k increments.

Im not sure why so many suggest that advance payment will only reduced the tenure but not the monthly repayment.

I have been told by maybank officer where once I did advance payment into my loan account, it will be used to offset the principal amount, hence effectively reduce the interest and repayment monthly (as interest is calculated daily). Correct me if I am wrong?

This post has been edited by yfchin2: Oct 12 2018, 03:03 PM

This is correct.

Repayment will slowly reduce (very slow).

This post has been edited by barista: Oct 12 2018, 03:16 PM

I am paying RM5.

The table schedule they give you is like what you said. Only the monthly principal amount.
Interest is calculated daily. So I always pay slight more than principal+interest.

Extra will just sit inside the account.
I also placed a substantial amount inside to reduce the interest. As long as the extra deposit is less than 80% of the loan, it is OK. Once it reaches 80% of the remaining sum, have to fully settle the loan.

This is what the officer told me last time.

For MBB semi flexi right, if I loan for 400k and make prepayment of 100k into the loan account,

Will they deduct monthly instalment from the 100k? Or I have to manually pay monthly instalment into the loan account?

100k prepayment first priority, if not enough funds then 2nd priority saving account. All automatic deduction as long as enough funds.

There is like statement date & last payment date right? just like credit card?

So they will automatically deduct on the last payment date?

Auto deduct on evening of 1st day of each month. Hardcopy statement to mail to ur address at mid month.

I see, so I guess it won't affect the CCRIS and quite convenient also.

Thanks a lot!