Just make sure your occupation and money is come legally in islamic law. Then you wouldn't have much problem to take islamic loan.
this is what i concern

Why?
What i can say is, as long you pay the installment in time, no bank will find trouble with you.
They will open their door always to deal with you anytime.

Do keep in mind that Islamic Loan does NOT
follow the BLR rate.

It follows the BFR rate which is close to BLR

-removed, you already had your blog in your signature-

This post has been edited by b00n: Jul 17 2009, 11:20 PM

BFR? My offer letter show the BLR - % not BFR

Oh really?.... interesting.

You can search BFR in Google....
Islamic loan suppose to follow BFR. Maybe it's not a requirement.

-removed, you already had your blog in your signature-

This post has been edited by b00n: Jul 17 2009, 11:18 PM

Maybe

but i think i will not take the offer of Islamic loan even the package is best
the calculation a bit complex, i can not understand it, bank shall show the illustration about the calculation of the loan amount btw islamic vs convention loan

Hi,

I applied house loan from 2 different Bank,

Bank 1) submitted application form, status unknown.

Bank 2) Just received approval on my application already, pending Letter of Offer only,

can I cancel the 1st bank? What procedure required? Just tell the agent?

dont cancel yet. you havent even receive the letter of offer. just because its approved doesnt mean the terms and conditions are good. read it carefully then decide. wait for the other one as well to compare. there is an expiry date so check nicely

This post has been edited by idoblu: Jul 17 2009, 08:44 PM

ok thx

Just wanna ask. How come you guys can get BLR at such low rate? Cause the banker show me her calc.. BLR is 5.5%

Property Price: MYR 495,000.00

Margin Of Finance :91.80 %

Loan Amount : MYR 454,425.00

Loan Tenure (months) :480

Base Lending Rate (B.L.R):5.55 %

Property Type :Landed

Completion State:Completed

Interest Rates

First 36 Months - 3.2500 %
Remaining 444 Months -3.1500 %




This post has been edited by 112006: Jul 18 2009, 05:13 PM

Whole Malaysia banking system is using the same BLR rate now which is 5.55%. So it's same as yours also.

For your interest rate
BLR 5.55 - 2.3% = 3.25% 1st 3 yrs
BLR 5.55 - 2.4% = 3.15% for the remaining tenure.

It's a good deal for your already
But you may considering the term and condition such as type of loan, lock in, penalty, and etc for different bank

Its a finance entry package,
margin max 90% with legal fees.
ocbc latest promotion till 28 july.

blr and bfr is not much different.....the reason why Islamic package is complicated is because they dont call it interest, they called it profits.

BFR in islamic package will only increase till 9.99 if one day the rates for lending fly high..on the other hands, blr will fluctuate in according with the economic or market condition.

Basically, both islamic and conventional loan are the same.

---

Added on July 18, 2009, 8:43 pmOCBC are really throw cheap package out there
this is a really good deal but i think this a term loan instead of full-flexi.

what onnying said is true, check the terms and conditions. the lock-in period i dont think is only 5 years 3 percents



This post has been edited by Invinsible-Pp: Jul 18 2009, 08:43 PM

I have talk to PBB banker. He say we cannot pay installment before due date.
The money paid before due date is consider prepayment.
On the due date, we still need to pay monthly installment.

Any PBB banker/borrower here. Is it true?


Thank you!

all these terminology is very confusing. to me making
payments before due date is called "prepayment"?

anyway from what i understand, it is correct - any extra monies, or payments before due date is consider as principle reduction. you still need to make your monthly payments when due.

I see. In this case, we cannot pay our monthly installment early to save some money on interest.

you can save interest but different bank offer different package....In your case, yours is not a flexi loan. Generally, PBB only offer term loan.
Therefore, pay before due date is consider prepayment. When you take up this loan, did the banker tell you what kind of loan is this...term or flexi//

in a way, you still can. you can pay early and save on interest but still need to pay the installments.
for example you get a lump sum of money, you can dump this in and save on interest but installments must still be paid.

its not like full flexi though

This post has been edited by idoblu: Jul 19 2009, 12:33 AM

It is a semi-flexi loan . I can do prepayment (principal deduction) without a need to inform bank.
I also can withdraw money provided 2 days notice (RM50 charge/withdraw) to bank.

I dont want fully flexi as it will charge me monthly fee and I dont need the withdrawal facility anyway.

This is for all the mortgate agents.




I have received an offer letter for refinancing (with same bank as original housing loan). Details: -


Current loan interest: BLR + 0.1%

Refinance offer: BLR - 2.2%, ZEC

Loan amount: RM765k, 90%, 30years, non-flexi, freehold property.

Penalty: RM3000 (reduced from original 3% for refinancing during lock in)

Valuation fee: waived

Lock in: 3%, 5years



Are you able to top this offer? If you can , please PM me. If you're not, then thanks for looking. I have 2 weeks from now to play with.



cheers,
minolta