current LOAN "RM160k under meibank. interest is blr +0.25 = 7%

Lock in period is 5 yrs and penalty is 1% loan amount.

Property completed

..............................................

if refinance wt ctbank :
Loan amount rm210K
Tie up period : 5 yrs
Interest Fixed : 5.99% 3yrs

Yr4 & 5 : Blr-0.8%
Onwards : BLR -0.95%
0% cost on legal fess.

I only have to bear the 1% penalty (rm1600) and the consent letter fee from developer (rm500)


The will be 2 account. One standard and Non-Cheque book account.


We can dump in how much money we want in the non cheque book acc and the interest will be calculated based on the remaining balance.

Say Loan rm200K ... i dump in rm200K in the second acc. Interest is rm0


this looks like a very fleksible package.

We can just dump in out montly salary to reduce the daily interst and withdraw when we need the money.



So shall i go ahead and refinance?

If there's a sifu replying, please do it step-by-step. I'd like to know as well.

That is mortgage plus account.

Where your loan account will be tied to current account.

1. Very good for businessman with lots of cash in hand but then again, might as well open OD Account.
2. Besides, can you ensure your current account is always positive?
3. With low rates in HL, won't it be more viable to invest your cash?

As for good rates :-

Public Bank.

Y1-3 BLR - 2% (4.75%)
Y4 > BLR - 1.60% (5.15%)

or

Y1-3 BLR - 1.50% (5.25%)
Y4 > BLR - 1.60% (5.15%)
(Zero Cost)

pb rates seems to be low

but is it as flexible or not? meaning doing extra payments or withdrawals?

Tied-up period @ 5 years.

No restrictions on pre-payments but you need to be careful so that you don't kinda settled it within 5 years period.