Thanks for your input.

I'll talk over the matter with my banker, insisting for a change.

I'm going to buy an apartment. I will borrow 215K.
Any banker here, please pm me your best loan package .


Thank you very much!

Alliance have 1 product that works differently
Product name is "I wish home Flexi & I wish home Financing I"

Loan amount RM 300k-RM 800k

Non ZEC/FEC
1st year "BLR 2.75%" (interest rate is 2.75% fixed)
Thereafter BLR -2.25%
Margin <80%

1st year BLR 2.75%
Thereafter BLR -2.15%
margin 80%~ <90%

Benefits
Flexi loan
For any extra amount you dump in, the bank will pay you interest of 0.05%. (sumthing like dividend)
5 years lock in, penalty 3%
loan tenure can go up to 35 years or age 75.

For more detail, you guys call their customer service.
I'm not selling it, i'm just sharing it.

i think this this is the only bank that pay dividend...
but if i got extra money, i rather buy bond or stock...
0.05% not much of a different...
oh by the way, this is Islamic loan, don't buy for non halal purpose... or else won't approve.

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Added on July 7, 2009, 2:47 pmDue to business ethic, above method is not recommended.
Any banker that leave LO to a customer is commiting a BAFIA ACT already.
So, as a consumer, you have the right to get the best rate,
but don't hurt a person career due to your own purpose.
LO issue to a customer is belong to the bank of issuer only,
and it is not for negotiating rate with other bank.
The LO purpose is for customer to agree on the Cuztomize package terms and interest rate.
If a customer does not agree, then the LO will be wipe off.

No offense mtsen.

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Added on July 7, 2009, 3:09 pmSince you put it that way, i do some calculation for you.
The ratio of interest is at BLR -2.2%
so i simply use this as example.

Lets assume your House Open market Value is RM 300k
90% loan is RM 270k
BNM BLR 5.55%
Bank ABC offer -2.2%
your monthly installmet is around RM 1190
If the BNM BLR did not raise, your installment will be the same.
(which is impossible)

Your S&P will be around RM 11.5k+- wont exceed RM 13k
Your loan agreement, either zero cost, non zero or Finance cost.
Your Loan agreement will be around RM 5.5k+- wont exceed RM 6.5k
By using same lawyer usually you guys get discount.

Your insurance coverage MRTA will be RM 7.5k for 30 years amount RM 270k with gap ~0.
Usually MRTA cover less than principal balance, so by increasing some calculation method, i close down the gap approximately 0.

This post has been edited by yssee85: Jul 7 2009, 03:09 PM

never ever put gf or even wifey name -
hell never tasted so good ;p

jhbey, i would appreciate if you do some research before you make any claims.

OCBC do have Zero Moving Cost.

Please check your loan package, whether its ZMC, nZMC or LVS package before signing or commit to any bank.


best regards,

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Added on July 7, 2009, 10:25 pmOCBC has Zero Moving Cost, Non Zero Moving Cost & LVS Package (Finance Entry Cost)


Regards,

This post has been edited by merce: Jul 7 2009, 10:25 PM

thks for the correction bro.

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Added on July 7, 2009, 10:37 pmocbc zero moving rate is =.=lll. but their Finance entry and non zero is attractive.

Stand chart, BLR -2.5% (forget what package)
loan amount RM 500k>

This post has been edited by yssee85: Jul 7 2009, 10:37 PM

hi,

1)the lesser the better. but again this is from my personal 2 cents.

2)to be honest, i never heard of such thing where 2 borrower can have a lower rates? what kind of risk assessment are we looking at? less possibility of NPL? perhaps you can double confirm on this with the banker, see whats his answer.


regards,

-

This post has been edited by toto4d: Jul 11 2009, 08:23 PM

1. Bankers generally told me that the allowable debt-to-income ratio is about 30% (or more), so u can estimate using loan calculator how much you can borrow assuming you are utilizing 30% of your income to pay loan instalments.
2. Usually I will "open fire" to 4-5 banks for loan application before I decide on one. Don't just consider rates, compare other criteria such as lock in period, early settlement penalty, MRTA requirement etc.
3. You can only withdraw EPF twice for home purchase - so think twice before you do so.

Just my 2 cents.

Also, not to forget that once you withdraw from EPF for home purchase, you will need to sell off the house before you can withdraw again. You might want to check out PBB for the home loan.

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Added on July 8, 2009, 11:13 amFYI, the ocbc banker told me that they have temporarily stopped the zero moving cost packages.

This post has been edited by exhausted: Jul 8 2009, 11:13 AM

that never happened.

a missunderstanding perhaps? i just closed a ZMC loan less than 2 weeks ago.

I just got the answer last week

I just got offer letter from UOB.

This is for a non-zero moving cost housing loan, so I included my loan agreement fees/stamping, penalty I have to pay to existing bank, plus some money meant for the developer upon getting title. So I total it up and borrow this amount - lets say 450k. My actual balance is lets say only 400k. But UOB offer letter separate my current loan balance and the rest and name them as Housing Loan=400k and Fixed Loan=50k. Dont know why they do like that. Rate is the same but why two different accounts instead of one account. I asked them they say its for their own internal accounting purposes which I suspect something else is up their sleeve. I havent really gone thru the letter yet and its not easy to read all the mumjo jumbo.

Anyone with this experience with UOB? Im getting highly suspicious of them

toto,

how much can you save every month now?

Around 2k.

Then think you better save some $$$ 1st. If 2k savings p/m is your best effort, make sure you have around 40k savings before you make the plunge.

Btw chief, 5k monthly expense for a single 26 yr old chap is rather high. Maybe you can figure out a way to reduce expenses and at least save 3.5k p/m. IMO, if you can save 3.5k p/m now, then you can comfortably afford the house now.

Good luck

This post has been edited by Pai: Jul 8 2009, 08:04 PM

Zero moving cost no stopped at all, just the rate are not good.
Dunno which banker told you, i didnt receive such info.

Call OCBC customer service.
1300 88 1668

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Added on July 8, 2009, 9:17 pmLately UOB is being competitive, don't worry about the separate account, its just for their monthly target/calculation and quota purpose.

Even ocbc has its own quota, works differently.

This post has been edited by yssee85: Jul 8 2009, 09:17 PM

i don't have specify experience with UOB, but this seems like separating equity and typical loan account, if it is true, its kind of cool in Malaysia. can you PM me your loan agent ?

bank actually earns more from flexi loan, so i cann't think of any worse scenario than giving you all at flexi loan. At worst, this seems like a case where the agent has some target to meet and this is one of the way he can upgrade the 400k loan to 450k .....

do keep us update what happened next ...

Listen to Pai kor... he's putting money into your pocket

if you decide not to take up an offer after applying for a certain bank, do you take back the supporting documents like photocopy IC, income statements, S&P, etc?