can anyone comment for a 30 year loan for housing? What is the average loan term for a 300K with 90% loan?

Comments welcomed...

based on the interest rate of 6% per annum for 30 years and loan amount is RM300k.
Monthly installment is RM1,798.65
Total paid for 30 years is RM647,514.57
So total interest paid is RM347,514.57

You guys sure know a lot about property investment. It is quite interesting to read about all the comments you have been making.

After reading it, I was juts thinking about whether there are property investment companies or clubs that gets many investors who has a small sum of money and use it to buy properties. I have been looking for something like that as I don't have such a huge fund to go invest in prime properties.

An example is where 10 people invest RM40k and use it to flip a house which cost about RM400k. This can be bought and sold in a period of 1 year.

Anyone who has an idea about this, please share.

They are companies out there doing that. I.e. gather investor to invest a certain sum to invest.
Anyway, if you want to do it on your own I would suggest start with family. Because there would be problem in trust. Especially with money. At the time of buying, you need to list down the owner's name. whose name to put?!....No way you're putting down 10 names...
At the point you think it's ripe to sell; what is the determined price to let go? would there be any vote on that? what if 5 thinks they want to gamble by waiting for another 6 months and 5 wants to sell now?!....

See the complication now?
Unless you want to draft out legal papers and guides to get things on the way. But than, your investment cost would go up with all these efforts. Thus I don't think it's advisable. For RM400k property, you could still secure it with loans. It's known as leveraging. You ensure low cash out in securing the property to gain maximum gain when you sell say a year later.

bOOn, thanks for your prompt and kind reply. Actually my problem with getting family members is finding someone to manage the properties. I want to take the managing part of this out of the picture to save a lot of hassle.

It is good to hear that there are companies out there who does such things. I am very interested in the companies who can manage this thing well. If you can suggest some companies which you have experience in or know someone who had good dealings with them, I would really appreciate it.

anyone here try for auctiondata.com before?it asking for Rm365 joining fee...dunno it worth it for 365...

You probably meant http://www.auctiondata.com.my

This post has been edited by joe_mamak: May 7 2008, 11:46 PM

SUPEX MORTGAGE IS NOT A SOLUTION FOR FLEXI LOAN FOR SURE!!!

I would like to remind everyone here. For those who is using Term Loan, SUPEX might help.

I'm using SC Mortgage1 loan. So far the only bad point about flexi loan is Higher INTEREST!!! BLR + XX.

For my case, there is no concern since in interest is more than 4%, my company will subsidise the rest of all. If BLR=8%, my company will pay 50% of interest charged for me.

However, 1 simple question which SUPEX MORTGAGE consultant all can't answer here is:

1. If my monthly installment is RM1k and I pay RM2k every month to my account (assume BLR is fix), how long I can finish my payment? If you use a normal loan calculator, a double payment of your required payment will indeed reduce your years to half!

2. If SC Consolidated Statement is a +ve value, will there by any interest charged?

3. Flexi Loan is just like a Overdraft account, if you take out extra payment, OF COURSE YOU WILL BE CHARGED INTEREST! Where got FREE OVERDRAFT in this world? So if put in Extra $, that's it...... If you take out, REMEMBER, INTEREST RATE IS BLR ( Still cheaper than Credit card for those CARD SLAVE).

4. Flexi Loan calculate based on your -VE value. Which means how much you owe the bank at the current Month(or DAY), of course how much interest you are charged. Simple mathematic, I'm not sure why people doesn't make sense about it.

5. If your account is a +ve Value, you can terminate the account anytime (More than 5 years no penalty). So once you terminate the account, of course your loan finish. Because you already END THE FACILITY.

6. Normally SUPEX member pandai. They ask you to request an "EARLY SETTLEMENT STATEMENT". Early settlement will always follow the calculation of TERM LOAN. Hence your EXTRA PREPAYMENT will not be calculated. HOWEVER, they will return you the $. Beware, EARLY SETTLEMENT and +VE account in your Condolidated STATEMENT is different. EARLY SETTLEMENT is something you wanna do with Refinancing or EPF. Positive Consolidated Statement means if you have a CASH youself and debit into the account, and at the end BANK OWE you $ not you owe Bank $ anymore.

7. My advise here is, don't simply do any Refinancing unless you get a very good interest (FIX INTEREST, maybe 4%) for the whole loan TERM.