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.