I'm in the same ship with you, my final payment has been paid last 2 weeks and this month is the second time I will be paying interest only. The statement they sent to me is like so cheap, half of the A4 paper and with how much interest I have to pay.

Has anyone receive a full statement showing how much interest and principal we are paying? I think I need to call bank.

Lol,, gunblade i do have to agree with you about the cheap statement they sent to us. Half piece of A4 paper and i believe they did call you and tell you tat you have to pay or else will be late payment right.

For the month of june they at least still send statement to me.. I tot to reduce the hassle so i bank in few thousand to put aside in this account.. Best thing is i just realise they just 'take' my money to pay the interest without even issuing a statement..

Anything i can do?? Someone advice??
I went to the HSBC branch(not the one i take loan) and the officer say usually within 2 weeks will finalise the loan but mine alde more then 2 month..

Maybe you can share the chronology of events here. When was ur loan approved, at what stage was your property constructed at that time? My developer would send me a progress statement and the loan will only consider fully disbursed when the progress is 100% and CF issued.

Usually loan repayments will only reduce the principal amount by 30% while the remaining 70% forms the interest. That's why at the end of the every home loan tenure, the bank would have earned double your loan amount.

My chronology is that house is a subsale and is completed long time ago. I shifted into this house right from the day the bank releases the loan and the lawyer deliver the vacant possesion. However, the bank claim that they not yet finalize it after 2 month. Anywhere can i complain? Go to the bank and make noise?

What I can say is....

Today HSBC people calling me for not pay my monthly loan payment...

I said I pay it one week ago. And they said might be I miss pay into Credit Card account.

After check, yes I miss bank in the account....

It has over due for 5 day for the bank housing loan..

Finally I need to pay these 5days interest rate for a total RM231.02

My monthly loan payment is only about RM630.00

This post has been edited by andygen: Dec 22 2010, 04:40 PM

Just request the calculation of the interest from HSBC. And you'll see how the RM231.02 come from.

I am also very upset with HSBC. Their inefficiency in disbursing my home loan to developer caused me to pay the developer late payment interest.

Furthermore, it is so difficult to call them on the General Line. I opened my Homesmart account at Puchong branch. The telephone number is 03-80738800, but if you call this number, the answering machine will ask you to call 03-20507676.
If you call 20507676, it is an inactive number.

HSBC is not efficient.

This will be the last bank I will introduce to others.

Anyone has anything to share?

I have HSBC homesmart account which combine my deposit account with my home mortgage, does anybody here have same homesmart account like me? I just want to ask about how exactly they calculate the interest paid monthly and how they reduce withdrawal limit, from what understand for this kind of home loan (flexi), the more u deposit less interest you'll pay and your monthly payment will go more to reducing the principal rather than serving the interest but what i experienced is inconsistent, sometimes i deposit more but more interest i have to pay for the month and sometimes when i didn't deposit much less interest is paid, very confusing, and i also want to know how much the principal is being paid from my monthly payment,

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Added on April 6, 2011, 10:30 pmafter reading all the post i just realised that they only deduct monthly interest from my account, how to know if the principal is deducted too or all this while i just feeding the bank without paying principal at all, shocking!!!!!!!! for your information my monthly payment is rm770 but so far they didn't deduct rm770 but varied amount every month, can anybody tell me do all this while i just paying the interest without reducing the principal?? help me!

This post has been edited by Molotov Cocktail: Apr 6 2011, 10:30 PM

actually they calculate the interest daily.. so your interest per day will vary depending on your account balance. Then all these interest will be added up and deducted from your account monthly...

and for whether they deduct your principle, you will need to check your loan doc.

On the first drawdown of my first property they were late in paying it and the developer charged interest of a few hundred ringgit. I notified HSBC through calling them and a couple of weeks later they apologized through written letter and they said they will pay for it.

I have it black and white.

But ever since then, no problem in other drawdowns.....

Only thing I dislike is their home loan charges RM10 every month. But I guess that's acceptable for such a flexi home loan account.

hi, i just got my loan approved frm HSBS Homesmart with blr-2.45 for 32 years for 450k of loan. Is this a good deal, besides that i got UOB approved as well for blr-2.4 for 30years for flexi mortgage with OD facility. I am wondering which one is good now.

Hope that you can help me here. Thanks!

did anyone know about this homesmart plan ? we compulsory to buy their insurance
and the problem was my condom already have fire insurance and the sales person told me that HSBC is HomeOwner insurance which are totally different and i will not get my refund(HomeOwner insurance)..

Anyone have this experience also ?

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Added on November 12, 2011, 8:17 pmdid anyone know about this homesmart plan ? we compulsory to buy their insurance
and the problem was my condom already have fire insurance and the sales person told me that HSBC is HomeOwner insurance which are totally different and i will not get my refund(HomeOwner insurance)..

Anyone have this experience also ?

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Added on November 12, 2011, 8:18 pmAlthough they might have better rate but my case they deliver the loan late and cause me interest from another bank (I'm refinance)

and their customer services is very bad , i need to visit a few branch to get my answer and the answer is "please goto your loan branch"

This post has been edited by mghong: Nov 12 2011, 08:18 PM

Why ur condo got extra "M"?

I think other bank compulsory need to buy fire insurance. It is their bank policy.

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Added on November 12, 2011, 9:36 pmTake HSBC Amanah, better package in term of stamp duty.

This post has been edited by Seremban_2: Nov 12 2011, 09:36 PM

So many ppl confusing with HSBC flexi loan...now i'm worried.

They just make it complicating, demanding and good at complaining.

Don't worry.

We all know Condo management will buy a group policy for us and most of them are fire insurances which only cover fire damage.

But HSBC takafu is selling homeowner which is more comprehensive (flooding!!! , storm!!, theift etc..)

How you think ?

Does anyone have a calculator to use for calculating the homesmart interest charges (must include flexi in/out cash calculations)? I've been trying a few online/my own calculations but can't seem to get the same amount as in my statements.
Thx

I have never tried to calculate my interest, but I agree with all previous poster's complaints. After my own experience, I would say HSBC is crap (and a crook too). Worse is the 'Relationship Manager' whom I used - arrogant like shite but definitely performed much worse than those from other banks.

Can someone please help advise on this?

So if I have taken up this Flexi loan, say RM200k, and within the next few months re-paid in full amount. That would leave ~RM200k balance that I'm free to withdrawn, plus no interest chargeable.

The questions are:
1) How does the monthly installments work then? Is it still needed to pay every month? That will bring the account to a positive value, with the extra amount not interest payable (as compared to putting it in FD).

2) If the loan tenure is for 30 years. Any problem to just leave the amount there for like 10 years? Lock in period before redeem title is 5 years.