Latest update for refinance loan term.starting by 1st of aug, refinance loan with term loan cash out maximum loan tenure will be up to 10 years only. Housing loan will remain 35 years or age 70 whichever early.

Hi TS Pac Lease, I have question regard top up vs re-finance

Details:
1) Property cost at RM370k (2012 value) and haven't done any valuation yet since then.
2) Effective Rate - BLR - 2.4% = 4.25%
3) Loan amount : RM252k
4) Outstanding loan : RM44k
5) Monthly repayment : Rm2.2k (roughly left 1 year + can finish as sometime i pay extra)

What's the pro of Top-Up if compare to refinance?

Judging that i might just wan to loan maybe 70k~100k for 5 years.

Hi, top up loan is additional loan add on on top of your home loan. Hence, you will no need to refinance to other bank and just add on term loan account.

Pro is loan disbursement will be faster than you refinance to other bank. Also , lawyer fees will be cheaper because is base on new loan amount.

Kenak reject for Top-Up cause my overall CC utilisation too high

Anyway to increase success rate ?

If you are not urgent the get the cash out, then you may pay up your CC outstanding balance, try not to over 80% of total credit limit. thereafter can try to reapply.

You mean each CC cannot exceed 80% of total credit limit (as i have multiple CC and few of them utilised the balance transfer 0% before which should have exceed )

Certainly. So keep your CC usage lower than 80% then will be good for apply refinance loan.

Ouch... guess need to re-check everything again before re-apply then.

Thanks

Can try to increase your CC limit

Bank Harimau very hard

Limit 15k since i first day has CC in this bank from 2010
Front Front back back applied limit increase i think 8 times d.

Yes, refinance case normally i will advise client to download their CCRIS record for me to review their CC usage before i submit to the system to avoid fail scoring due to over usage of the credit card.

thanks for your opinion however in his situation is difficult to increase his CC limit due to his usage is high.

The best time to increase CC limit is when you got your salary or income has been increase and also do not utilize your CC more than 50%.

Within 2 years, i got 2 credit limit approval. I think Harimau credit limit mostly based on Gross monthly salary x 3...

This post has been edited by Deathscythe@@: Aug 13 2024, 10:25 AM

CC utilisation because mostly balance transfer 0% those


Bank Harimau initially give me 15k when i started working that time already where my salary was 1.5k / month.

After another year later i bought my first house where as afterward whenever i request increase CCL, never approved.

But other banks just keep sending me msg and instantly approved, lolz ...

Same with me. For me Maybank very difficult to increase credit limit. Other bank sometime auto increase limit.

those day the bank really give so high credit limit , you got 10 times limit of your salary.
Nowadays properly give 1 to 2 times limit of the salary.

bank also want to grab the business from you.Hence, other bank will auto increase the limit and wish you will apply the fast cash from them.

Actually compare CC cash out (example 3.29% p.a. yesterday standard chartered called) vs re-finance (example 3.85% p.a.) at amount of RM30k.

Which one is better ?

CC cash out is better.

3.29% probably is flat rate, means effective rate 6%++

Property rates 3.85% is effective rate.

So which better? of course we're comparing rates now, not others such as legal fee, time consume for disbursement etc etc