pm

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Added on February 10, 2010, 7:32 pmyou are welcome

This post has been edited by QQstore88: Feb 10 2010, 07:32 PM

ok then,so u mean if we go to bank,just ask for semi flexi loan,n they can proceed with the partial prepayment?i heard a lot of bank never gave their customer from doing partial prepayment,n if they do,they wont show exactly where's the personal amortization schedule for this thing..can u help me about this bro?i need more xplanation about this...

If u need a mortgage amortizing software, i will send to your email.

If ur loan is RM100K, 30yrs, 3.75%, instalment RM600.

U pay additional RM50/mth.

Now Ur loan become RM100K, 26yrs, 3.75%, instalment RM650.

Ur loan been shorten tenure.

Regards the principal deduction, it is automatically.

Now ALL banks ( MBB,CIMB,PBB,RHB,HLB,Ambank,EON,Affinbank,Alliancebank,StandChart,UOB,OCBC,HSBC,Citibank) are the same.

i am looking for better loan package to refinance my house...is there any better package around right now ?

Condomi , near KLvally . Market price is around 300k but i will like to loan out rm150k.

Hear rate going to hike again.,

This post has been edited by mghong: Feb 11 2010, 08:26 AM

need to add info,

some loan package is to advance payment. It will not cut down principle.
exspecailly some old loan package.

not all same

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Added on February 11, 2010, 10:20 ampm

This post has been edited by QQstore88: Feb 11 2010, 10:30 AM

ok bro..but i go across one of the guy who's doing this partial prepayment thing,after the calculation,if 100k,30 years,3.75%,pay is just rm463 per month,if let say pay rm650,will cut around 12.5 years....so the tenure is just 17.5 years...can somebody advice me? thanks in advance

Just pm me your email, i send you a flexi loan calculator that can show you everythings you need in detail.

pm ed..

Base lending rate - 2.20% p.a. on daily rest

notwithstanding anything herein contained, the above interest rates may be varied at any time at the Bank's discretion.

what does this means? let say i want to take loan for 30 years, does this means that -2.20% set for the whole 30 years or not? bank can defer the rate anytime?

Is just a flyer that banker use to attractive client only. Currently no more BLR-2.20% that why it say varied at any time so that after you apply & not get the rate also not under their false. (Bank actually not allow banker to do so)

Dun worry if you already get the true letter offer of bank. Bank will not simply change it after we sign. you will get as offer in the letter offer tru out the tenure.

This post has been edited by QQstore88: Feb 12 2010, 09:29 AM

My banker has informed me that her bank is doing a home loan "promotion" for this month....valid till End February 2010 only. Any loan amount.

Rate?

BLR - 1.9%. Negotiable if bigger loan amount.

But best thing is ZEC. And valid also to SUBSALE properties...not just from developers! Not the "financed-costs" that adds your lawyer costs to the amount of loan nonsense, but fully-bourned lawyers fees, valuation, loan stamp duty etc.


Type of loan? Non-islamic. Choose either Flexi or term loan, up to you.


If u want the contact, pm me.


cheers,
minolta


ps...i am in no way related to the bank or getting any commission. just helping out fellow interested forumers.

This post has been edited by Minolta: Feb 12 2010, 04:53 PM

What bank? good news like to hear later see who got the offer

In fact, the bank's rate "standardization" at BLR-1.8% is the "gentleman's agreement" among all local banks and some foreign banks.

This rule imposed by Bank negara is just banker's rhetoric, which means bankers use Bank negara's name to tell customer and make it more persuasive.

All banks previously faced the profit margin droping drastically when compete on market share, where slash interest rate to attract the customer.

However, when one of the foreign bank slash until BLR-2.5% once all the bank raise out this meeting to discuss on mutual matters due to several foreign bank reaching the bottom line of cost of fund. For example, UOB's cost of fund is around 2.8% because their fund mainly based on their priority customer and they offering them above 2.5% FD rate. Adding provision of bad debt loan, 0.1% and staff overhead 0.2% become around 2.8%. Hence, they are unable to compete on BLR-2.5%( 5.55-2.5=3.05% ). Somemore paying legal fee 1.25%+stamp duty 1%+valuation fee RM500-RM2000, if only lock in for 5years, they are totally got no profit at all.

Some banks ever raise their lock in period to 7years and compulsory MRTA, ( profit from MRTA is 10% of premium) but it is just a small glass of water against the roaring fire. Nobody know whether one day got an insane offering BLR-BLR. Finally resulting at this meeting to standardize the interest rate at BLR-1.8%-1.9% and withdraw free legal documentation fee.

If one bank got some "promotion", they got no wrong. This is market competition. But back to the human relation principle, most of the customers more likely to chose the bank they are familiar with & better customer service rather than cheaper rate but lousy service.

Above are my opinion is share with everyone. And I would like to say that: new bankers only know how to sell lower interest rate, but good bankers sell good rate & service.

wow,great info bro..btw,can u clarify with me regarding ur prepayment rate u mention be4?i need some advice regarding them..thanks in advance bro

An interesting point....but back to basics. There is nothing as free service by bankers period!. If they offer u "extras", its coz they want your business. If not current business, then its the hope for future business. I have dealt with enough bankers over the years to know this firsthand.

Interest rates is key. If you are not even willing to compete with another bank with better rates, all the talk of better "services" is moot. I have had bank officers fight really hard to get me good rates. They even give me the offer letter to show other banks to see if they want to compete!. But in the end, i did not use them. Why? Coz even a 0.1% difference in interest rates compound to many many thousands of ringgit over 30 years!. Don't be emotional when getting a bank loan. Banks will never be emotional with you when they charge u late penalty etc!

Local banks, foreign banks....all sama saja.


minolta

just out from my own curiousity,since i never done any deal with any banks before,do they charge us direct?like when they offer us to take their bank loans,do we have to pay them anything?

Can i apply the renovation expenses along with my housing loan for a 2nd hand condo?

And, if i have an existing joint housing loan, will it affect my individual loan application? It solely depends on my monthly income eh?

Advance payment is extra payment that u going to pay for next month's instalment but not principal amount.

Prepayment is extra payment that u pay for the principal, after that the outstanding will be just calculated for interest rate.
For example, if u made RM5000 extra, loan amount is RM100000, the outstading become RM95000 x 3.75% x 30/365 for your next month interest charged.
If u wish to pay for prepayment, next month u still need to pay instalment. However, if u not making any payment, bank will take your prepayment to pay the instalment. Hence , there is not default.

Term loan is normal conventional loan that previously our parent pay for. "Term" means every month pay for a fixed amount. If u wish to pay extra, u need to give notice to the bank. If u not giving any notice, all the payment is considered as advance payment.

Flexi loan is innovative loan that firstly created by Citibank on 2004 brought from the concept of their USA market and following by StandardChart named Mortgage One. The feature of loan is allowed u to pay prepayment any amount, any time, without giving notice & no charged for that. Additional features like the interest calculated on daily rests, and also giving u flexibility on withdrawing prepayment with cheque book or ATM card.

Nowadays all banks have copied this concept and offer similar type of flexi loan to their customer. The difference is very minimal.

Hence, you are recommend to apply flexi loan to save more money. The saving is just exactly as your friend giving you the example.
Outside market got private company offer the consultancy about this concept to educate people to save more money. But if u get a loan from a good experienced banker, he/she will help you for free.

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Added on February 14, 2010, 3:45 amI totally agree with you that interest rate is the key. If i apply housing loan, the most important thing i compare with must be the interest rate. I will not pay for higher interest because of the banker very charming or he/she frequently visit my house to discuss about loan.

I also will compare loan's feature that got monetary value, like absorb legal fee, lock in period, late charges, special term & condition that regards charges. If everything the same, i will consider for the bank's " after-sale value".

I know that signing for loan is not just one moment, but is a 30years matter. During this 30years, i may need some after-sale services.

From signing to loan drawdown is already one thing, some bankers will neglect to follow up for loan drawdown causing u to pay penalty for late drawdown to vendor or developer. Only that moment u found out u paying more penalty than the interest u save.

Every month i got to go to the bank to pay instalment, so that i will chose a nearer bank to help me save the travelling cost or parking fee.

For employee, we got our EPF that allow to pay for housing loan. Hence, i will judge with my eyes that whether the bank got front liner that help me on this matter. Besides, postal may delay or missing. I may need to request for statement to check for my outstanding. If the bank's e-banking system allow me to check at home is much better.

I also came across one case that a customer who heavily travelling to oversea. Once during his outstation, we found out that his saving account that not sufficient to pay for the instalment,but his current account is sufficient. We are unable to reach him for making request to deduct from his CA, but the letter offer do stated that we are allow to do so. So we temporarily deduct from his CA to avoid his late charged. After 2months he come back, we inform him about this. He told me that he is so forgetful that forget to pay the instalment but our bank got this priority on customer. In fact we can earn his late charged but we dont, we want to earn customer satisfaction.

Another senario is about MRTA. One customer who got a 20years loan but he settle it by 5th year. His MRTA cover for 20years. During the settlement we help him to issue letter to insurance company to claim back the refund. When he got his refund cheque, he come to our bank said thanks. He said previously his loan refinance from "M"bank to our bank, at "M"bank he got brought MRTA, but after he refinance then "M"banker ask him to claim refund himself but he even dont know which insurance company and what is the procedure. Hence, he let his 30years MRTA premium forfeited. He said he making a right choice to refinance to our bank and will introduce his friend apply loan with us as well.

As conclusion, I know that i am working in serving line but not pasar hawker that throwing discount or " touch and go". I feel satisfied that i can fulfilled the customer's dream house by offering them housing loan. Everytime during Chinese New Year i got received a lot of greeting cards from my customer then i know how many customers satisfy my service for them. That is what called work satisfation.

This post has been edited by Bon Lee: Feb 14 2010, 03:57 AM

hepi chinese new year to all then...i guess we continue after this eve..cheers all

Hi,

I'm interesting in re-financing my property and looking for the following :

Loan Amount : Options for 400k, 450k, 500k (Property Value = 550k)
Tenure : 30 Years
Flexi Loan
Options for quotes on - BLR & fixed rate (semi and full term, is this possible for flexi loan?)

I also have a few questions for Flexi Loan :
- How do you calculate the reduction of the tenure if example; 100k lump sum was deposited into the flexi loan account & maintained (more or less) for the whole duration of the loan period?

- How do you calculate the interest savings & duration of tenure if additional payment of RM500 is made monthly?

Thanks !