Help on deciding bank loan
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 Jul 9 2020, 03:35 PM, updated 6y ago
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#1
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Probation
7 posts Joined: Jul 2020 
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Hi Guys - I am new to buying a house. Need help to decide on which loan should I choose to purchase a house. Both banks are having same rate at 3.15% but with different spread rate and MRTT tenure years
Bank A BR 2.5% / Spread rate 0.65% Interest - 3.15% MRTT 30275 for 27 years Bank B BR 2.88% / Spread rate 0.27% Intereat - 3.15% MRTT 30365 for 22 years |
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Jul 9 2020, 03:40 PM
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#2
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Probation
7 posts Joined: Jul 2020
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QUOTE(Thrust @ Jul 9 2020, 03:37 PM) I'll go for Bank A Thanks. Any reason for that? I did ask around and was told lower spread rate is better for customer |
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Jul 9 2020, 11:52 PM
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#3
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Probation
7 posts Joined: Jul 2020
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QUOTE(flazeroth4th @ Jul 9 2020, 04:08 PM) correct me if i'm wrong, but i think spread rate is not important, since it's fixed already. so if opr changes, the br just follow % changes from opr. the tenure i put is on the mrtt. Loan tenure both the same at 31 yearssay this year Bank A 2.5 + 0.65 = 3.15, Bank B 2.88 + 0.27. then next time say opr changes +0.5% it became Bank A = 3.65 : ( 3.00+0.65) and Bank B = 3.65 : 3.38+ 0.27. edit: ok, i just realized of different tenure between those 2. if you got enough money to pay, maybe can ask if Bank A can shorten the tenure & reduce the spread further. |
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Jul 10 2020, 10:28 AM
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#4
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Probation
7 posts Joined: Jul 2020
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QUOTE(heavensea @ Jul 9 2020, 04:11 PM) Why take mrtt full 35??? I am not taking MRTT for 35 years. It is at 22 years and 27 years for respective banksInvestment or what purpose? |
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Jul 10 2020, 10:30 AM
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#5
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Probation
7 posts Joined: Jul 2020
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QUOTE(arowana33 @ Jul 9 2020, 03:46 PM) I go bank B. Any reason why Bank B? Is it because of the spread rate? |
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Jul 10 2020, 02:43 PM
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#6
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Probation
7 posts Joined: Jul 2020
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Thanks all..It seems like no big impact on the spread rate
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