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 Basic Term Loan vs Semi Flexi Loan, Dilemma

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iGamer
post Feb 17 2022, 10:52 AM

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TS sure the basic term loan is really fixed rate? I thought fixed rate loan will charge higher interest rate, that 3.4% doesn't seem like fixed rate. hmm.gif
c64
post Feb 17 2022, 10:53 AM

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Interest rates will be rising for the next 5 to 10 years (possibly).

So better take fixed loan now. When trend reverse and interest rate going down further than your original rate down the road, then you refinance for a lower rate package.

By that time, hopefully your financial situation improves and you have more money to dump in or withdraw to take advantage of flexi loan.
iGamer
post Feb 17 2022, 10:55 AM

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QUOTE(fantasy1989 @ Feb 17 2022, 10:25 AM)
if you really have financial constraints ..make sure you buy full term of MRTA ( alot ppl pinjam 35 years ; but MRTA just buy 10 or 15)

incase shit happen ; it wont be burden to your family
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I took shortest MRTA possible, save the insurance premium. Full flexi, already fully offset loan, but bank advised not to close account and just utilize the full flexi loan account for other purposes as nowadays full flexi loan account already extinct.

This post has been edited by iGamer: Feb 17 2022, 11:01 AM
fantasy1989
post Feb 17 2022, 11:00 AM

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QUOTE(iGamer @ Feb 17 2022, 10:55 AM)
I took shortest MRTA possible, save the insurance premium. Cleared the housing loan early, money saved can buy a cheap car (but didn't buy lah).
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If there is plan to early settlement then yes ..can take short 1 + semi flexi loan

instead of paying extra then ask for insurance premium refund

but TS is even considering term loan ..so better take as long as better

This post has been edited by fantasy1989: Feb 17 2022, 11:02 AM
Lucas0323
post Feb 17 2022, 11:05 AM

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QUOTE(New Klang @ Feb 17 2022, 10:31 AM)
I don't understand your explanation
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Thats why u need to learn to read more
kelvinlym
post Feb 17 2022, 11:07 AM

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Semi Flexi is my preference.

Take advantage of lower rates. If can afford to, put in more money whenever you can to reduce principal faster.

Fixed rates for such a long term is not recommended. No point fixing something so far out the future when you can take advantage of information you have now.
iGamer
post Feb 17 2022, 11:09 AM

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QUOTE(aPiT_OxyMoxy @ Feb 17 2022, 10:26 AM)
If i may ask, how much is the different after you pay your principal amount.

are we allowed to continuously withdraw our KWSP for this or its just one time?
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EPF dividend rate > Housing loan rate

Not worth it to withdraw EPF to pay housing loan, you are losing money doing it..
Wholecats
post Feb 17 2022, 11:11 AM

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QUOTE(aPiT_OxyMoxy @ Feb 17 2022, 10:30 AM)
for my case the current rate is RM250 and i still pay RM350 as usual, the surplus they add in into another account.

Once the amount reach RM1,500 i can ask them to reduce the principal
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No. You pay minimum and invest the balance. You have access to ASB so do that. Interest rates should be higher than your loan.

The only reason why you don't want to do this is if you don't have the discipline to save and invest. So maybe you're the type that will just spend the extra RM100. Or if you are the type that like to use FD (lower rate than loan). Then go ahead and pay into your loan.
zeese
post Feb 17 2022, 11:13 AM

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QUOTE(aPiT_OxyMoxy @ Feb 17 2022, 10:19 AM)

Semi Flexi Loan
Rate: to be confirm | Monthly: RM955
The amount fluctuate based on BLR and lawyer fees include in the loan.

Based on your experience for Semi Flexi Loan, is it possible for the monthly commitment increase up to 1.2K monthly.
Your comment and suggestion is highly appreciated  notworthy.gif
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This is the price that I'm paying right now. My amount fluctuate between rm930 - rm1200, depending on blr.
TheEvilMan
post Feb 17 2022, 11:14 AM

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semi flexi loan u can flex, term loan is old skool and lame
turtleundersea
post Feb 17 2022, 11:16 AM

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QUOTE(aPiT_OxyMoxy @ Feb 17 2022, 10:19 AM)
Hi /k based on my previous topic regarding my housing loan, i have two offer concurrently  rclxub.gif

Basic Term Loan
Rate: 3.4% | Monthly: RM980
The amount remain for 35 years and have to pay lawyer fees on my own.

Semi Flexi Loan
Rate: to be confirm | Monthly: RM955
The amount fluctuate based on BLR and lawyer fees include in the loan.

Based on your experience for Semi Flexi Loan, is it possible for the monthly commitment increase up to 1.2K monthly.
Your comment and suggestion is highly appreciated  notworthy.gif
*
nowadays still got Basic Term Loan? of 4 banks i go to apply loan last year, all say semi flexi or fully flexi saja...

which bank offer u Basic Term Loan
turtleundersea
post Feb 17 2022, 11:17 AM

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QUOTE(fantasy1989 @ Feb 17 2022, 10:24 AM)
i will take semi flexi ;

can pay extra to reduce principal amount (last time need to go counter)
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which bank can reduce principal without needing going over counter?
afaik, hlb and pbb need do over counter
iGamer
post Feb 17 2022, 11:18 AM

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QUOTE(turtleundersea @ Feb 17 2022, 11:16 AM)
nowadays still got Basic Term Loan? of 4 banks i go to apply loan last year, all say semi flexi or fully flexi saja...

which bank offer u Basic Term Loan
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Sure still got full flexi last year? I heard nowadays only left semi flexi.
JimbeamofNRT
post Feb 17 2022, 11:19 AM

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QUOTE(ZeaXG @ Feb 17 2022, 10:22 AM)
BNM expected to raise interest rate in tandem with US Fed. You take floating rate loan better think ten times
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dia belum kana 10% and above interest rate like in the 80s and 90s
iGamer
post Feb 17 2022, 11:21 AM

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QUOTE(JimbeamofNRT @ Feb 17 2022, 11:19 AM)
dia belum kana 10% and above interest rate like in the 80s and 90s
*
Fixed rate loan has very high interest rate, I doubt the 3.4% rate loan is really fixed rate.
unknown_2
post Feb 17 2022, 11:22 AM

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QUOTE(aPiT_OxyMoxy @ Feb 17 2022, 10:19 AM)
Hi /k based on my previous topic regarding my housing loan, i have two offer concurrently  rclxub.gif

Basic Term Loan
Rate: 3.4% | Monthly: RM980
The amount remain for 35 years and have to pay lawyer fees on my own.

Semi Flexi Loan
Rate: to be confirm | Monthly: RM955
The amount fluctuate based on BLR and lawyer fees include in the loan.

Based on your experience for Semi Flexi Loan, is it possible for the monthly commitment increase up to 1.2K monthly.
Your comment and suggestion is highly appreciated  notworthy.gif
*
go for fully flexi for ease of management.
turtleundersea
post Feb 17 2022, 11:25 AM

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QUOTE(iGamer @ Feb 17 2022, 11:18 AM)
Sure still got full flexi last year? I heard nowadays only left semi flexi.
*
i apply housing loan around 2021 October, yeah, bankers still sell me Full Flexi
but i take up Semi Flexi....
but weird is Basic Term Loan....tot obsolete ady?
how come ts mentioned got such loan offer?
very curious which bank
unknown_2
post Feb 17 2022, 11:27 AM

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QUOTE(turtleundersea @ Feb 17 2022, 11:25 AM)
i apply housing loan around 2021 October, yeah, bankers still sell me Full Flexi
but i take up Semi Flexi....
but weird is Basic Term Loan....tot obsolete ady?
how come ts mentioned got such loan offer?
very curious which bank
*
what's the main different anyway? fully flexi vs semi flexi
killdavid
post Feb 17 2022, 11:29 AM

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went with full flexi, no regrets.
save alot.
s@ni
post Feb 17 2022, 11:29 AM

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QUOTE(JimbeamofNRT @ Feb 17 2022, 11:19 AM)
dia belum kana 10% and above interest rate like in the 80s and 90s
*
yeah my dad told me about this. that time ada 1 tu "society" lagi giler interest rate nya. higher than bank. sure pokai.
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