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how does refinance work, refinance
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TSPac Lease
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 Mar 11 2020, 10:16 AM
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QUOTE(Liamness @ Mar 10 2020, 04:12 PM) How about obtaining a refinance loan from overseas bank: like below: https://rhbgroup.com.sg/personal/home-and-p...efinancing-loanBenefits: enjoy Singapore low interest rates.. What I want to ask is, what happens to the previous loan then? Because SG banks don't communicate with Msia banks and share credit history.. is it then possible for a home owner to acquire a third Malaysian property by hiding the refinanced loan in SG bank.. i.e., instead of paying the 30% downpayment for 3rd prop, the home owner now is eligible for a 90% loan, since Malaysian bank can't see the SG bank refinanced loan.. to them, it will look like a full paid off loan. normally this is depend how many housing loan that you hold in your CCRIS record. |
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SUSLiamness
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Mar 11 2020, 10:37 AM
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QUOTE(Pac Lease @ Mar 11 2020, 10:16 AM) normally this is depend how many housing loan that you hold in your CCRIS record. If I refinance the loan using overseas bank, then it shouldn't show up on CCRIS record, correct? If I'm correct, the house loan should show as a fully settled payment. and if it doesn't show up, then I can go back to loaning at 90% margin, right?  |
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panafone
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Mar 11 2020, 12:34 PM
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Hi, I just went to CIMB to ask if I can top up my home loan (I have 140k outstanding and home price is 450k) and the officer told me I still need to pay for legal and valuation. I thought to top up is easier than refinancing?
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TSPac Lease
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Mar 11 2020, 08:34 PM
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QUOTE(panafone @ Mar 11 2020, 12:34 PM) Hi, I just went to CIMB to ask if I can top up my home loan (I have 140k outstanding and home price is 450k) and the officer told me I still need to pay for legal and valuation. I thought to top up is easier than refinancing? top up loan still need to pay for legal fees and valuation fees. legal fees will be base on the new loan amount. example, top up new loan 100k, so legal fees will be base on 100k to charge if you refinance whole loan, example existing loan 200k and cash out 100k, so is total 300k, then legal fees will base on 300k to charge. |
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TSPac Lease
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Mar 11 2020, 08:35 PM
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QUOTE(Liamness @ Mar 11 2020, 10:37 AM) If I refinance the loan using overseas bank, then it shouldn't show up on CCRIS record, correct? If I'm correct, the house loan should show as a fully settled payment. and if it doesn't show up, then I can go back to loaning at 90% margin, right? also depend how many housing loan that you have in your CCRIS record. |
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SUSLiamness
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Mar 11 2020, 08:45 PM
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QUOTE(Pac Lease @ Mar 11 2020, 08:35 PM) also depend how many housing loan that you have in your CCRIS record. Right now, I have two. So if i hide in sg one.. it will go back to one. |
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Walaoeh!
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Mar 13 2020, 12:25 AM
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Hi, i have a housing loan few years ago with 90% margin of finance.
Today i have more than 2 housing loans under my name. If i apply for top up loan, will be 90% or 70% of valuation?
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TSPac Lease
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Mar 13 2020, 11:37 AM
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QUOTE(Walaoeh! @ Mar 13 2020, 12:25 AM) Hi, i have a housing loan few years ago with 90% margin of finance. Today i have more than 2 housing loans under my name. If i apply for top up loan, will be 90% or 70% of valuation? It will be 70% of the valuation. |
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meteoraniac
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Apr 4 2020, 07:41 AM
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my two loans were the legacy -2.45% from BLR rate
so effective lending rate is around 3.8%?
or am i missing something?
lots of banks offering elr at 3.85% that I don't want to miss out if refinancing
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TSPac Lease
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Apr 4 2020, 08:22 AM
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QUOTE(meteoraniac @ Apr 4 2020, 07:41 AM) my two loans were the legacy -2.45% from BLR rate so effective lending rate is around 3.8%? or am i missing something? lots of banks offering elr at 3.85% that I don't want to miss out if refinancing Hi, sir, your current interest rate 3.8% is consider good rate and no need to be refinance at this moment unless your intention is to get cash out. |
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meteoraniac
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Apr 4 2020, 09:25 AM
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QUOTE(Pac Lease @ Apr 4 2020, 08:22 AM) Hi, sir, your current interest rate 3.8% is consider good rate and no need to be refinance at this moment unless your intention is to get cash out. Thanks! No need for cash out just double checking 💪🏻 |
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TSPac Lease
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Aug 4 2020, 08:48 AM
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Sometimes client request for refinance is due to want to transfer the house ownership to other party and another party wish to take up the loan via MOT, mean memorandum of transfer.
Example, parents age is old and retire with no income to support the loan. Hence, some of my client will apply the refinance loan via transfer their ownership of the house to their children and the children will become borrower of the loan.
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Goh1992
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Sep 23 2020, 10:25 PM
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New Member
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Hi, i want to ask
1. Will ptptn affect my score for loan? Even though i can settle outstanding and get release letter?
2. How long for bank to release the money? (my house already fully settled)
3. Is that loan harder to get due to covid 19?
4. Will i-lestari affect my score?
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mini orchard
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Sep 24 2020, 02:53 AM
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QUOTE(Goh1992 @ Sep 23 2020, 10:25 PM) Hi, i want to ask 1. Will ptptn affect my score for loan? Even though i can settle outstanding and get release letter? 2. How long for bank to release the money? (my house already fully settled) 3. Is that loan harder to get due to covid 19? 4. Will i-lestari affect my score? 1. Yes ... as long there is still outstanding during loan application. 2. Refinancing ? 3. No .. normal credit check applied. 4. No. This post has been edited by mini orchard: Sep 24 2020, 06:05 AM |
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hft
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Sep 24 2020, 03:04 AM
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Refinance is good way to get yourself into unnecessary long term debts extension.
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Goh1992
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Sep 24 2020, 11:04 AM
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New Member
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QUOTE(mini orchard @ Sep 24 2020, 02:53 AM) 1. Yes ... as long there is still outstanding during loan application. 2. Refinancing ? 3. No .. normal credit check applied. 4. No. No 2. Yes refinancing |
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TSPac Lease
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Sep 25 2020, 10:26 AM
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QUOTE(Goh1992 @ Sep 23 2020, 10:25 PM) Hi, i want to ask 1. Will ptptn affect my score for loan? Even though i can settle outstanding and get release letter? 2. How long for bank to release the money? (my house already fully settled) 3. Is that loan harder to get due to covid 19? 4. Will i-lestari affect my score? Ptptn is no issue for apply refinance provided got letter from ptptn to show u already restructure the loan or fully settle ur loan. Normally will be take 2 to 3 month to disburse. Depend how fast land office respond. Is depend which industry u work with. There is certain industry bank do not do the loan even u are employed or self-employed. Every bank have their own scoring system and bank will not refer scoring fron ctos system. |
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TSPac Lease
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Feb 17 2021, 03:24 PM
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any refinance loan inquiry are welcome to ask here.
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coldfission
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Mar 1 2021, 01:56 PM
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QUOTE(Pac Lease @ Feb 17 2021, 03:24 PM) any refinance loan inquiry are welcome to ask here. I have this thought in my mind, my current house is quite run down after 20+ years. I wish to refinance and cash out for renovation. In this case, is it better to go with top up loan or refinancing it? I'm on the old BLR -2.4 rate. What is the wiser things to do? |
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TSPac Lease
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Mar 1 2021, 02:38 PM
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QUOTE(coldfission @ Mar 1 2021, 01:56 PM) I have this thought in my mind, my current house is quite run down after 20+ years. I wish to refinance and cash out for renovation. In this case, is it better to go with top up loan or refinancing it? I'm on the old BLR -2.4 rate. What is the wiser things to do? you can apply for top up loan instead of refinance the whole loan. BLR-2.4% is depend what is your effective rate now. Now market interest rate is around 3% to 4.9% |
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