QUOTE(Mrkoala @ Jul 15 2018, 10:08 PM)
I like and share your view Corleone (michael corleone ... just wandering
)
Btw, iam a newbiee here at ly forum. I am also a foreigner whose wife is a malaysian. we been meaning to buy a propety since late 2016 and i have kept telling my wife not to rush because the market has more room for downward correction ( just my personal opinion).
I just wanna ask if in malaysia there is an interest only loan for buying investment property. If there is where to find data such as when majority of those interest only loan convert back to normal loan ie. interest and principal are repaid back. And how long is interest only loam usually?
the reason i asked this is because in australia almost 30 percent of property investment loans is interest only for 5 years and after 5 years the loan revert back to interest and principal.
thanks in advance for anyone who can share his or her knowledge
I haven't seen any interest only loan in Malaysia (other than those schemes offered by developers of off-plan properties), but perhaps i'm not the best person to advise on this. Do contact the banks.
fyi some developers did provide interest free loan during construction (called DIBS - developer interest bearing scheme), before they were prohibited from doing so a couple of years back.
Perhaps you may want to inquire with OCBC.
https://www.imoney.my/home-loan/ocbc"OCBC also offers a Graduated Home Loan programme catering to young working adults who are first time home buyers. This OCBC home loan gives you repayments that start pretty low. Borrowers are offered the flexibility of fixed or variable pricing (or a combination of both).
Affordable starting repayments (interest only repayments) enable young homebuyers to ease into the home loan repayment[B][U] and financial management process.Other OCBC packages includes a special housing scheme for lower value properties and overseas property financing."
This post has been edited by corleone74: Jul 16 2018, 02:12 AM