You can request for it, if you want, they'll just throw it, or do filing, after 1 years, they'll throw it also.
By the way hong leong new rate are

500k>
Zero moving
90%
-2.15% with MDTA
80%
-2.25% with MDTA

hi, i am looking for any RHB mortgage officer because i would like to re-negotiate my loan agreement (my previous RHB agent resigned) . I took about RM140k in year 2004, interest 1st 5 years is 5.5%, lock in period 7 years. Looking at the current low BLR, I wish to have lower monthly installment.

Anyone?

Thanks for advice. Ya, 5k is a bit too much, probably too much travelling. Will have to cut my travelling and see how it go. 3.5k should be an achievable target. Alrite, think i better be more discipline in saving.

Good

Btw, do u understand the logic of why you need to save 3.5k p/m for you to be able to afford the house now??

Haha, not really. Please advise on this.

I just think that if I can save 3.5k p/m, then after the loan repayment, I still can save 2k. Then it should be ok to continue grow my saving. Is this the logic?

Thats right. No point splurging and buying a house now when you cant even safe money later. U dont want to put yourslef in a really vulnarable situation. Beiing able to save 2k a month after all commitments will put you in a rather comfortable situation.

Btw, u should also consider fully utilising your EPF account 2 balance for your purchase. That way you dont touch your emergency savings.

Need to ask some simple question. I'm not really knowledgable in this field.

Right now, p/month I'm paying around RM450 for my apartment.
If I refinance my apartment. My monthly repayment will be above the current or below.

Can't answer until you tell us your current and planned (after refinance) loan amount, tenure, interest rate.
Just use this calculator:
http://www.iproperty.com.my/financing/calc...gagepayment.asp

I do not have your kind of experience. I have another actually.

For those who still remember, I have been offered a package of weekly installment. Yesterday, I received the document. I could not see a word call "weekly". I only saw something like "late monthly installment penalty".

So, I ask the banker about this and he told me: "The weekly installment plan is not stated black & white (*suspicious*). It works this way, when you bank in your installment for the first time, put a standing order that this is for weekly installment. The bank will help you to convert it."

Then, I asked him about the late installment penalty, whether it is referring to late-weekly or late-monthly penalty, he said it's on monthly I kept asking for more details and finally he said he would come back to me on this next time


This is just for sharing only. I'm still thinking about the offer now

the weekly thing is actually for ppl who is worry that they spend all the paycheck so they bank it in and the bank takes it weekly. if you want to save on interest, better you bank straight in the loan account the entire one month ahead. so instead of weekly, bit by bit, you get one a whole month principle reduction immediately

btw my letter also did not indicate the weekly thing.

However I think I wont go with UOB now as the offer has a few things in it which I am not too happy about. Things like a rm120 annual maintenance fee when my loan is not flexi type. And increase in interest rate if I delay in making payments.

This post has been edited by idoblu: Jul 9 2009, 03:19 PM

Weekly installment plan is to enable your loan payment and interest to be calculated weekly. Therefore, you will shorten the tenure year. This was what I was told on my first meeting with the banker.

Personally, I am skeptical about it. This system sounds like help us to be disciplined enough to pay our installment more frequent and on time, rather than looking for loan calculation gain

I think this clause can be found in all loan agreements - most common ones are upon default (late payments), your current BLR - x.xx rate will become BLR + 1.0.

interest is actually calculated on a daily rests so the weekly thing is moot.

It does help -

Let say I owe bank RM 100, to be settled in one month.
If I pay at the end of the month - my interest = RM 100 x 5% = RM 5
If I pay 25% every week, my interest = (RM 100 + RM 75 + RM 50 + RM 25) x 5% / 4 = RM 3.125

Hi ,

I would like to enquire a few questions on Refinancing.

I bought a house 322k in Setia Alam in February 2008. I borrowed 90% from AIA on a Fixed 5.75% 30 yrs loan.

I'm currently paying 1692 per month. Now, my house has just completed and will be getting CF this month. Hence, I would like to refinance my loan to a Flexi deal to allow me to have lower monthly payment and have more savings.

May I enquire the rates for ZMC?? Moreover, may I ask if any banks absorbed the penalties as well?? I do not wish to take out any cash as my house is ready and I will use most of the cash on my house.

Tq.

Would appreciate if any agents or bankers woule PM me on offers.

how long to wait for the loan to get approval?

less than 5 days

Correct me if i'm wrong, you'll get RM100k+ from AIA after you finish your payment rite?

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Added on July 10, 2009, 1:14 amWhich bank?
Usually 1 week.

This post has been edited by yssee85: Jul 10 2009, 01:14 AM

There are many types of interest calculation, I think daily rest, monthly compounded is the best...

i don't understand why we need weekly payment...

Maybe i do a calculation and see how, (pls correct me if wrong)

Example of Loan 300k for 30 years, interest 3.45%. Monthly installment RM1339.
Let say interest start frm 01/01/09, installment commences on 01/02/09.
Balance 300,000.00
Interest for Jan: 01/01/09 to 31/01/09 =28.36 x 31 = 879.16

Interest for Feb:
Interest for 01/02/09 =28.44.
O/S = 299,540.16 after installment paid on 01/02/09 (principal deducted = 1339-879.16)
Interest from 02/02/09 to 28/02/09 = 28.31 x 27 = 764.37
total interest = 28.44 + 764.37 = 792.81

Interest for march:
Interest for 01/03/09 = 28.39
O/S = 298,993.97 after installment paid on 01/02/09 (principal deducted = 1339-792.81)
Interest from 02/03/09 to 31/03/09 = 28.26 x 30 = 847.80
total interest = 28.39 + 847.80 = 876.19


Let say weekly payment, amount would be 1339/4 = 334.75 (say pay on 1st, 7th, 14th & 21st)
Interest for Jan = same

Interest for Feb:
Interest for 01/02/09 =28.44
O/S now = 300,544.41
Interest from 02/02/09 to 07/02/09 = 28.41 x 6 = 170.46
O/S now = 300,209.66
Interest from 08/02/09 to 14/02/09 = 28.41 x 7 = 198.87
O/S now = 299,874.91
Interest from 15/02/09 to 21/02/09 = 28.41 x 7 = 198.87
O/S now = 299,540.16
Interest from 22/02/09 to 28/02/09 = 28.41 x 7 = 198.87
total interest = 28.44 + 170.46 + 198.87 + 198.87 + 198.87 = 795.51

O/S = 301,339.92
interest for march;
Interest for 01/03/09 =28.48
O/S now = 301,005.17
Interest from 02/03/09 to 07/03/09 = 28.45 x 6 = 170.70
O/S now = 300,209.66
Interest from 08/03/09 to 14/03/09 = 28.45 x 7 = 199.15
O/S now= 299,874.91
Interest from 15/03/09 to 21/03/09 = 28.45 x 7 = 199.15
O/S now= 299,540.16
Interest from 22/03/09 to 31/03/09 = 28.45 x 10 = 284.50
total interest = 28.48 + 170.70 + 199.15+ 199.15 + 284.50 = 881.98



so pay monthly installment RM1339 is different from 4 x 334.75,,,,
which one better? i think you can compare...

i think same thing also when you want to pay lump sum payment
example RM10000 one time is better than RM1000 x 10 times on different days.
correct arr??


also
there are banks that calculate interest based on Daily rest monthly compounded ...
if it's daily rest, it's actually a simple maths,

Unfortunately some banks are "daily rest" but they must be having very "special" formula and they cannot tell you...

You forget to calculate the petrol needed for 4 trip.

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Added on July 10, 2009, 7:46 amsaving extra few bucks, with a lot of harassment. =.= unless you are really free.

This post has been edited by yssee85: Jul 10 2009, 07:46 AM