To answer your questions.
If you have repay your loan amount in full, you do not need to pay the monthly installments after that.
If you the extra cash, might as well put in FD, invest in other, etc. As putting extra money into the flexi account does not generate interest.
You could leave your flexi account for the duration you want. Just that there is a monthly charge of RM10/ mth.

This is just from my own experience of using a Flexi loan

If u have extra cash eg. RM100k, u can put it into this flexi loan. It will help reduce the principal which in turn helps to reduce the interest that needs to be paid during the tenure. At the end, u might shorten your loan period from 30 to eg. 15 yrs without u knowing it.

Thanks. If that's the case, I can just transfer the entire sum of money, plus a little to cover the month RM10 for some period.


Thanks. This, though, I'm aware. I was just wondering what happens when all RM200k is thrown into the account.

It works the same way. The bank would deduct a min of 100-200 monthly & this will direct deduct your principle. Not sure how they calculate this small amount but this is what I have experienced with StandChart with all my saving thrown in which is equivalent to the outstanding loan amount.

I was away and late to read this. But thanks for your comment.

This post has been edited by harpyboy: Jan 22 2012, 06:31 PM

It's better to put ur saving in flexi account than putting in FD... My personal opinion.

Flexi loan, u save ~4.5% interest which shortens ur loan. FD gives u less than 3% interest if I can recall correctly.
So it really depends on ur long term goal and what do u want to achieve eventually.

Surely, definitely..

Many people thought "full flexi" is a very pretigiuos word or loan, but u end up paying monthly RM10 each mo th, just for the extra convenience of withdrawing money installments by writing yur own cheque book...realitically how often do u withdraw per year? In just 5 years u end up payung total of RM500 for a facility that u hardly use...plus, i beieve that if your Flexi account stays open, in CRISS u would still have one housing loan, even if u had fully paid

Actually with just RM3k in the a/c, it's already enough to contra the rm10 monthly charge (assuming current BLR-2.3). Do bear in mind the interest saved is calculated daily. Any amount stays in the a/c (eg. your direct auto-credit salary) will help reduce the interest. In long term, this is something you won't notice. It worked in my case
Of course one can opt for semi-flexi loan but for each withdrawal, bank will charge u RM25 and also 2-3 days notice is required prior to the withdrawal. I will go for full flexi loan for the 1st housing loan. If u have 2nd or 3rd loan, then it would not make much sense to have the same loan type for the subsequent ones.

Interested to know what this means?

Does it mean that if there is surplus of RM3k in the account, the bank will not charge the RM10/mth?

No. What i meant is based on current blr, if u have 3k in the a/c, the interest saved is already rm10. This is enough to cover the rm10 monthly charge.

Semi flexi also interest based on daily rest, pay extra save on interest, but i do agree that its a hassle if u want to withdraw, have to give about 3 days notixe, but some banks only charge only RM10 perwithdrawal

Ah ic. The rm25 was told to me by a neighbouring country owned bank OxBx

hi.. does anybody know if we can withdraw amount more than what we have in the available balance? i heard that you could request for this, and in turn, your loan principal amount will be added with whatever amount you withdraw..?

Different interest rate will be charged I think - this is called overdraft?

If you put in the full principle loan amount into your flexi account, the installment amount is still the same. Meaning they will still deduct the same installment amount from this account to pay off the loan account. Just that no interest is charge. That also mean that the 200k will reduce every month so depending on when you want to make a withdraw, the sum may not be 200k anymore. If and when you do make a withdrawer, they will start charging you interest based on how much you took.

This is for full flexi account. If you do the same for semi-flexi, I think they will consider you fully repaid and charge you early settlement penalty if there is a lock in period

This post has been edited by idoblu: Feb 2 2012, 07:35 AM

Guys/Gals, just sharing what I found, some of you already know this, so you can skip this post .

I was trying to find out how they calculated the monthly interest for Homesmart. So I went to HSBC to get the calculations and found an Overdraft Excel calculator that gives the same results. You can download the calculator here:

http://www.bebas-hutang.com/overdraft-od-calculator/

The Monthly interest is calculated base on the account balance(OD) at the previous months interest deduction date. So putting the extra money a day before they deduct the interest has the most effect on the next months interest amount( e.g. based on loan amount of 300k, an extra 3k in the account saves u ~150 in next months interest charge). Putting money in/out between these dates doesnt make much difference.

Sorry if my explanation sounds confusing. lemme know if you are not sure how to use that excel calculator.

When you have thrown in additional money, do you still need to pay the monthly installment or will it be deducted from the balance automatically (until the extras depleted).

Auto deduct from the extra $$$ deposited.

Can use below link to calculate the principal and interest to pay for the entire loan tenure.

http://www.auctions.com.my/calculator.asp