Just today my house loan appeared in my Maybank2u account.

Outstanding Balance - 300k++ (from 500k++ since this is the amount released by the developer based on their current progress)
Outstanding GPP - RM0.00
Payment Due Date - N/A
Monthly Instalment - RM2100++
Instalment Due - RM0.00
Payment in Advance - RM0.00

The apartment should complete early Q4 2019


But when I calculate, I should be paying less than RM1.5k but why RM2100+?

Is it that I should wait longer so it'll update to RM1.5k?

Need some enlightenment here.

Couldn't understand how this progressive interest works

show your calculation here. where you get the RM1.5k?
loan is appear in 3 type as conventional, semi-flexi and fully flexi.

Get your offer letter and go to banker and ask better. Or bank faster

I used this as a reference. And then create my own spreadsheet using the formula and added the percentage of the progress

https://mypf.my/2016/11/02/malaysia-propert...yment-schedule/

I may be wrong but rm2100 mthly instalment o ly kick off when ur prop vp

GPP stands for what? Maybe thats the progressive interest due?

When was the disbursement from bank and when is the due date. Could be more than 30 days.

Click on transaction history and see how much the amount deducted. Assuming you signed standing instruction for bank to auto deduct from your saving account monthly.

Yes correct. Thats why Im confused why do I need to pay this amount when in the letter, the construction is still in progress (not yet completed).

I also dont understand the GPP stuff

This post has been edited by Leo the Lion: Jan 24 2019, 04:43 PM

Disbursement started today.


Nothing deducted yet...

new loan?
2.1k most likely is the amount after all amount dispensed to developer.

may be you can check later on the installment due which will most likely is your interest amount, since not yet VP.

Personal advise, if you can afford to pay more now. As long as the interest they charge you is correctly count, do pay up. As any excess of the monthly interest will deduct the capital loan. The more capital loan deducted, the lesser accumulated interest that bank manage to earn from you.

I have a property that started building not long. And my instalment is forecast to be RM3K when the property is completed. Now so far bank have only release 60K. The statement charging me only few hundred ringgit. But I ady paying RM3K monthly. Tracking by excel and obviously show I save alot in interest. So I am rushing over time to pay as much as possible before bank releasing more $ to developer.

Hi,

Outstanding GPP is total progressive payment you need to pay for that particular month.
You may wait end of this month/ next month to see actual monthly interest amount.

RM2100 is total you need to pay once complete.

This post has been edited by Kyotoarm: Jan 24 2019, 05:05 PM

This cleared my confusion.

I guess GPP stands for Gross Progressive Payment?

Okay, I’ll wait another month for it to appear

Thank you for the advise! 😊

very confusing statements.

you are referring to monthly progressive interest or monthly installment?

if monthly installment, all stated in your Letter Offer. This is also based on your loan tenure and interest rate.

PROGRESSIVE INTEREST. hence the topic. I know the monthly instalment amount.

Loan under maybank same as mine but different figure.

The RM 2100 shown will only kick off once the loan is fully disburse. For next month, the amount to be deduct is based on the completion % of your house.

If your calculation is correct, you will only be deducted rm1500 next month.

If you did not pay the RM1500, it will appear rm1500 at the outstanding GPP.

Thanks!

Actually, what does GPP stands for?

Tagging the most active mortgage specialist here to provide insight: wild_card_my lifebalance

During under construction period, which bank offering: can make extra repayment and those extra will go on to offset your principal loan amount.
Scenario:
60k disburse by bank at interest rate of 4.5%pa.
Monthly (30 days) progressive interest charged: RM222
You pay RM3000 instead. So RM2778 of the extra payment will deduct the principal loan amount.

Is the above scenario correct? During under construction period.
Thank you.

yes, in this scenario, 2778 extra paid is used to offset the 60k amount disbursed, so you'll pay RM2778 lesser interest