Hi,

Is anyone using Maybank mortgage loan here?

I’m totally confused by Maybank officer, the lady herself also confused when I digged more info.

There are two flexi loan offered by Maybank.
1) Maxihome (Semi)
2) Maxihome Flexi (Full flexi)

My queries:

I’m asking as Maybank Monthly repayment works quite differently if compared with other bank ( e.g CIMB)

1) what’s the differences between the two ? The Maybank officer said no different, just MaxiHome flexi got a current account & withdrawal no charges.

2)From my understanding, e.g if loan amount is RM600k (monthly repayment RM3.1k) even after i throw in RM200k (monthly repayment still RM3.1k) ; it just shorten the loan tenure and monthly repayment will never go down. Does this appproach apply to maxihome (semi) or maxihome flexi (full)? OR both ?

3) for maxihome flexi (full), principal amount is fixed tilll end of my tenure, but interest rates varies as it depends on the amount of money that I pump in. Is this correct ?

Kindly enlighten.

Thanks!

As I know the way that semiflexi and flexi works are the same. The money you pump in will reduce the principal that is used for the interest calculation. Let's say you still owe bank 500k, and you put 100k into the account. Your interest rate is 4.5%. Daily interest will be calculated as below.

((500k - 100k) x 4.5 / 100) / 365.

You will still need to service the full amount of your instalment monthly, just that as you said the loan tenure will be shorten because a bigger portion of your instalment goes into the principal instead of pay interest to bank.

For semiflexi, if you want to withdraw your money out from the account, you will need to pay a minimum sum to the bank and bank usually need a few days to process your application.

For flexi, you are free to withdraw your money whenever with no charges (my experience with Alliance and HSBC is free of charge, not sure other banks). However if your loan is not islamic loan, then bank will charge RM10.60 monthly for the maintenance of the account.

To answer your question directly,

1) As stated above, difference is flexi can withdraw whenever you want, but there is a maintenance fee of RM10.60 every month. Semiflexi need to pay when withdraw and not immediate, but without the maintenance fee.

2) Yes, it applies for both type.

3) interest rates does not vary. What changes is the amount of interest that you paid to bank.

Installment amount never change unless interest rate increase.
Tenure will change. - faster paid up.
Both same except - full flexi have to pay monthly fee (10). Difference between semi and full is in the withdrawer and extra payment part - sorry this part I forgotten lol. Different bank different ways. I know full flexi is more flexible.

Mine is full flexi (not maybank)

This post has been edited by idoblu: Mar 22 2018, 04:13 PM

Hi is the maybank maxi home ezy a new product in the market for first home purchasers? Is it any good?

questions.. scenario as below.

loan 500K for 30yrs... if i made advance pay for 5 yrs worth of installment to reduce the principal, meaning my loan tenure now become 25yrs or lesser.. at anytime if i am hit with financial difficulties and might not be able to continue servicing the monthly installment, does it mean i can withdraw the advance payment amount up to 5yrs worth to continue servicing my installment?

any service fee incurred they will charge per withdrawal?

Is there any banks that would allow for reducing monthly repayment instead of shorten the loan tenure?

No issue, they are more or less same.

If you want to use your advanced payment regularly, go for full flexi.

If you only use your advanced once in a while, go for semi flexi.

Just a minor bank charges thing.

I do also thought MBB Semi would reduce installments based on their website

But AFAIK,

Advance payment got 2 types
1) To pay your monthly : Eg. Monthly Installment is RM1000, you dump in via online RM12000, meaning you have paid for 12 months
2) To reduce interest : Eg. Monthly Installment is RM1000 and your loan is RM100000, you dump in via counter(Semi) RM10000, then you will save interest of RM 10000 (It becomes 90,000 x 4.5%) but your spread rate of principal payment is higher but monthly installment remains the same RM1000), this you can opt to withdraw your money as its still inside

The other one is Prepayment : To reduce your principal, Loan RM100000, pay RM10000, so now it becomes RM90000 x 4.5% but monthly installment remains the same but only tenure reduced.


The only way to reduce your installment is prolly refinance your mortgage OR asking the bank to "restructure" your mortgage to lower installment but however, this may show in your CCRIS in a bad manner as restructure in banks are only opt for customers that cant afford to pay therefore, it somehow shows a bad record I suppose.


I would also like to know if there are any banks that offer this reduce installment facility loan for mortgage.

Actually Maybank full Flexi does. I'm using it. The more money u put into the current account, the lesser interest you will be paying. The principal deducted is the same for every month. Your monthly repayment is never the same each month as your interest charges depends on how much money you put into your current account to offset it.

From my understanding when I query the MBB loan officer, it is very similar to Rexoz's explanation. However he mentioned that you can pay less than the original monthly repayment, but the difference will be deducted from the money you dumped in.

Eg.

Loan 500k
Installment 2500

If you dump in 100k, interest will be calculated based on 400k.
When you pay 2000 the next month, the missing 500 will be deducted from the 100k paid above.


I take it that the changing monthly repayment is only applicable to full flexi then?

I don't know about semi but yes for my Maybank full Flexi is monthly changing repayment. And you don't physically pay it, ie transfering money from 1 account to another. Maybank uses only 1 current account that works as your loan acc and acc to put money to offset interest. Every month it will just automatically deduct the money u put in as your installment.

As your installment = principal + interest charges. And your principal deducted is the same thru out the tenure. Your interest charges will reduce every month as your principal reduces, hence your repayment reduces every month too. And of course if you put more money into the current account, you can save more on interest charges.

This current acc can be link to atm card for withdrawal, and monthly fee is RM 5. Not a banker, just sharing my experience with Maybank full Flexi. Pretty convenience to me.

This post has been edited by lll5459: May 2 2018, 10:28 PM

Excellent explanation.

Semi flexi works the same way. However, each withdrawal of fund will be charged.

Full flexi can withdraw fund as often as you like , without withdrawal charges.

Thanks for the very good info

Yeah, it is always better to inform them when you do advance payment.

For your i), ii), iii), I am not sure as my mortgage is not MBB.

But for now I assume like what the rest suggested, MBB Full flexi which works like OD will be able to reduce your monthly installment. If not then next time refinance it then ahahah

I clarified with the loan officer, in the event of excess payment:

i) any excess payment is automatically used to reduce principle
ii) interest will be calculated based on new balance
iii) subsequent monthly installment will first be deducted from the excess from loan account
-if excess payment is unable to cover monthly installment you need to top up
-if excess payment is able to cover monthly installment you can choose not to pay

nothing was mentioned about reducing interest repayment on the next payment as monthly repayment is fixed, but
overall interest is definitely reduced

this is confusing, maybe i'll find out once the account is ready.

Not sure if it's due to the package, but it's MaxiHome without OD. According to the officer, OD requires rm5 while none OD charges RM25 for each withdrawal of excess payment. All payments/withdrawals can be done via m2u without the need to visit branch.

If full flexi allows for automated reduction of monthly payment, sounds like that may be a better option?

Thank you friend for your kind and clear sharing.

Yeah I second this. What do you guys think of this? It seems better than both of them right?

May i know this is your assumption or is true evidence that the monthly repayment will not reduce?

can i know your loan name? eg : Maxi home, Maybank comodity murabah financing or etc.. coz im not sure mine can reduce monthly repayment or not but i would love to have it reduce and park money in my loan account

It is based on my experience currently with HSBC flexi loan.

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!

If you need to put in money into the account and also with
Draw frequently need full flexi.

If you put in money frequently but no intention to withdraw then semi flexi

Actually I prefer full flexi, can maximize the potential of every ringgit, bt MBB full flexi the intital monthly repayment is higher compared to term loan, which I feel quite burdensome.

I was thinking like the MBB semi flexi need to do the prepayment for principal & monthly repayment separately (like they won’t deduct automatically from the prepayment fund), bt as answered above, they will deduct monthly instalment from the prepayment fund which i think is nice & very convenient.

Actually my concern is if they don’t auto deduct, meaning I have to spare some money for the monthly instalment, in this way I have missed to save/earn interests on the “spare money”.

Of course full flexi still better, all upcoming payments for car instalment, credit cards payment, utilities bill, etc can just park in the full flexi account, maximise the saving/earning of every ringgit.

Maybank2u Loan page cant view said system error or user tamper ,anyone same problem ?

Hi, I have a question regarding Maybank's MaxiHome Flexi Loan (full flexi). I'm going to service my monthly installment soon.

This full flexi home loan is a 3-in-1 savings + current + loan account. I believe because of that, there's no loan account appearing under the Loans section on Maybank2u.

Here's the problem, where I can find, on Maybank2u, all the info regarding my loan repayment such as the monthly due date, my current interest and principal balance, current BLR (this loan was approved during BLR days) and all other details regarding the loan itself?

Anyone here familiar with Maybank's loan product can help shed some light? Would really really appreciate that. Thanks in advance!

Hello ylihao,

Good evening mate.
To access and see the details of your loan, if you are using the Mobile Maybank2u interface, the following is the flow/view breadcrumbs:

Login > My Account > Loans

From there you will be able to see the loan details already.
Hope above helps.

Thank you.

Hi, I wonder if I already have maybank account, and now apply for the full flexi loan, are they going to use back my old account?

Also, I m in the process of applying semi-flexi loan, once approved can I change to full flexi without going through all the paperwork again?

Thanks.

Hi, thank you for your reply. The problem is, my home loan is MaxiHome Flexi Loan (full flexi overdraft type) and it doesn’t show up the “Login > My Account > Loans” section. The Loans section shows that I do not have a loan account.

Hmm, that is weird, you might want to check with the CS of the bank to find that out mate.

MaxiHome Flexi Loan is all consolidated in the Overdraft account. There will not be a separate Loan account.

Do you know if there is any way I can find out what is the interest rate for my MaxiHome Flexi Loan / Overdraft account?

Maybank to lower lending, FD rates by 20bps
Read more at https://www.thestar.com.my/business/busines...iD43O1Stul6d.99

Hi all sifus~ wanted to ask is there any additional charges to be imposed for this Maxihome (Semi) when I want to pay principle only?

hi all sifus,
regarding the full flexi loan from maybank, here's the information i gathered from their website
https://www.maybank2u.com.my/mbb_info/m2u/p...sonal/LOA-Loans

it mentioned that i can earn interest up to 1.85% for credit balances above RM5k. Is this the same as having at least RM5k in the current account?

scenario:
let's say i get a loan of RM 500k with monthly repayment of rm3k(full flexi)
I have extra cash lying around and i decided to put in RM 500k into the current account.
So, my question are as following:

1) Is my interest going to be 0% since I have reduce the principal to RM0? which means the monthly repayment of RM 3k will be entirely going to pay off the principal?

2) If the RM3k is fully used to pay the principal, does that mean that i will have shorter tenure?
RM500/3= 167 months = ~13 years ( instead of 35 years)

3) According to the link above, I will earn 1.85% for credit balances above 5k. Does that mean at the same time I'll be also earning interest in my current account?

4) At some point of time, I need cash for emergency and i withdraw rm200k from my current account. So the new interest charged will be for the rm200k right?

Thanks

Hi I m having a semi flexi loan with MAYBANK. The offer letter said the account will be automatically closed if it is in zero or credit balance, meaning fully offset. The banker told me I need to have at least 1% remain but I cannot find this info in the offer letter or loan agreement. Anyone know how much we can offset?

If you decide to put advance payment into your loan, as long as the balance in your loan account is RM0.01 or more then it is fine. Example, if today bank disburse RM50k, tomorrow you can dump in RM49999.99 to save on progressive interest (assuming you’re getting undercon project). Then do not dump in anymore money into this loan account until the next disbursement.

Many thanks!

Can advise for conventional housing loan is there option to park advance payment to reduce interest or whatever advance payment part will automatically reduce the sum disbursed? Loan for undercon project

your question is too confusing. you should have mentioned whether yours is conventional term loan, conventional semi flexi or conventional full flexi loan.

My bad, it's conventional term loan

can't put any money to reduce interest. they will treat it as advanced payment. you can read your offer letter for detailed terms and conditions.

Roger appreciate that

I wan to confirm if i apply semi maxihome loan
Is disbursement 50k and next day i dump in45k advance payment, the interest will calculate bsed o balance 5k or principle 50k?

Based on balance owed on a daily basis.

Oo.. Noted... What is the difference of full flexi loan and semi flexi loan?

https://www.propertyguru.com.my/property-gu...difference-3529

if u dun have a lot of cash just go for semi flexi

Agree you will have to justify paying for the monthly fee if you go for full flexi

I have a Maybank semi Flexi loan. Let say I have a outstanding loan of 100k now, and I have advance payment of 100k. Does that mean bank will only deduct principal until loan end and I don't need to pay anymore? Or there is a minimal charge? Cause I don't think bank will give loan for for the next few years. Thanks.

Hello friend,
If your advance payment amount is equivalent to the full amount of your outstanding loan, I reckon that it will be considered a fully paid-off loan and the house will be completely owned by you already.

Please correct me if I am wrong.

Not sure about that as I have not reached 'advance payment' = 'outstanding loan'... Not sure if I will reach that soon, but just asking if there is anything to be aware if almost reach that.

I was thinking if there is a maximum % of advance payment that bank impose for interest deduction or some clause. As if we reach almost RM0 amount of outstanding loan Vs advance payment, bank does not get much interest charged.

maybank don't have capping on repayment, just make surev u don fully settle the loan before lock in period.
in your case, the bank will not charge u interest if you have put advance payment for outstanding your loan amount.

Hello Shaoching,
Good evening.
Meaningful, the interest will only be charged on the outstanding loan amount correct? The loan amount that have been decreased by the advance payment will not be included in the Interest Calculation anymore?

Yes...

Thank you boss.
Wishing you boss a great weekend.

Eh? What boss... Kuli je...
Have a great weekend as well.

May I know what is the interest rate (approx.) for Maybank housing loan now?

Check out RinggitPlus website.. Use as baseline or rough info.. Shop around a few banks and compare best rates and features offered. Don’t forget to negotiate for a lower rate and basically play bank A vs bank B... Lastly, depending on your finances, it’s actually ideal to deal with your current primary/most frequently used bank. As they should have some years history.. Play on that connection as well when negotiating. Good to build long lasting relationships. However, In the end, numbers win yeah..

This post has been edited by voncrane: Aug 16 2020, 03:14 PM

Wow thanks so much for the information...

Didn't know can nego for lower rate... I've always thought whatever rate the bank offered is fixed and cannot be changed.. unless I choose alternate bank..

Yeah... You can.. Of course, some really can’t be negotiated with. Those one, no choice.. Just accept as is. Don’t be overly pushy..Agents are humans too and the decision isn’t theirs to make .. But that’s where the whole building relationship works out. IMO/Experience, If you have say 2 or more loans with Bank X and for the past 5 years++ or so, and you’ve been a great paymaster who never missed a payment? Bank X would be more willing to drop some points off the interest rate just to keep you as their customer. Now, you’ll have 3 loans with em.. Maybe you are seeking 90% and one really only qualifies for 70/80%? Since they know you, higher chance to get the 90% you seek vs others who might offer less. Cuz overall, they still be making more money with you (additional loan) vs let you go taste another banks “goodness”.

You are welcome..Just glad I can assist..

You are being humble.
One day you will become boss also.

Dear sifus,

Would like to seek your advice regarding Maybank house bank loan.

Mortgage loan package: Maybank conventional loan

Loan details (Date: 30 Sept 2020)
Outstanding loan: 200,000
Advanced payment: 10,000
Monthly payment: 800

After checking today (Date:1 Oct 2020)

Interest charged: 600
Outstanding loan: 200,600
Advanced payment: 9,200

From my understanding, should the outstanding loan (principle) reduced to 199,800 since the interest charged is 600? Because 800 was deducted from advanced payment.

Hope to get some clarification before contacting bank.

Have a nice day!

Keep praying that day comes sooner than later... Want to vroom life while I still can at 100%...

Hmm, logically yeah it should be 199,800. Typical interest charged and loan repayment deduction for the month. Hmmm, perhaps it's still some post-moratorium glitch their system is ironing out? If by end of Monday or Tuesday it's still as is. and you are sure no repayments were skipped during the moratorium period? Just check loan transactions history for dates, etc (checked and the past 6 months is displayed as default)... I suggest you give HQ a call to hear what they have to say about it. HQ yeah and not going to some smaller branch to ask. Did that recently just to be sure that all is in order and the consultant told me they don't have access to check "intimate details" about one's account. Only HQ can.

This post has been edited by voncrane: Oct 2 2020, 04:16 PM

The day will certainly come soon my friend!
Wishing you great health, happiness and fulfillment in life.

Hi,
I am taking Maxihome semi flexi MBB loan.
Does anyone know the max. withdrawer amount of the advance payment?
We must make this withdrawal thru the counter?
Any MBB branch can perform this withdrawal?

Thanks in advance.

Maximum u can withdraw is the amount of advance payment made. It is shown in the M2U app/website under your loan. Can withdraw at M2U online in RM1000 increments, ie. 1k, 2k, 3k, etc.

I used the transfer option to transfer money from SA to loan account.
However, I do not see the option for withdraw from loan account in M2U website.
Can you explain where is it?

My Accounts - Loans - 3 dots - View Details - 3 dots - Redraw Advance Payment

Hi Sifu here,

My loan already start last month 6Jan21.
And i already put extra money in my mbb fully flexi account to save interest.
But until today it still haven't deduct my first monthly payment?

And i go maybank app, under loan section,
dont know why it shows "You do not have any acc at this moment"?

May i know usually which date it will deduct my monthly payment?

Thanks alot

This post has been edited by sl3ge: Feb 7 2021, 11:46 AM


Attached thumbnail(s)

Hi, I have been serving my MaxiHome Flexi Loan for about 2 years, I’ll try to help as much as I can.

Did you receive a notice (by mail) from Maybank stating the monthly reduction amount for next month? The mail looks like this



I assume you’re also on MaxiHome Flexi Loan. In this loan type, we do not have a loan account, instead everything is integrated into the Premier One current account, the loan is offered and managed in the form of Overdraft facility.

The monthly reduction usually takes place on the first day of every month. The reduced amount will not be taken from your Premier One account balance, it will be deducted from your Authorized/Credit Limit. The mail above will tell you when the reduction will happen and how much will your new Overdraft amount (aka new Authorized Limit after the reduction) be.

The only thing that will be charged to your Premier One account balance is the interest portion, usually on the last day of the month. The amount of interest is based on your remaining Overdraft amount and your Premier One account balance. So if you have some balance in your Premier One account you will notice a lower interest charge end of the month.

One interesting thing though, I also did not receive the monthly reduction mail for February. The last time I got the mail was for Jan 2021. Not sure why

do you know if the account be any type of current account? or it has to be the Premier 1 account?? thanks in advance

Hi, does maxihome has islamic housing loan? Or only conventional only? I would want to apply for Islamic loan because it has a capping on maximum rate.

Hi sifus,

I have an Islamic account with MBB. In order to reduce principal, I need to put money into the loan account right? Since there's a separate loan account with amount owed under 'Loan' section in M2U.

Appreciate your guidance. Thanks.

Additionally, does this mean that the monthly mortgage will deduct principal from loan account and interest from the savings account linked to the loan account? Thanks.

logically yes, if you do a prepayment from my Islamic Saving into Loan Account, the prepayment (advance payment) will be used to knock off the Principal and hence reduce the monthly interests charges.. That's how the convential MBB loan works, hopefully it is the same as Islamic accounts.

Loan account should be the Mortgage account.. For full flexi account the mortgage must be link to a current account, not saving. If you do not have saving maybe it means yours is not a full flexi hence you cannot link your saving with your mortgage/loan account. You must do a manual transfer from saving to loan account in order to reduce the monthly interests charges ..

Hi sifu newbie here, i got a loan offer from mbb full flexi

I tot for 560k with 3.90% i should pay ~RM2450 monthly

But this is told by banker
“
Reduction amount is based on total loan amount / total loan tenure”months
= RM 560,942/ 420 months
=Reduction Amount RM 1336 monthly based on principal + interest portion based on daily outstanding principal
“

Means if i dont have cash inside, i would have to pay ~2.8k / month at the early stage?

This post has been edited by ultimate93: May 30 2023, 01:11 AM