Jul 9 2020, 04:08 PM
QUOTE(aj12 @ Jul 9 2020, 03:35 PM)
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
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.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
say 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.
This post has been edited by flazeroth4th: Jul 9 2020, 04:12 PM
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