which package should i go for? If i do the calculation in the full 20 years term, I will save more with package B but lets say I refinance again in 6 years time, then will package A be better? Opinions please - thank you

A
1. principle - 439k
2. term - 20 years
3. free moving cost
4. BLR-2.2%
5. Lock in period - 5 years
6. penalty for early settlement - 5%
or
B
1. principle - 439k + 6.9k= 445,900
2. term - 20 years
3. moving cost ownself pay by adding RM6900 to principle
4. BLR-2.4%
5. Lockin period - 3 years
6. Penalty - 3%

Let see here..

my steady income is around 4.5K/ month, can fork out up to 20k for downpayment. My age is around 24...

Should be able to get a 300k loan for a house ?

A simple answer would be great... Thank you

Let see here..

my steady income is around 4.5K/ month, can fork out up to 20k for downpayment. My age is around 24...

Should be able to get a 300k loan for a house ?

A simple answer would be great... Thank you

Generally a 300k loan would require that you put up a 30k downpayment ( 10% of loan amount )
And also bank normally require that your salary be at least 3x the amount of instalment you have to pay each month, which if you take a 30 years tenure, at current BLR rates you have to pay around Rm 1400 a month. Of course when the BLR rises, the bank may revise your instalment, so its better to consider properly before commiting to a 300k loan

If u can come up with the 30k for downpayment, and your credit history is good, no harm trying, see wat offer you can get

If a downpayment of 30 k needed. no trouble forking out to that amount... my only concern is whether can get the loan or not..

Let see here..

my steady income is around 4.5K/ month, can fork out up to 20k for downpayment. My age is around 24...

Should be able to get a 300k loan for a house ?

A simple answer would be great... Thank you

300k would probably comes with rm2200 monthly repayment for 30 years, 2200 is almost 50% of your 4.5k, so I would say you WON'T get it. 

Just apply multiple loans from multiple banks, then if more than one bank approves you, you select one.  NO NEED to ask in forum like this ...

Hi guys,

UOB is proposing me a package with "weekly" installments instead of "monthly" installments.

The rate is 0.1% lesser than other package (eg BLR-2.1% when others are offering BLR-2.2%).

As claimed, the advantage of this package is the tenure years of 30 will be reduced to 26.

Here's my analysis (as I posted in The Zest thread):

My conclusion on this package is will reduce the tenure year by 1 year 10 months BY INCREASING THE FREQUENCY of installment payments (via weekly installments)

As I have not decided on which package to take, I need to decide on one matter:

If I have more saving (per week or per month), which is more beneficial:
1) Increasing the frequency of installment (for example weekly)
2) Decreasing my principle (for flexi, semi-flexi monthly installment plan)

Kindly advise

You can actually do weekly payment with flexi loan too. The result will be the same.

This is because your interest is keep on reduce weekly when you paying weekly to UOB.

Thus,
It will be the same result if you pay weekly to flexi loan. As the flexi loan will reduce interest in the same way when you pay weekly.

Beside of weekly,do you know that, if you manage to pay daily to flexi loan, your tenure will reduce even more.

ok after being pointed out the 52 payments thing, i recalculated and found that I would only save another 15k and not really 3 years worth of payments as I initially thought. In terms of monthly payments saved - only 6 months worth as compare to monthly payments.

Is there an online calculator where I can forecast for full flexi plan?

The reason why I advocate the fortnight payment is to take advantage of the daily rest interest from the bank loan calculation. Years ago, local bank not willing to do daily rest interest and only foreign bank ie Citi/HSBC/SC etc.

So by doing fornight payment (splitting the monthly into 2) will increase the loan principal reduction calculation and expedite the loan repayment as you have seen.

Other may say why the hassle of fortnightly when you still paying 1 extra month per year and why not take that 1 extra month and divide by 12 and hence bump up the monthly amount while still paying it on monthly basis. This approach also similar and also reduce the payment period. The debate can be academic and hope someone else have the full financial loan sheet to demo this on the actual saving of these 2 approach.

Either way, you are paying that 1 month extra per year and it still save substantially at Rm24.7k. The diff of this vs your own self dumping money is, your set it up as a force pattern and forget instead of constantly making conscious effort to top up variable amount.

There are no extra effort, just setup a saving acct on the same bank and have it deduct automatically every fortnight.

Obviously you can do it weekly but moving from fortnight to weekly, the saving is not that much. and if your bank willing... hey every cents count.

If you have extra cash to clear off our principal, go and knock it off.... but why do that if the BLR is all time low and with the minus 2% from bank.. your effective loan interest is just than 3.55%.... surely you can keep the cash and invest somewhere for better returns...

hi

actually i got the calculation from the UOB. It says "loan tenure to shortened to 17 years and 11.1 months - ok 18 years which if my term is 20, i would save 2 years but after calculating it again taking into account the weekly payment thing - I figure I only save 6 months of actual monthly payments and not 2 whole years.

and this is not even taking into account that i would deposit the full monthly payment at the beginning of the month - but when they transfer just the weekly part of it, the other parts really aint doing anything in the account. eg. not earning any interest nor lowering any principle amount

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.