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 Finance experts come in - Restructuring loans, Bank tagging

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SUSxiaojohn
post Dec 5 2023, 11:25 AM

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QUOTE(waka14 @ Dec 5 2023, 11:24 AM)
yep, the added charges at the end is about 35k extra or so. But cant do much until the 3yr lock-in period ends. Once that 3yrs is completed, can shop around again. Will jump for a Fixed lntrest if the rates are similar then.
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Please don’t do this….no benefit for you…
max_cavalera
post Dec 5 2023, 11:25 AM

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QUOTE(waka14 @ Jul 10 2023, 02:31 PM)
Restructuring loans and Bank tagging on CCRIS record.

How bad is it? and how much will it affect my future loan applications/refinancing.

Want to reduce the monthly loan repayment thanks to the OPR hikes. But they said that it will cause tagging.
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Very bad. Will got ccris tagging.

Not gonna get anymore further loan until u fully settled the rescheduled loan
TSwaka14
post Dec 5 2023, 11:29 AM

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QUOTE(xiaojohn @ Dec 5 2023, 11:25 AM)
Please don’t do this….no benefit for you…
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QUOTE(max_cavalera @ Dec 5 2023, 11:25 AM)
Very bad. Will got ccris tagging.

Not gonna get anymore further loan until u fully settled the rescheduled loan
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thats why i hold off, the banker did mention about the tagging also. Just gotta slug it out until the lock-in period ends, then can shop again...assuming got better rates
SUSxiaojohn
post Dec 5 2023, 11:31 AM

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QUOTE(waka14 @ Dec 5 2023, 11:29 AM)
thats why i hold off, the banker did mention about the tagging also. Just gotta slug it out until the lock-in period ends, then can shop again...assuming got better rates
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LoL…your understanding is all wrong….

Please don’t do that even though after your lock in period…
Avangelice
post Dec 5 2023, 11:37 AM

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Waka did you buy a property so you could flip it?
TSwaka14
post Dec 5 2023, 11:38 AM

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QUOTE(Avangelice @ Dec 5 2023, 11:37 AM)
Waka did you buy a property so you could flip it?
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bought for own stay...
Avangelice
post Dec 5 2023, 11:40 AM

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QUOTE(waka14 @ Dec 5 2023, 11:38 AM)
bought for own stay...
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How's things going now brother? All okay?
TSwaka14
post Dec 5 2023, 11:42 AM

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QUOTE(Avangelice @ Dec 5 2023, 11:40 AM)
How's things going now brother? All okay?
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better i suppose, working on the defects. Contractor problems for the last 5-6 months, but if all goes well by the end of this month should be able to rent it out.

Then plan things from there...ideally, stay somewhere cheaper?
Avangelice
post Dec 5 2023, 12:02 PM

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QUOTE(waka14 @ Dec 5 2023, 11:42 AM)
better i suppose, working on the defects. Contractor problems for the last 5-6 months, but if all goes well by the end of this month should be able to rent it out.

Then plan things from there...ideally, stay somewhere cheaper?
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Rent a room for the time being bro.

Property now damn hot. Donno when it will cool down
dickybird
post Dec 5 2023, 12:14 PM

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The loan is so small how to restructure? Bank would prefer to foreclose and auction the property, the legal fees to refinance will make the hole bigger than it already is.
Why are you repairing defects? No warranty?
Money tight still want to do renovation instead of conserve cash flow? This is mistake on top of mistakes yo.
adamhzm90
post Dec 5 2023, 02:53 PM

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what do they mean by 'tagging'?

if you dont have any outstanding then whats the issue
TSwaka14
post Dec 6 2023, 09:42 AM

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QUOTE(dickybird @ Dec 5 2023, 12:14 PM)
The loan is so small how to restructure? Bank would prefer to foreclose and auction the property, the legal fees to refinance will make the hole bigger than it already is.
Why are you repairing defects? No warranty?
Money tight still want to do renovation instead of conserve cash flow? This is mistake on top of mistakes yo.
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about the renovation part, its complicated supposed got warranty but developer doesnt want to honour it. Then on the SPA it says buyer receive as it is. Still and ongoing thing between me and KPKT. Will handle it when i have the time...

TDLR-problem drag until 8 months, might as well i pay the renovation and then get some rental money coming in so that i can save again.

QUOTE(adamhzm90 @ Dec 5 2023, 02:53 PM)
what do they mean by 'tagging'?

if you dont have any outstanding then whats the issue
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apparently according to the bank im dealing with (PBB), they say that if you reduce your monthly commitment lower than when you first started paying, then they will tag and its not good for my CCRIS (OPR included, as before i started paying the OPR hiked my installment). That and also and in the long term i will need to pay another RM35-45k extra for the interest or something like that.

TLDR - PBB said small reduction on mortgage,then bigger interest later. I wonder those who took the moratorium back then what happened.
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