QUOTE(agent7 @ Jul 31 2007, 12:09 PM)
Hi there,
BLR in M'sia now is 6.75%, set by Bank Negara.
It depends on which bank and which loan package you take,
For example:
Let's say Bank U offers u a package of BLR-1.5% for 30 years. (BLR = 6.75%)
Means 6.75-1.5 = 5.25%. If u borrow full loan, means 90% from RM 577,000,
your loan amount is 90% x RM 577,000 = RM 513,000.
Your interest is 5.25% per year of the loan amount.
You will be paying about RM 3,669 / month for this loan example (without calculating reducing balance) since this is a normal maths calculation.
Hope this simple explanation enligtens you a bit.
You may contact me for free consultation, I am a financial planner.
Regards,
Edwin Thong
edwinthong@easternlink.com.my
I'm very surprise to see that you don't use reducing balance since housing loan in malaysia use reducing balance. kenji1903 link http://www.fiscal-wise.com.my/FiscalWiseWe...nRepayment.aspx would do the calculations and the answer is RM2832.80 per month. Unfortunately you need to use IE and not firefox to view it properly. I have checked using financial calculator. BLR in M'sia now is 6.75%, set by Bank Negara.
It depends on which bank and which loan package you take,
For example:
Let's say Bank U offers u a package of BLR-1.5% for 30 years. (BLR = 6.75%)
Means 6.75-1.5 = 5.25%. If u borrow full loan, means 90% from RM 577,000,
your loan amount is 90% x RM 577,000 = RM 513,000.
Your interest is 5.25% per year of the loan amount.
You will be paying about RM 3,669 / month for this loan example (without calculating reducing balance) since this is a normal maths calculation.
Hope this simple explanation enligtens you a bit.
You may contact me for free consultation, I am a financial planner.
Regards,
Edwin Thong
edwinthong@easternlink.com.my
Alternatively you can use excel
=PMT(0.0525/12,30*12,513000,0,0)
It will give the same answer
where it is =PMT(rate /12 since its monthly payment, number of installment (30 years times 12 months), loan amount, default, default)
btw: BLR is not set by Bank Negara (like suggested by agent7) , its set by individual bank. Bank Negara set the OPR (Overnight Policy Rate).
This post has been edited by vergas: Aug 3 2007, 07:56 AM