Hi,

I have a HSBC Homesmart Homeloan. The loan just disbursed last month. Now, receive notice that have to pay interest by certain date every month but no mention of total monthly installment. Does that mean I have to serve interest only??

Some mortgage package, especially for new home buyers, does not allow one to start the repayment immediately. It has a clause to say monthly installment only starts when loan is fully disbursed. So, are you buying new house and has the loan been fully disbursed? If it is, then there is no reason why you cannot start the installment immediately. Do go through your loan agreement thoroughly to avoid makan by these legal loan sharks.

already full disbursements

then.. i would certain visit the branch where you apply the loan or call HSBC rightaway.... serving just the interests is like feeding the sharks...can't be right.

It seems you can make whatever payment amount as long as the minimum interest amount is paid monthly.

I am in condition like you,, however,, have to serve interest already 2 months due to 10k plus for legal fees nt yet release.. Any specific time frame for them to fully downdrawn the loan??

Btw,, constant,, did you hav to pay annually the fire insurance with hsbc as well? I am still wondering if every one with a homeloan pay few hundreds for the insurance without getting back in the end.. Lets say i am paying 500 annually,, after 30 years will be 15k le..

fire insurance, is all gone and 'burnt', like your car insurance.

Yet to be charged fire insurance. Maybe later?

Anyway, had a look at offer letter which clearly stated monthly installment of approx. rm2k. But, just received notice that interest charged will be rm1.4k. Called up call centre and was told that minimum have to pay monthly is rm1.4k. but letter offer say minimum monthly installment is rm2k. Confusing! Anybody can help?

i wud say just pay 2K since it has already been fully drawndown...you have the rights to start serving the principal immediately.

Thanks for the reply ya. Wunder how much insurance untung from this since every house have this but so rare a house got burn down nowadays..

I am getting a property as well so I went to several banks.

The most attractive right now is HSBC and CIMB.

HomeSmart, the mortgage officer should use computer to show you everything and even graph, isnt it?

CIMB has the same thing and additional money on top of your monthly installment goes to principal. This will be shown in your monthly statement. Reason why I chose CIMB over HSBC is because CIMB can evaluate the house at the higher price compared to HSBC - both equally good!

Yes. RM 10 monthly fee for the statment

Is CIMB Loan package full flexi as well? With monthly of RM10 too?

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Added on July 17, 2010, 10:04 amIs CIMB Loan package full flexi as well? With monthly of RM10 too?

This post has been edited by tyuesi: Jul 17 2010, 10:04 AM

I had some really bad experience applying for the HSBC homesmart loan. Maybe it is the fault of the agent handling the case, maybe it is the fault of the backend people, I will never know.

They took 2 months to approve my loan. Even after approval, my offer letter never came. The agent kept telling me that she is waiting for the boss to sign the offer letter (I really have no idea what kind of stupid process they have in HSBC). 3 months after applying- still no offer letter. Agent kept asking me to wait saying that they need letter from final approval officer.

In the meantime, my friend and PBB checked my record in Cyres (is this how you spell it) and told me that HSBC has already recorded a fully approved loan in the system. Again, 4 months later- no Offer Letter. By this time, I have already accrued 1 month of interest. Called customer service, they don't know what the heck is going on. One story from agent, another version of story from the helpline customer service.

Anyway, to cut a long story short, I asked for the loan to be cancelled. Am now with RHB- everything settled within a month although interest rate was not as attractive.

I went to BNM yesterday to check my credit record- and there was the HSBC approved loan remark on my record. Really make me piss off seing the reminder.

Is your HSBC agent a direct agent(working under HSBC) or those mortgage broker?

1 funny thing i encounter is HSBC did not charge me RM10 monthly. 1st few months they charge then they forget all about it.

HSBC is not the best bank, watch out. I am pulling out of HSBC Homesmart.

Today I went to HSBC to get my redemption amount, the bladdy bank want me to fill form and charge me RM50 bucks for redemption report.

This is totally ridiculous.

Last time I just make a phone call to call centre and I can get the redemption amount.

i just apply for HSBC homeloan (not sure which one)..wat's really gud about HSBC is they gv 50% for 1st time buyer like me for legal fees and they can give extra 5% to cover MRTA and legal fees..

If i pay extra Rm100 every month, i can finish the loan in about 28 years instead of 30 years..
the agent might can help/appeal for BLR-2% finger cross


Property Price:165500
Loan:Rm148950 (10% deposit)
MRTA:3881 for 25 yrs (without critical illness-tht's mean my PA must cover Critical illness)
Loan Tenure:30 years
Interest Rate:BLR-1.8% 1-5 years, BLR-1.9% thereafer
Monthly payment:730 and 722 thereafter

This post has been edited by chilskater: Jul 21 2010, 03:35 PM

lock in period
lock in penalty
RM10 charge every month
RM1 sms charge every month
RM50 Redemption report

+ loan statement that you will never ever know how to read unless you are good at mathematics

I have calculated mine, if I continue paying according to their instalment, I will never finish paying after 30 years because the total instalment they deducted is lesser than they suppose to deduct

They don't show you the total amount they deduct so you have to do your own mathematics calculations.

i had HSBC home loan before (many years ago, probably back in 2002 or so) , their deduction detail was clearly laid out in the statement ie .how much is the interets how much is for the principal...).. But then i agree, their loan package is never an attractive one that's why it was my first home loan banker and my last one - mainly due to unattractive package and nothing else.

Need some advice here,, loan had been fully disbursed 2 month ago but visited the bank and they say the loan not fully finalize yet.

Have been paying interest only for 2 months which seems to be just throwing money into no where without lowering the pronciple..

Is there anything i can do? Bank part say not finalise yet but all already paid and the whole process alde completed in june?