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Loan: paying principal during progressive interest
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13af
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 Oct 18 2023, 10:47 PM
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Getting Started
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QUOTE(ChuanHong @ Oct 11 2023, 09:26 PM) generally it should be all same.. except certain bank have a max cap of advance payment to reduce your interests.. e.g. your principal loan is 500k.. if you dump 400k into it as advance payment.. will it use only 100k remaining balance to count your interests?! not really.. some bank have a cap like 50%/70%.. this one you have to check with your banker/in your loan agreement.. what if i loan 1M with cap 70% if i just pump in 200k extra (haven't reach the cap amount of 700k) then the amount that will go into principal will be 200k fully, or 70%*200k=140k? |
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13af
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Oct 19 2023, 10:38 PM
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Getting Started
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QUOTE(ChuanHong @ Oct 19 2023, 10:15 PM) hmm.. loan principal 1m.. advance payment 200k.. outstanding balance = 800k to multiply/calculate your interests.. lets assume advance payment cap is 70% = 700k of advance payment.. if you put advance payment 800k, 1000 - 700 (cap) isntead of 800k. ultimately = 300k to multiply/calculate your interests.. Just got the answer today (from agent/runner not from the banker directly just to highlight) for the package given to me if cap at 70% repayment loan 1M u gt extra 200k and pump in, only 140k will count as principal 60k will be parked somewhere and will only return to u when u clear your loan  This post has been edited by 13af: Oct 19 2023, 10:40 PM |
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