Nov 29 2010, 02:07 PM
QUOTE(airline @ Nov 29 2010, 11:19 AM)
cause got sales agent for this project claim can get 90%.
my friend looking for 90%
where he can find.
There is some revisions regarding the margin which provided to Zetapark development. Due to the nature of SOHO, revision is carried out recently as there is a blurring identity of residential and commercial. Initially, some of banks are providing residential packages for SOHO type of development (thus, residential rate and margin, 90% are given), however, recent study found out that majority of SOHO development turns out to be purely commercial usage instead of the hybrid usage of residential and commercial. Margin that given by the banks are lowered. Majority of the banks are giving 80% MOF, however, Maybank is offering 85%+5% for this development as per latest update (initially, 90%). You can ask your friend to engage Maybank for loan application but please note that the application might take a longer time as all the applications of Zetapark will be remained slow progress until Maybank regional management finalizes their reviews on this development.my friend looking for 90%
where he can find.
Please let us know if your friend do need our support in loan application.
Added on November 29, 2010, 2:55 pm
QUOTE(de.crystal @ Nov 25 2010, 02:31 PM)
thanks for the calculation
but for both OCBC and HSBC, they charge daily rest
hence, we really have no idea
supposedly HSBC has better deal, rite?
sifus pls help...
I would say that it depends on what exactly is your arrangement for your home loan. Your arrangement is the decisive point.but for both OCBC and HSBC, they charge daily rest
hence, we really have no idea
supposedly HSBC has better deal, rite?
sifus pls help...
As both of package is on a daily rest basis, the main question here is that which of the packages (semi flexi/full flexi) shall work better for you. (I do have provided a detail analysis on what is the differential between monthly rest and daily rest before in this post. Link: http://forum.lowyat.net/topic/701749/+2524, archive of this discussion can be found in our FB's discussion board) This comes back to your arrangement and repayment habit:
(i) Are you going to serve the min monthly installment every month only? If you aren't;
(ii) Are you going to pay additional amount? If you are;
(iii) What is the amount to be? Is it going to be >1000? On a regular basis? Or, you just pay additional when you have more?
(iv) Are you going to withdraw any amount after prepayment? How frequent is it going to be?
All of these questions are crucial to be answered when you make your selection.
I would just provide some highlight on how all of these 4 points interlock with semi-flexi/full-flexi loan and yield the best outcome. Not sure how is your understanding about semi-flexi/full flexi product, I will post a discussion which is for fundamental understanding of semi-flexi/full flexi package in next post (We would often assume semi flexi package as term loan as majority of its feature is quite similar to term loan but it offer more flexibility than term loan but less flexible than full flexi) As of now, I would assume you do have some fundamental understanding regarding both type of facilities.
We have to understand how the prepayment of both semi-flexi and full flexi works. (Please find out the detail from the respective clauses. For semi-flexi of OCBC, you can find out the details from the “Main Terms and Conditions for the Banking Facilities”, page 5, Clause 6., For full flexi HSBC, from the “Annexure”, page 1, Clause 2 & 3)
For OCBC semi flexi, you are required to provide notice in writing prior the prepayment. Negotiable for writing exemption) Prepayment shall be subjected to a minimum amount of RM 1000 and large prepayments shall be in multiples of RM 1000 (or such other amount specified by the Bank) Charges per withdrawal is RM 10. Paperwork required.
For Full Flexi HSBC, it will incur RM 10 of monthly facility maintenance charges and RM200 setup fee initially. However, it allows any sum of the amount being deposited into your current account and interest will only be charged on the difference between your outstanding loan amount and your positive balance in current account. Withdrawal of additional amount paid previously is indeed simple, as the balance is maintained in current account rather than loan account; you can just write a cheque or simply, transfer them in any manners.
When you look at features which offered by both the packages, human mindset will tell you that indefinitely HSBC seemed to be better. However, these kinds of features are not a need for everyone. Assuming that you have bunch of idle monies and high financial turnover, HSBC might be a good option for you as you can deposit your idle monies to the account for interest savings purpose and withdraw them at any time, any amount with relative lower cost but you have to pay to maintain this kind of flexibility.
If you tend to pay it regularly and in a fixed amount while prepayment is not that frequent. OCBC package might works for you as the full flexi feature is not a need for you since you are not going to pay more and withdraw frequently.
HSBC Full flexi offers higher flexibility in term of prepayment and withdrawal at a lower cost if your frequency is very high. However, one of the concerns over the so called "full flexi" package is its actual practice, calculation and convenience which implied over the long run. As the product itself does not have a long history, no one is certain about whether the interest savings can be true or not. It still need to take around a few years time for the public to realize its actual outcome. As per current practice, Full flexi of Bank A is not identical to Bank B's Full Flexi and it might varies across the time and offers as well in term of practices and conditions. So, there is risk and uncertainty over the full flexi product as well. Unlike the terms loan which is identical across the banks.
Please take the rate differential into consideration as well if it do exist in the offers. As interest savings due to a lower rate might offset the inconvenience and cost of withdrawal over the long run. If the rate is the same, then put it aside.
In a nutshell, think about what you are going to do with your home loan in near future. Arrangement rules out every aspect. And, always remember that “best” packages might not work for everyone.
This post has been edited by home_save: Nov 29 2010, 03:26 PM
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