Hi all, recently my home loan just get approved and there is some progressive interest that I'm unclear about. I have already make a call to RHB customer service but they do not really get my question so I still unable to get the clear understanding.
This is a under-construction property, so I'm only have to pay progressive interest for the first 2 years. And now is at the stage of 20% (first 10% waived off by developer). Interest at 4.6%.
So there is one amount - lets say RM50,000, appear in my home loan account from 31st July 2018.
On 6th August 2018, the "installment amount" started to change from RM 0 to RM RM 226.95, and due date on 5th September 2018.
I guess the RM 226.85 come from calculation of 36 days interest which is 1 month + 5 days (31st Jul - 5th Aug).
RM50K x 4.6% / 365 days * 36 days = RM 226.85.
My question is where is this 1 month interest comes from?
As the RM50K only appear in my loan account transaction since 31st July. [U][B]
Shouldn't be charging me any advance interest right?
Pls help to clear my doubt on this, thanks!
RHB Home Loan Progressive Interest, Housing Loan Financial