Mar 30 2022, 11:16 PM
QUOTE(Justice League @ Mar 29 2022, 04:03 PM)
I had always heard people advise is to take max loan with max tenure .. but wouldnt it be a lot of interest we are paying if paying monthly installment based on the calculated monthly payment ? or the reason behind this is due to the fact that must take Full Flexi laon where all extra money is parked into the CA account so that the daily interest calculation will minus out the principle from the total amount we had in the CA account ?
Nowadays semi-flexi loans allow you to pay extra to offset principle too. You can withdraw excess payment - mbb allows online withdrawal (pay RM25) while some other banks insist you do it at the branch, with service charge too. You need to find out whether there's a cap on extra pymt - for example, HLB only allows up to 30% principle reduction for semi flexi and up to 70% for full flexible. Pbb caps at 70% of balance in current account for full flexi.
Beware of overdraft facility that is sometimes compulsory in flexi loan - there could be a commitment fee (charge you for unutilised od).
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