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Added on May 20, 2009, 4:08 pmHard to tell which bank is the best. It's all depend on your needs and pacakge.
Will be help if can let us know what type of loan and pakcage you looking at.

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Added on May 20, 2009, 4:10 pmYes,You are right, but not everyone will do so and understand the function of flexi loan clearly.

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Added on May 20, 2009, 4:14 pmIf you have the RM100k, you can get the flexi loan and just dump in the RM100k in. By doing so, you can have the RM100k cash flow to use for emergency and you can enjoy the better rate and pay interest for RM180k only. But the cost will be abit extra in legal free and stamp duty.

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Added on May 20, 2009, 4:17 pmApple with orange how to compare? Both are different pacakge.

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Added on May 20, 2009, 4:27 pm

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Added on May 20, 2009, 4:37 pmActually not all the agent also bad and not standing behalf of clients.
As i'm also agents in helping clients to save interest and get the best loan package from any bank. My job is to get the best offer from few banks and let my clients to choose for it. My clients no need to go throught every banks and wasting their time there. And most important my service is totally free of charge and there's no different or extra cost if you walk in to banks yourself.

Yes,RM10 is nothing nowadays, but if you can use RM10 and saved <RM10, then you did a smart choice.

This post has been edited by onnying88: May 20 2009, 04:58 PM

That's called semi-flexi loan. It have no monthly fee of RM10 but will charge RM20-RM50 per transaction to withdraw the extra payment.

Well, different people have different way to manage their cash flow. If you not goin to using your cash flow to save interest, of cause flexi loan is not suitable for you. No point for you to take flexi loan at all.

Let's take an example,
If you put in your salary of RM5k every month and take out all RM5k at the end of each month.
Assume interest rate is BLR-2% whole tenure.
With your flexi loan you may shorten your RM350k 30years loan to 29.6years. Do everyone know it? Some may know some may not.
By doing this,
You saved RM1581 x 4mth = RM6324 (monthly saved by installment)
You paid RM10 x 354mth = RM 3540 (monthy RM10 you paid)
And your total interest saved =RM7599
Total saved = RM6324 - RM3540 + RM7599 = RM10383 total saved at the end when you do settlement
You paid RM3540 to save RM10383, is that little?

Maybe for someone is little, but why not everyone also save it and give the money that we saved to charity?
The RM10383 you give to charity wil help more people instead of RM3540.

A loan is a loan, no matter what pacakge either flexi, semi-flexi or normal term loan,we still own the bank money if we borrow from them. There is no package in this world that let you borrow RM100k today and tomoro straight away become RM90k outstanding without doin anything.
(If anyone know such package, please let me know too, )
It just depend on ourself to use our money in the smart way for interest saving and utilies whatever facility (in this case flexi loan) the bank offer to us.

Which bank give better loan rate to flexi loan then traditional loan? I wonder.
From what i know is flexi loan normally 0.2% higher then traditional loan in the market.

The story in the article, is nothing to do with flexi loan. They commited suicide because they losing their fortune from investment. They not die for using flexi loan.
Business risk is mainly come from our judgement when running the business and business model itself. Does any one will take the bank as their main business risk? I believe there's no any company or shop that are not using bank to keep their money nowaday. Simply because the bank is still the best and safe place to put in our cash money. Even it's in our pocket, i feel not safe too. Any company owner or shop owner like to keep all their money in company or shop or pocket?

Using flexi loan is not investment. It just a service that bank offer to us. We wouldn't earn anythings from it. We only save somethings from it.

This is why seldom people go to full flexi's bank to take term loan. Both SC and HSBC straight away give you flexi loan once you apply loan from them. They are few banks that encourage people to use flexi loan. So if you asking for term loan, they might not interested to deal with you also.

I still not understand what's the relationship between business and flexi loan you tring to say here.
The example i show above is never link to any business account or whatever. It just assume that you put your monthly income which is RM5k and use up RM5k the end of every month. You put NO EXTRA MONEY inside the account or bank at the end of the month. I don't see anythings wrong or harmful or different to personal or our business. You just earn money and spend money as usual.

Yes, both semi flexi or flexi are usually using daily rest to calculate interest nowaday,unless stated in your Loan Agreement. In your example, YES, both package also shorten your tenure in the same time as long the interest rate is same. Because you paying the SAME EXTRA MONEY also. But what's i'm trying to show in my previous example, by using flexi loan, you can shorten your tenure even more by paying NO EXTRA MONEY to the loan.

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Added on May 21, 2009, 6:50 pmHow can we fail by using flexi loan? we are not investing our money in flexi to earn money, we just put our money that we usually put in bank, This time will be the same bank that we apply the loan, to save money in term of interest.

Yes, i agree that all the loan is the same, we borrow money and pay interest for it. That's what a loan is.

The con is not only troublesome. Did you count in the money you spend to make 2 trip to the bank to make the extra payment? One for summit the letter to inform the bank and second trip after approved to dump money, you need to go to bank and transfer the money. Parking? fuel? time?
I recall in the earlier post, some one get an offer from RHB bank term loan that even require us to pay 2% for the extra payment you make.

Reduce principal or clear up the interest, i dunno what's the different there, what's the different calculation we need in flexi loan?

This post has been edited by onnying88: May 21 2009, 06:55 PM

First of all, no need to apology la, we just sharing our opinion here only

Yup, i totally agree with you. We need to have (1) and (2) in order to fully utilies Flexi loan and it's function.
It's same apply to credit card, it may be very usefull and save money if we have (1) and (2),

Statistic show that most of the majority doesn't have (1) and (2), and human nature are just born to fail above 2 requirements, But will this continue in future? Human will always learn from failure and improve from it. I believe this is why human is dominating the earth now. That's what i believe, with proper educate and by time, people will have better (1) and (2).

That's what's my job doing now for all my client. I wouldn't simply let my client to take flexi loan if they does not know how it works and what is it. I will always educate my client with banking info and how does mortgage loan working first. From there i can understand my clients needs and propose the best loan package to them. You and i know that flexi loan need to have (1) and (2) to enjoy the benefit,so do my clients. By consulting and educate my clients about (1) and (2),Mostly of my client will take flexi loan in the end, Simply because we know flexi loan does really save interest for us.

That's what i hope too. If the bank give us chance to save money, just use it. Don't let the bank suck our hard earn money.

I believe with this rate, It's normal conventional loan with Non-ZEC package and compulsary to take their MRTA. Maybe you have no choice to choose others insurance like MLTA for your loan.
Well, in term of rate, it's not a bad offer too.

BLR-2.2% is ZEC ?

Well, BLR-2.2% is not bad for ZEC. But nothing is impossible too, just get the letter offer of that BLR-2.2% and show to others bank. See what the others bank offer you. No harm to try right

May i know this offer from which bank? flexi loan or normal conventional loan?

This post has been edited by onnying88: May 27 2009, 11:30 AM

It's ZEC or NZEC?

i think it should be semi-flexi or conventional loan from PBB. As PBB seldom get -2% for flexi.
Correct me if i'm wrong.

I don't think you can get a loan with salary 2.6k.
As your information, 300k loan for 30years, BLR-2.2%, already RM1323 per month.
It's more then 50% amount of your salary. It will be very hard to get the loan approve.

With 30k saving and 10k from EFP, it's surely not enough to get a RM300k house ready to stay.
10% Down payment, Renovation, Furniture and etc etc.

Hope you think twice before commit in.

I've visited the 1petaling's show unit, looks very nice
I think it's the best you can get as it's offer from the panel bank. All 3 panel banks also offer the same rate.
Unless you looking for somethings extra.

My personal advise,start pay your installment right after you get the loan, to enjoy the 0% interest instead of paying nothing and start paying interest with -2% at full loan amount. All the money you paying when 0% interest,100% will go to principle.

Ya,that's the way to do that if the bank not allow to start pay when the loan start.
Just start keeping the monthly installment from the loan starting and once the loan fully disburse, take the money that saved and make a prepayment.

Normally only the panel bank of the new project will be offer ZEC with special rate like 0% first few years.
Others then the panel bank, they wouldn't take so much risk to offer better because they dunno what's the company profile and what will be the value for the property when finish build.

I think your calculation on installment amount is wrong le.

RM300k, BLR-2%,
30years tenure,monthly installment is only RM1356.
15years tenure, monthly installement then only RM2153.
It's under 30% of the salary RM4.5k.

That's why earlier i will said no problem for TS to get the loan approve if there is no others debt in hand.

I think for condo, it's using overall project progress to determine the project % builded and request release money from the bank.
For example,
Upon sign S&P, charge 10%
Upon completed the all foundation, all will be charge for 20%
Upon Finished all the main backbone structure, another 30%
Upon finish all the walls,facilities, and remaining, another 40%
So total 100%

So no different for top or bottom floor. This is what i think of.

Anyone who know the comfirm answer, please let us know too.

Both also correct.
Normal Flexi loan have RM200 setup fee + RM10 maintainance.
Islamic Flexi loan NO setup fee and NO monthly fee. But the legal fee with abit higher then normal flexi.

Nego in term of what?