Hi, first time house buyer here.

Any Sifu can help see if this current loan rate is good?

Maybank
Approval details:-
SPA price RM1,107,000.
Loan amount RM996,300.
MRTA premium RM3,492.
Total loan amount RM999,792.
Tenure 35 years.
Interest rate SBR + 0.85%. Current SBR is 3.00%. Effective rate @ 3.85%.
Monthly installment RM4,337.

MRTA cover RM499,000 & 10 years only.

Flexi loan.

0.85 rate consider lowest rate in market currently

RM4,337 x 12 months x 35 years = RM1.8M. Lousai.

ore kayo spotted

Thanks Sifus!

if you confident, see is it can further reduce the MRTA coverage.

I asked the banker already, he said the MRTA amount is the lowest to get 3.85 rate.. So I think most likely cant lower it anymore

Hmm… you stretch to the longest period. Anyway not bad the rate

Look scary but that the norm it’s how banks rake in billions in profit anyway there is way and mean to reduce it down the road

Oh hey you again! I've noticed you from my new banglo thread, hahah, this loan is for the house , I think the longest loan period is 35 years.. so cant stretch already.. If can stretch I definitely will, cause I thought I can stretch it to 43 years of loan tenure since 70 years old is the maximum age for loan.

you may reconsider to refinance it after the bank lock in period if there's a better interest option. however, by using a semi-flex loan, the interest imposed might get lesser too.

If you have 1 million now and you deposit with the bank with 4% return, you will get back the same amount after 35 years

yo bro, happy hunting! do update again if you secured the purchase!

Very good loan

I got MB loan for 500k house at 3.9% few months back

I think MB is lowest and best value adi

Looks very ok to me. Wise thinking on the mrta.

Anyway, single borrower, joint named purchase?

This post has been edited by jojolicia: Aug 14 2023, 11:52 AM

Thanks!

Single borrower

yes water is wet

Quite high mine is 28y monthly 5.3k spa 1.2m loan 1.08 , public semi flexi

U mean the interest is high? When did you get your LO? Maybe you get it lower cause u get your LO earlier is it?

the mrta..if you have personal insurance that is enough to cover the loan then no need to get it from the bank