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Housing loan is scary
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SUSceo684
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 Oct 11 2023, 09:13 PM
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QUOTE(alanyuppie @ Oct 11 2023, 08:23 AM) Weird rite.... knowing how things compounded.... Many wage earning humans , still doesn't leverage on that and save $$$ in FD (safest option) , thinking its useless coz mere few % dividends not significant enough. Better empty the bank acct each month to splurge / YOLO Earn RM - Nothing left over, save mat 7 lah  |
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mushigen
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Oct 11 2023, 09:34 PM
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QUOTE(xHj09 @ Oct 11 2023, 08:50 AM) Macam only sotong flexi got principal reduction. Dump more then pay less. Other banks flexi u still commit to a fixed amount monthly regardless paying extra or not. You mean installment amount, right? That is a double-edged sword. Same installment amount when you dump more money means your interest accrued at the end of the loan tenure is less kot. |
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xHj09
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Oct 12 2023, 02:16 PM
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QUOTE(mushigen @ Oct 11 2023, 09:34 PM) You mean installment amount, right? That is a double-edged sword. Same installment amount when you dump more money means your interest accrued at the end of the loan tenure is less kot. Yeah installment amount, my bad typo. But you’re right, really double edge. It helps if one has financial literacy.. really helps out in being flexible |
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SUSSihambodoh
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Oct 12 2023, 04:59 PM
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QUOTE(forgotoldlogin @ Oct 10 2023, 04:37 PM) House loan also scared. Why need to scared, no money can sell get some profit, can rent. Unless you buy very bad property, than die lo. Not all house after selling can profit. |
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fantasy1989
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Oct 12 2023, 05:06 PM
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QUOTE(mroys@lyn @ Oct 11 2023, 08:11 AM) haha... i tot the Effective Interest Rates for hire-purchase loan must be shown in the loan agreement but many still confused. not sure for housing loan but car loan i just sign no show EIR ; just showing FIR p.a but showing total amount (interest portion) for X years like u pinjam 100k after u serve 9 years ..total include interest is 127k then u do your own math This post has been edited by fantasy1989: Oct 12 2023, 05:07 PM |
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tifosi
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Oct 12 2023, 05:08 PM
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Bank loan interest is good so can offset my rental income and don't need to pay much to LHDN.
If not mati saya paying 25% rental income to income tax.
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WinkyJr
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Oct 12 2023, 05:09 PM
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that is how they make billons in profit every year, b, not m.
below than billion consider rugi already.
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augusta23
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Oct 12 2023, 06:47 PM
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QUOTE(kidmad @ Oct 10 2023, 11:36 AM) This is important.. to those taking >25 years loan the first few years is critical.. if monthly you can double up the repayment you actually need around 12 years only to completely pay the property. Wanna ask if there's a way or excel sheet to do calculations to see how many extra money needs to be pumped in to reduce certains years of the loan? |
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augusta23
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Oct 12 2023, 06:49 PM
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QUOTE(lopo90 @ Oct 10 2023, 12:28 PM) Wow, you played the bank nicely and they don't like being beaten at their own game Care to explain why the bank is considered "beaten at their own game"? Much appreciated |
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kidmad
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Oct 12 2023, 07:20 PM
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QUOTE(augusta23 @ Oct 12 2023, 06:47 PM) Wanna ask if there's a way or excel sheet to do calculations to see how many extra money needs to be pumped in to reduce certains years of the loan? I have my own but just use some online calculator. Can use a comparison calculator with early settlement of home loan. |
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