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 Bank loan expert come in, House loan

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Yggdrasil
post Feb 11 2019, 06:35 PM

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QUOTE(Docile @ Feb 11 2019, 03:38 PM)
Hi Sifus,

I have a house loan of a 1.7k monthly with a 35 yrs tenure.
So far i am only on the 5th year.

I am wondering if i can redo my loan?
Make it 10 years and pay more monthly.

Because i calculate, if i pay 1.7k monthly for 35 years, total loan would be 714k, which is almost double the amount of the house price.
I would like to redo the whole loan to 10 years, and pay more every month.

Is this possible?
*
I presume you borrowed around RM400k. It is impossible at your income level to shorten it to 10 years since 15 year loan at a similar interest rate would mean you need to fork out RM3000 per month for instalments. This is assuming you earn around RM5000 a month.

 

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