Hi All,

I am new to housing loan and this is my first house..Need advice here..

Going to buy a completed house next month worth RM420k..Get 90% loan RM378k from CIMB with 3.7% ZEC for 30 yrs..Around RM1670/month..Is it a good deal?

Any better installment for me? My target is low installment for 1-3 yrs because of economy uncertainty and job security..what type of loan package will suit me?

Thanks in advance.

RM378K @ 3.70% which translates into BLR - 1.85%. You can get better than that.

I mean at least BLR - 2% or more for that kind of financing amount.

The 3.7% you mean izzit come from BLR-1.85 = 3.75% ?
For 3.7% 30years loan, you installment should be RM 1740/mth

If CIMB offer you BLR-1.85, i'm sure there's others bank offer better then this.

For example Hong Leong Bank can offer ZEC Flexi Loan BLR-2.15 = 3.4%
And installment for 30years will be RM1677/mth

Nowadays banks are saying that the BLR is dropping, so they cannot give more than BLR-2 for ZEC flexi loan.
Not sure how true is it.

Affin bank BLR - 2.2%, try it.

constantly check http://www.malpf.com
the top right corner always show the latest rate
then click on the text to the right of the rate to see a long list of all other institutes' rates

ZEC for Flexi Loan ? Any purpose ? I think Flexi Loan is only good for business people or those with high cash-flow.

Anyway it is your preference.

Hong Leong ZEC Flexi loan can offer up to
BLR-2.2% with MRTA (RM250k to RM500k)
BLR-2.15% without MRTA (RM250k to RM500k)



Do you know that if you out RM1 everyday into flexi loam, you can shorten your tenure to 1.5- 2 years time?
Do you think RM1 is consider high cash flow?

Thanks for your feedback guys..

Actually only CIMB valuer can mark up the house to RM420k while other banks valuate it around RM330-350k..currently the owner want to sell it at RM380k..I want bank loan of RM380k and save my cash in case of emergency..no worries much about the installment cause already got tenant (nursery)..I only need to add RM300-400/month and can increase the rent in the future..

CIMB said NZEC is 3.5% and ZEC is 3.7%..Need to confirm back from them how much BLR-x.x% they give me..if I can nego to 2% or more, that would be a bonus for me..

Any advice (positive,negative) from u guys is much appreciated..
Thanks!!

Did you try for Hong Leong Bank? What's the value they give you if have?

At this moment I only ask Bank Islam, Ar-Rajhi, Alliance Bank and CIMB..I think those banks give lower value due to that house is Malay reserved..So I conclude other banks will valuate about the same range as them..

My friend's lawyer said banks like Bank Islam, RHB and bank Muamalat not good, slow to settle transaction..

Will ask other banks this Monday starts with Hong Leong Bank and Maybank ...Could you propose me any other good banks? I look for the best rate and the best customer service..

Hai..i'm banker oso.. New at this forum.. bokpa are u sure cimb just offer u -1.85?

In term of the rate for Zero cost Flexi Loan, Currently Hong Leong Bank and Eon bank offer the best for RM200k-250k above i can say.

Hong Leong flexi, BLR-2.15 without MRTA (above RM250k, lock in 5 years)

Eon Bank flexi,BLR-2.1 1st 6yrs, TA BLR-2.2 without MRTA
(above 200k, lock in 6yrs,but Eon only cover 1.5% of the loan amount as legal fee, you'll need to top up the rest)

If your S&P for the house is RM380K, how to get loan for RM380K?
Usually banks will give loan up to 80% or 90% of the house price stated in the S&P.
Do you mean the seller also agree to list the selling price of the house at RM420K in the S&P?

yes, if s&p write 420k and bank's valuer agrees at 420k, then bank will use 420k

contract says buyer already pay seller 40k in cash so net is 380k but actually seller didn't get any money.

this may sound unethical in residential properties but quite common in commercial estate where different people will value the estate differently, it isn't really a matter of right and wrong ...

that would be one of the key reasons why estate investment is one of the most interesting finance vehicles - but its an Active income and not every has the knowledge and skill to do it.

---

Added on April 20, 2009, 10:21 amside effects are you pay more stamp duty, lawyer fee etc. its usually not a good thing for residential property unless you already have the money to buy the whole house in cash but just want to keep it for other use.

This post has been edited by mtsen: Apr 20 2009, 10:21 AM

Hi,

I am currently negotiating to buy a house. I am taking a RM430k loan. I don't come back to malaysia much so not sure of what's the best mortgage plan around.

With the current BLR, would it be best to have a fixed rate throughout the entire loan tenure take a loan based on current BLR?

EDIT: ZEC means everything is being placed into the loan? This would be my preference.

thanks

This post has been edited by WildChai: Apr 20 2009, 12:58 PM

Hi, depent on which type of bank loan you prefer, will have different rate for it.
Flexi loan, Semi Flexi loan,normal conventional loan.
Then rate will be rate around BLR-2.2 to BLR-2.4 for your case loan above RM300k

For current BLR, it's totally not worth to get Fixed rate as the rate will be about 4.XX%
For loan base on current BLR let say BLR-2% also just 3.55% only.
So do you think BLR will be increase in short few years with current local and global ecomonics?

ZEC mean zero entry cost which is package that bank will bare all the cost for a loan. (Interest rate will higher for ZEC)
Another type is FEC which is bank will Finance all the cost into your loan. (interest rate will lower for FEC)
Both also no need you to pay cash at first.

Thanks for the info. For non-ZEC...what are the other cost that i would need to pay....and roughly how much? Compared to FEC and ZEC...big significance?

This post has been edited by WildChai: Apr 20 2009, 01:27 PM

For non Zero cost, you will need to pay for the legal fee, Stamp duty, valuation fee and some account set up maybe.
Do you mind pm me the loan amount and property value? The rate can be diferent with loan size. Then i compare the different for you.

Affin Bank BLR - 2.2%

from top right corner of malpf.com

Not sure if this is the appropriate place to ask this question, but what percentage of income is the maximum monthly payment that is allowed by banks when arranging a loan?

Furthermore, is it possible to have multiple loans while under this limit? For example, let's say if you're allowed a maximum of 33% of your monthly income as installment, so if my monthly income is RM3k, then my maximum allowed installment should be RM1k, right? If so, am I allowed to have two separate loans for installments of RM500 each?