May 15 2009, 12:05 PM
QUOTE(ed0gawa @ Sep 21 2008, 01:28 PM)
Supex charge you for 'advises'
Just walk in any bank, pray u get a good marketing officer, you get those advise for free.
I would say that if you got your loan like >4 years ago, you can feel free to go for refinancing now, it'll save you money even though u have to pay for the penalty incurred
Interest charged nowadays are going at BLR - 1.7 to 2.x % where interests charged few years back are going at BLR + xx %
You don't need anyone to tell you that you will be saving money by refinancing.
Hi,Just walk in any bank, pray u get a good marketing officer, you get those advise for free.
I would say that if you got your loan like >4 years ago, you can feel free to go for refinancing now, it'll save you money even though u have to pay for the penalty incurred
Interest charged nowadays are going at BLR - 1.7 to 2.x % where interests charged few years back are going at BLR + xx %
You don't need anyone to tell you that you will be saving money by refinancing.
To be honest, without being harsh to you, no hard feeling,
Do you think that re-financing ALWAYS can help us to reduce the interest?
You gotta bear again the penalty, legal fee and etc which is hidden from you into your loan amount whether direct or indirectly..
If you have advance loan software to read about the amortizing schedule on the repayment, portion of interest and principal paid, you would be surprise to see your NEW monthly repayment amount (after refinancing done) which though may appear lower than the old loan (to impress you with the reduction) but the portion of the interest actually may sometimes higher than the old one.
Don't get caught in the creation of the cycle of debts again by the promises made by ads. Unless you re-finance to get extra cash for investment which may help you earning more than the interest imposed by the financial insitution.
"IN THE WORLD OF UNIVERSAL DECEIT, TELLING THE RIGHT THING BECOME A REVOLUTIONARY ACT"
Consultant
Alan
Added on May 15, 2009, 12:12 pm
QUOTE(smcg @ Jun 12 2008, 11:43 AM)
mortgage reduction is suitable for any term loan. flexi loan is also 1 of the term loan. bank do provide mortgage reduction, everybody can do it, but the problem is how much do u understand ur loan agreement???
kundam:
if ur monthly repayment is 1k, n u pay 2k, normally will save more than 50%!!! let say u r paying for 30yrs normally. if u pay 2k, u will pay off in less than 15 yrs!!!!!! i agree with what u say, don't simply do any Refinancing unless u get a very good interest rate!!! for flexi loan, my idea is, u borrow 100k, 10 yrs, n u dump in 100k, let it automatic deduct ur repayment monthly, n spent 10yrs to see. coz as i heard from bank regarding the flexi loan, they say the interest will offset if u borrow the $$, n dump in the same amount tat u borrow.. so i think this way can help u find out the truth!!
in my opinion, if a business can help u earn 50k, n u need to take out 5k, izzit worth to do?? there's no free lunch in this world. even u do it urself, u oso hv 2 spent time on it. time is $$.
I would say any true mortgage reduction strategy may help you even to save on tremendous interest, if aapplied correctly, only OD (Overdraft) you don't have to apply mortgage reduction strategy. The rest you still may to save interest.kundam:
if ur monthly repayment is 1k, n u pay 2k, normally will save more than 50%!!! let say u r paying for 30yrs normally. if u pay 2k, u will pay off in less than 15 yrs!!!!!! i agree with what u say, don't simply do any Refinancing unless u get a very good interest rate!!! for flexi loan, my idea is, u borrow 100k, 10 yrs, n u dump in 100k, let it automatic deduct ur repayment monthly, n spent 10yrs to see. coz as i heard from bank regarding the flexi loan, they say the interest will offset if u borrow the $$, n dump in the same amount tat u borrow.. so i think this way can help u find out the truth!!
in my opinion, if a business can help u earn 50k, n u need to take out 5k, izzit worth to do?? there's no free lunch in this world. even u do it urself, u oso hv 2 spent time on it. time is $$.
I can't answer your question directly as a matter of fact, telling the truth things sometimes may make myself liable for legal action.
Just a token of advice, whether you believe or not, I won't be making a money anyway, stay clear away from promises made from 'others' on loan package of .....
Just a question to guide you to 'hidden' fact:-
If you are operating financial institution, would you create/promote a financial product which can make yourself earning a lesser income?
OF COURSE A HELL NOT! IT"S A BUSINESSMEN BROTHER>
"IN THE WORLD OF UNIVERSAL DECEIT, TELLING THE RIGHT THING BECOME A REVOLUTIONARY ACT"
Consultant
Alan
Added on May 15, 2009, 12:16 pm
QUOTE(kundam1 @ May 26 2008, 11:08 AM)
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.
Brother, Flexi loan is NEVER an OD or similar.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.
I would say any true mortgage reduction strategy may help you even to save on tremendous interest, if aapplied correctly, only OD (Overdraft) you don't have to apply mortgage reduction strategy. The rest you still may need to apply to save interest.
I can't answer your question directly as a matter of fact, telling the truth things sometimes may make myself liable for legal action.
Just a token of advice, whether you believe or not, I won't be making a money anyway, stay clear away from promises made from 'others' on loan package which "HELP YOU SAVE INTEREST".....
Just a question to guide you to 'hidden' fact:-
If you are operating financial institution, would you create/promote a financial product which can make yourself earning a lesser income?
OF COURSE A HELL NOT! IT"S A BUSINESSMEN>
"IN THE WORLD OF UNIVERSAL DECEIT, TELLING THE RIGHT THING BECOME A REVOLUTIONARY ACT"
Consultant
Alan
This post has been edited by alan8181: May 15 2009, 12:16 PM
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