That's what the HSBC staff told me back then their rates were worse than Maybank anyway.

Also I just relooked at my loan offer letter, I might have remembered the RM100k wrong (or it was removed in my latest signing). There's no limit on paying down principal, it seems. I also just used my latest March 2024 statement (since I did dip below -RM100k balance after depositing some cash for few days) to calculate my daily interest. Cant get exact amount as Maybank but:

Calculation Method	Interest Amount
Maybank	472.25
Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days	472.02
Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days, Except if above -100k then use -100k to calculate	474.57
(ROUND UP) Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days	472.18
(ROUND UP) Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days, Except if above -100k then use -100k to calculate	474.74

This post has been edited by polarzbearz: Apr 28 2024, 12:18 PM

Good to hear that. Tough times means saving every sen where possible.

Already done? Online or need to go to branch? Now monthly payment same or reduce.

Can share experience.

Thanks

at the end of my loan, my interest so low. About 70% are principal payments.

I only 3 more years left.

Online will do. Just like pay advance in your account.

If I am not mistaken, if you pay online without notifying the bank, the paid amount will be considered as advance payment, not reducing your principle.

I think if you opted for semi flexi it will.
I can see the differences of the interest changes when i dump few k

Certain bank have option online to pay direct to principle. such as RHB.

RHB they will deduct your monthly loan amount from the saving account like normal but i think u can pay direct to principle but in minimum of 1k (if not mistaken). Not sure if u can pay any amount to it

This post has been edited by Chadlonso: Feb 4 2025, 10:39 AM

I paid directly to principle. Got option for that. Monthly i still pay manually as usual.

u can pay any amount to it or need min 1k?

FYI. Not all banks work that way. E.g. PBB/HLB semi flexi needs to walk in and give notice, paying extra will just be advanced payment instead of principal prepayment for interest reduction.

No, not any amount. RHB full flexi minimum 1k and must be multiples of 1k.

1k, 2k.

Cannot be 1.2k, 1.3k.

Multiplies of 1k.

thanks

maybank allow...dats why..

Just need clarification on this. I did a semi flexi for one house. Lower the interest or the monthly instalment? The bank informed that the monthly instalment will be automatically reduced (but after a 6 mth cycle for recount). Interest should remain the same.

Depends,

If the property is for own stay with no rental income, then wise to dump money into the loan current account to save interest.

If the property is for investment with rental income, then not wise to dump money into the loan current account to save interest. This is because the loan interest is Tax deductable. meaning it can help you to reduce your taxable income, hence gives you tax savings. Then you can put your money into places that can generate more money that is tax free such as FD, EPF, blue chip stock with high dividen yield (up to 100k) or growth stock.


**remember to bank in to loan current account, no other account to save interest. Bank interest is DR (daily rated) which means, you bank in today, tomorrow can start to save interest d.

This post has been edited by BL98: Feb 4 2025, 01:59 PM

Cimb best.. can deposit any amount for principal

Read terms & conditions of your mortgage.

Some need you to inform bank in advance
Some need minimum amount or maybe multiples of x,000

But, in general, pay more when you can. Reduce your principle amount as much & as soon as possible. Compounded interest is the killer.

Was so happy to finally pay off my mortgage.

My RHB havent reach one year.

Do they have installment reduction like CIMB/HLB?