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House Loan Semi Flexi, Thinking dump my saving in house loan
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funnybone
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 Feb 4 2025, 12:26 PM
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QUOTE(unknown_2 @ Apr 28 2024, 12:17 AM) remember that for semi flexi, u hav to inform bank in order to lower the interest, where else full flexi is auto. if u full flexi & got on9 facility to redraw at any moment, parking your emergency or FD funds in mortgage is better than standard FD rate. 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. |
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funnybone
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Feb 13 2025, 04:12 PM
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QUOTE(unknown_2 @ Feb 13 2025, 03:34 PM) BNM hav not adjusted BR since Q1 2023. when BNM raise BR, usually overnight u'll see your mortgage bank adjusted their rate & your payment overnight. however, if BNM slash BR, usually bank will take their sweet time, might even only lower their rate months later. Understand about the BLR. But what I meant is for a semi flexi loan, I can gradually park money into the loan account but the interest would not change, only will reduce the monthly payment. That is what happening to one of my housing loan. Just seeking clarifications if the understanding is aligned. This post has been edited by funnybone: Feb 13 2025, 04:13 PM |
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funnybone
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Apr 14 2025, 02:52 PM
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QUOTE(lioncarlsberg @ Apr 13 2025, 10:11 AM) This statement does not seem correct. If you correctly perform a payment for principal reduction, then your remaining outstanding loan should reduce and therefore the portion of your instalment charged for the interest should reduce . The monthly payment (or instalment) should remain the same. You are still obligated to pay your instalments on time. Actually to clarify, I parked the extra sum to the loan account but did not issue an instruction to the bank to offset from the principal amount. And yes, the remaining outstanding still reduce and the instalment amount reduced as well (monthly payment). However, I still continue to pay a higher instalment amount to reduce the principal loan faster. That is what I was told....hope this is as what supposedly to happen. Quite confused when the loan officer explained this. |
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funnybone
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Apr 14 2025, 05:53 PM
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QUOTE(Gaia34 @ Apr 14 2025, 04:50 PM) Maybank |
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funnybone
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Apr 16 2025, 01:44 PM
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QUOTE(Gaia34 @ Apr 14 2025, 07:43 PM) My loan is with MBB as well, the mortgage officer told me that even if i put a large amount into my account, the monthly installment will remain the same, just that the bigger portion will go to reducing your principal. That is weird. Semi-flexi loan? My instalment reduces. But I continue to pay the initial amt to reduce the principal (yes, this happens to me as well). But I have the option to pay the lower instalment amt also if I choose to do so This post has been edited by funnybone: Apr 16 2025, 01:45 PM |
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funnybone
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Apr 17 2025, 09:17 AM
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QUOTE(shyan90's @ Apr 16 2025, 03:27 PM) What bank you using? Semi Flexi wont cut off your instalment usually but will reduce your interest. Maybank. The monthly instalment amt reduced as I put in more. The banker also told me before that the instalment amt will be re-calculated every cycle (6 mths if not mistaken) |
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funnybone
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Apr 17 2025, 12:01 PM
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QUOTE(shyan90's @ Apr 17 2025, 11:56 AM) Huh..so weird i am also maybank..but it only reduce interest so far... Confusing then. Will recheck with the bank once I got the time. |
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