I am looking for a bank to refinance my house loan. Need suggestion and information on what is the package like?

please just give some simple detail of the housing loan you having now....

What is your current package ? Which bank ? How long already ? Any penalty ?

1) Location/Area of your house. Nowadays banks don't simply offer home loans. They look at area.

2) Amount you planning to loan ? This will affect the moving cost. e.g. lawyer fees, penalty, if any etc.

3) What type of payee are you ?
(a) Pay minimum every month.

(b) Have extra >RM300 to top up frequently ?
(b)(i) Will you withdraw to renovate house, wedding, etc. ?
(b)(ii) No. Put in there, for permanent.

4) What is your plan on how long to pay it off ?
e.g. Loan 30 yrs, but wish & plan to pay off in 12-15 yrs.

5) Do you prefer fixed, Islamic or variable BLR rate ? Will you be affected if BLR raised to >8% when inflation comes ?

does this link help? ->Link<-

Why do you want to refinance?

ING and AIA fix rate good for most ppl i guess ...

it all depends on the preference. but for me, i intend to finish off the loan fast. why want to tie up for so many years and pay all those interest. that is dumb. source around, mainly local banks and u can see their rates is simply irresistible

Who doesn't know your father is male, your mother is female. If TS got money, already settle the loan and won't refinance it again. People are not dumb!

First, you need to tell us how much is your house? Because there are variety of housing loan depend on your property price.
Second, what is your current interest rate?

If your property price is above 200k, then you can try to look for fix rate.. (5.X%)
If < 200k, then i think you better don't refinance... unless your current interest rate is >= 7%

If you would like to know more, send me an email at tzeyean.aia@gmail.com. I can also be reached at 012 3272615.

Thanks. Best Regards.

This post has been edited by Zarth: Jan 8 2008, 11:29 PM

Here's a recent article highlighted in The Star newspaper.

Based on the article, banks from time to time have the absolute descrection to

(a) vary the rates by varying the bank's Base Lending Rate (BLR) and/or
(b) the margin or spread above the BLR

Many borrowers are under the impression that the only way interest rate could vary is if the BLR changed, and by not any other means.

This shows that though the bank may offer -2% BLR rate packages for now, they have the absolute descretion to change it however they like as its stated in the contract itself when borrower's sign on the dotted line.

Zero Cost with Public Bank @ BLR - 1.65%

You can play a trick to get a better rate.
Get the best rates or offer from 1 bank and table it to other banks.
They will counter offer you.

Not all banks will bite. Citibank gave me a good rate last year and Standard Chartered wouldn't even match it. Some banks are more aggressive than others too. Again when I was looking, the Citibank sales guy did way more to court me than the Stanchart or CIMB guys.

I hear nowadays that Al Rajhi is quite aggressive, worth taking a look.

If your loan amount is big >400K, you can always negotiate the rate. The highest I know of BLR-2.2 zero entry cost from a foreign bank. That is for 1M loan.

Go for Citibank..

It is the time of the year..CNY is approaching and banks now are having promotion for their home loans. So grab your chance now if you are thinking to refinance.

my sis fren got a team of ppl helping ppl to get the best package for re-finance housing loan. They will calculate the best value saving way for u to re-finance. If you wan to know more, pls pm me your details so i will ask my sis to contact u.

Guys,

Need more info and advise from you.

I am planning to refinance my apartment to a better package. Currently, I got with me a package from Alliance with BLR-1.4 for first 5 yrs and thereafter BLR-1.75. Though this sounds good but I am eager to get a better deal. If you know of any better deal, can you please share with me? Better still if you can provide me with the contact details. Basically I am looking at refinance at around RM100K only. Small fry. Please help.

Thanks.

nobody knows weather the BLR will go up or down... its better to get a fixed rate throught tenure if u can. i've tried AIA b4... really strict... got rejected. so.... get all ur figures rite b4 u apply for it...

Go to mid valley this weekend for the property fair. There will be many rep from banks around. You should understand why you want to do refinance. If you still have lock in period for your current loan, then you should find out the penalty rates and whether it is worth to refinance.