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> BNM Housing Loan Assisstance, Income req. revised to RM4360 monthly !!

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mini orchard
post Oct 26 2019, 01:43 PM

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QUOTE(dave1987 @ Oct 26 2019, 12:54 PM)
https://www.iproperty.com.my/guides/critica...n-overlook-ctr/

Maybe this one will be more details with self explanatory
Let’s assume you bought a really good condominium, something where the mortgage is lower than the rent. Your monthly mortgage payment is RM2,500 but your rental income is RM3,200. That’s a profit of RM700. Surely this is great right? Not likely because you’ve forgotten about other costs. Here are just some of the other costs you may have overlooked:

1. Taxes (assessment and quick rent)
2. Joint Management Body fees (for strata property)
3. Annual improvements & maintenance (repainting, replacing furniture, repairs, etc)
4. Memorandum of Transfer (MOT) on stamp duty (for new purchases)
5. Mortgage Insurance

If these costs work out to an additional RM700 per month, your net income is zero, which is still good. However, if they exceed RM700, then you’re negatively geared..

Copywright to writer
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This topic is about BNM Assist Housing Loan.


NOTHING to do with cost of owning a home.

Open a new thread and you can write till sunset.

This post has been edited by mini orchard: Oct 26 2019, 01:44 PM
.:zep:.
post Oct 26 2019, 07:15 PM

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Stick back to the topic please.

Anyway, I have already accept the RHB offer for BNM affordable housing scheme, will sign the offer letter by next week.

This is the rate :

Loan amount = RM198,000
MRTT = RM9,153
Legal Fee = RM3,960
Total = RM211,113
Tenure = 30 years
Interest Rate = 3.5%
Monthly Instalment = RM948

I'm going for 30 year only even they offer 39 years. If 39 years = RM843 Monthly. I'm okay with anything less than 1k per month.
boonyu
post Nov 13 2019, 04:02 PM

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Hi,

Anyone know if MRTT is compulsory for the BNM first home loan 3.5% for Home financing?


zack.gap
post Nov 22 2019, 10:21 PM

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QUOTE(boonyu @ Nov 13 2019, 04:02 PM)
Hi,

Anyone know if MRTT is compulsory for the BNM first home loan 3.5% for Home financing?
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Not stated anywhere under BNM FAQ that its compulsory but banks will most likely make it mandatory.

Anyway my Islamic BNM fund loan with RHB just got approved

RHB (Step Up Payment)

Home Value= RM300,000.00
Legal Fee Finance Limit: RM5,600
Full Mortgage Reducing Term Takaful: RM16,529
Total Financing Amount: RM322,129.00
Financing rate: Fixed 3.50%p.a.
Financing Tenure: 40 years
First 5 Years Monthly Instalment: RM958
6th Year Onwards Monthly Instalment: RM1,332
AskarPerang
post Nov 22 2019, 10:24 PM

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QUOTE(zack.gap @ Nov 22 2019, 10:21 PM)
Not stated anywhere under BNM FAQ that its compulsory but banks will most likely make it mandatory.

Anyway my Islamic BNM fund loan with RHB just got approved

RHB (Step Up Payment)

Home Value= RM300,000.00
Legal Fee Finance Limit: RM5,600
Full Mortgage Reducing Term Takaful: RM16,529
Total Financing Amount: RM322,129.00
Financing rate: Fixed 3.50%p.a.
Financing Tenure: 40 years
First 5 Years Monthly Instalment: RM958
6th Year Onwards Monthly Instalment: RM1,332
*
Why is there a big jump 1st 5 years 900++
To 6th year till 40 year = RM1300++

That's a big increase.
Something is not right here.
zack.gap
post Nov 22 2019, 10:34 PM

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QUOTE(AskarPerang @ Nov 22 2019, 10:24 PM)
Why is there a big jump 1st 5 years 900++
To 6th year till 40 year = RM1300++

That's a big increase.
Something is not right here.
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Yup it was intentional on my end. Was offered the 'standard' package which is basically flat rate for the entire tenure but I went for the alternative 'step up' package for personal reasons.

For this package first 5 years basically all goes into interest payment (which is why its soo low) and 6th year onwards is when principal deduction gradually increases (which is when monthly payment picks up).
.:zep:.
post Nov 22 2019, 11:17 PM

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QUOTE(zack.gap @ Nov 22 2019, 10:21 PM)
Not stated anywhere under BNM FAQ that its compulsory but banks will most likely make it mandatory.

Anyway my Islamic BNM fund loan with RHB just got approved

RHB (Step Up Payment)

Home Value= RM300,000.00
Legal Fee Finance Limit: RM5,600
Full Mortgage Reducing Term Takaful: RM16,529
Total Financing Amount: RM322,129.00
Financing rate: Fixed 3.50%p.a.
Financing Tenure: 40 years
First 5 Years Monthly Instalment: RM958
6th Year Onwards Monthly Instalment: RM1,332
*
Never know can opt for step up payment. I think it's very good choice. The first 5 years is less than 1k only for 300k house. If I know about this earlier, i will apply for 300k house (skyawani iv).
Fcuk67
post Nov 23 2019, 09:21 AM

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how to convert to step up payment??
kelvin234
post Nov 24 2019, 04:44 PM

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QUOTE(.:zep:. @ Oct 26 2019, 07:15 PM)
Stick back to the topic please.

Anyway, I have already accept the RHB offer for BNM affordable housing scheme, will sign the offer letter by next week.

This is the rate :

Loan amount = RM198,000
MRTT = RM9,153
Legal Fee = RM3,960
Total = RM211,113
Tenure = 30 years
Interest Rate = 3.5%
Monthly Instalment = RM948

I'm going for 30 year only even they offer 39 years. If 39 years = RM843 Monthly. I'm okay with anything less than 1k per month.
*
hi can i know that your RHB loan is Term loan or Semi Flexi or Full Flexi loan ?
.:zep:.
post Nov 24 2019, 09:00 PM

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QUOTE(Fcuk67 @ Nov 23 2019, 09:21 AM)
how to convert to step up payment??
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I also wanted to know.
.:zep:.
post Nov 24 2019, 09:01 PM

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QUOTE(kelvin234 @ Nov 24 2019, 04:44 PM)
hi can i know that your RHB loan is Term loan or Semi Flexi or Full Flexi loan ?
*
It's term loan / fixed 3.50%.
TSindramerlin
post Nov 25 2019, 08:39 AM

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QUOTE(kelvin234 @ Nov 24 2019, 04:44 PM)
hi can i know that your RHB loan is Term loan or Semi Flexi or Full Flexi loan ?
*
interest so low.. not worth it early settlement...
kelvin234
post Nov 25 2019, 05:20 PM

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Do you guys think if 4.3% semi flexi compare with 3.5% term fixed loan , if 4.3% early settlement can save more interest than 3.5% term fixed loan?
TSindramerlin
post Nov 25 2019, 11:44 PM

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QUOTE(kelvin234 @ Nov 25 2019, 05:20 PM)
Do you guys think if 4.3% semi flexi compare with 3.5% term fixed loan , if 4.3% early settlement can save more interest than 3.5% term fixed loan?
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3.5% is very low bro... 3 5% term loan win.. no brainer.. better put your money in FD rather than early settlement.
victorian
post Nov 26 2019, 12:22 AM

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QUOTE(.:zep:. @ Nov 24 2019, 09:01 PM)
It's term loan / fixed 3.50%.
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QUOTE(kelvin234 @ Nov 25 2019, 05:20 PM)
Do you guys think if 4.3% semi flexi compare with 3.5% term fixed loan , if 4.3% early settlement can save more interest than 3.5% term fixed loan?
*
3.5% is fixed term loan ah? Which means if BNM lowers the OPR it won’t change ?
TSindramerlin
post Nov 26 2019, 07:13 AM

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QUOTE(victorian @ Nov 26 2019, 12:22 AM)
3.5% is fixed term loan ah? Which means if BNM lowers the OPR it won’t change ?
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Nope.. if BNM increase OPR, it also won't change..

That's why government paid RM1billion fo banks to maintain the max 3.5%..
TSindramerlin
post Dec 4 2019, 02:03 PM

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Latest info from Banker..

BNM's fund finished..
nasnenas
post Dec 5 2019, 05:39 PM

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QUOTE(indramerlin @ Dec 4 2019, 02:03 PM)
Latest info from Banker..

BNM's fund finished..
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Yes. I heard the same news.. so bad, I just plan to buy a house but suddenly without any news the fund fully subscribed. Why they don't release news about fund almost finished.. hmmmm.. I have to postpone my plan...

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