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[WTA]HSBC Homesmart Homeloan
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1282009
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 Jan 14 2012, 09:38 PM
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QUOTE(harpyboy @ Jan 14 2012, 05:48 PM) 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 That would leave ~RM200k balance that I'm free to withdrawn, plus no interest chargeable.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.  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. |
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1282009
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Jan 14 2012, 10:28 PM
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QUOTE(harpyboy @ Jan 14 2012, 10:08 PM) 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. |
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1282009
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Jan 23 2012, 12:53 AM
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QUOTE(retkev @ Jan 23 2012, 12:14 AM) 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.. |
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1282009
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Jan 23 2012, 02:20 AM
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QUOTE(brother love @ Jan 23 2012, 01:58 AM) 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. |
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1282009
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Jan 23 2012, 02:41 PM
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QUOTE(kelvyn @ Jan 23 2012, 09:52 AM) 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. |
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1282009
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Jan 23 2012, 11:10 PM
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QUOTE(brother love @ Jan 23 2012, 11:06 PM) 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  |
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1282009
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Feb 1 2012, 11:02 PM
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QUOTE(deadpool77 @ Feb 1 2012, 12:50 PM) 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? |
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1282009
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Feb 12 2012, 04:02 PM
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QUOTE(harpyboy @ Feb 12 2012, 12:45 PM) 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. |
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1282009
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Feb 12 2012, 04:04 PM
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Can use below link to calculate the principal and interest to pay for the entire loan tenure. http://www.auctions.com.my/calculator.asp  |
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1282009
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Feb 12 2012, 04:38 PM
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QUOTE(harpyboy @ Feb 12 2012, 04:25 PM) So if I deposited extra 1 year worth of repayment, there is no need to make any payment for the whole of this year? Just want to confirm before HSBC starts calling me for payment. Yup. U can also monitor the monthly statements that will be sending to you (or E-statement online). This post has been edited by 1282009: Feb 12 2012, 04:39 PM |
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1282009
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Feb 12 2012, 05:06 PM
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QUOTE(harpyboy @ Feb 12 2012, 04:57 PM) The statements always states a monthly repayment amount, which is based on BLR and tenure only. So I'm not sure if it's ok to skip payment as long as there are surplus inside the account . U will see that your current balance in the account will be reduced and that's the amount deducted for your monthly repayment or u call it principal. |
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