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Hidden costs for housing loan
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TScontestchris
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 Sep 29 2023, 01:18 AM, updated 3y ago
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Hi all,
I'm getting to the point where I am going to select a loan offer.
Currently, the choice is between Maybank's Maxihome and Public Bank's Home10.
From my understanding, both seem to be virtually identical. Both are semi-flexi loans.
Hidden costs:
1. RM200 processing fee
2. RM10 stamp duty for LO
3. RM10 stamp duty for SI
4. RM25 for each redrawal made, otherwise zero maintenance fees etc
Anything else? I'm just worried kena something in the future.
Regarding the RM200 processing fee, I check my previous loan with RHB didn't have this but both MBB and PBB claim this is mandatory now.
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TScontestchris
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Sep 29 2023, 01:40 AM
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QUOTE(taitianhin @ Sep 29 2023, 01:31 AM) I am not sure if these are consider hidden cost, since they never say they are not charging you anything for processing, right? Unless, they do cheap sale and tell you they not gonna charge anything. From your old loan, they probably finance in those extra fee into your loan too. From you stmt, seems like you have selected semi flexi loan Other fees... - Legal Fee for LO and SPA - Loan Agreement stamping (not just RM10) - SPA stamping - Valuation Fee - Account opening fee, if there is any - Annual Housing Insurance fee Oh no, disregarding all those. Specific fee for getting the loan from the bank. Excluding all the legal, SPA stuff etc. Yes, another fee might be the account opening fee and associated annual fee. |
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TScontestchris
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Sep 29 2023, 11:05 AM
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QUOTE(vinceleo @ Sep 29 2023, 05:56 AM) BNM has instructed bank NOT to impose loan documentation fee effective 1/2/2023, reference to following from Malaysian Bar Council, seem related to processing fee. https://www.malaysianbar.org.my/article/abo...negara-malaysiaIt's not the same thing, the one you highlight is relating to the loan legal part. The one I am talking about is just to setting up of the loan account. Today I got approval from Alliance, they also said need RM200. |
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