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?

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 !

maybe someone can help me with this..is MRTA and MRTL transferrable?n how long does it valid normally before need to renew?

Hi, i've pmed you regarding your question about MRTA and MLTA. Please check your mail box

maybe someone can help me with this..is MRTA and MRTL transferrable?n how long does it valid normally before need to renew?

lol,no pm inside my mailbox bro...can u re-pm me ?

what is current ambank package?

Hi,

I'm interesting in re-financing my property.

I purchased the landed property in July 2008 and took the loan with OCBC. (semi flexi)
I will be getting the CF and key within a month or so.
The value when I initially purchased it was about 340k, and it was Phase2. Since then, the developer have launched phase3
that goes 450k and above.

Is there anyone who can help to evaluate my house and provide me a good deal.
I do know the bank will be able to absorb the moving cost and the early settlement penalty that will be incurred by me for canceling the loan with OCBC.

Anyone who can help on this, please post here and also PM me to get more details about my property.

Thanks,

KV

Seems to have no reply from a new topic..so i try my luck here..

Hi to all sifoos here,

Gong Hee Huat Chai...Wish to have some advice here. My bro having a service aprtment which is 80% build up. The dateline of handling key is delayed for about 6 months - 1 year. Well, my bro is abit fed up with this delay. by the way, the had started to pay back the loan quite sometime ago, he wish to know issit possible to REFINANCE this property which is only 80-90% finishing?

thanks
Wahlauyeh

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.

---

Added on February 14, 2010, 3:45 am

I 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.

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.

---

Added on February 14, 2010, 3:45 am

I 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.

Hi,

Interested to know whether can get housing loan or not...

Loan amount:RM300,000
Loan period:30 years

salary:RM3600
car loan:RM766 (until Nov this year)
Joint loan with others (RM200 K ++): RM1600 monthly (I'm not paying the loan, just help my sister to get the loan)

Possible for me to get the loan? Should I settle my car loan first?

Thanks