This would be the best you can get already as if refinance with others bank you will be charge with penalty RM765k x 3% = RM22950. And you can continue use your MRTA if have if you just revise the rate with same bank.
Others bank will normally get extra 0.1% to 0.2% but with much higher penalty.

Current i apply alliance islamic package for under contruction unit

Loan : 280000
Rate : BLR-2.15 for 30 yrs

Is it attractive enough?
May i know which bank currently offer most attractive home loan package in market? Thx for reply.

i noticed in the LO,

CIMB have the default clause : if u default 3 consecutive payment, the bank have the right to vary th prescribed rate (BLR -2~2.15) to blr + 1%..........

HSBC do not have this default caluse.......so does it mean default clause does not apply with its loan?

Thanks for your advise.

So I should check with her about the T&C. Full flexi or none. Right?
How about Legal Fees ? Is it negotiateable?

BLR is not the same for all banks. Most are but not all.
Example, Citibank's BLR is 5.6% instead of the usual 5.55%...

Usually those with Fully Flexi facilities & Free Legal Fees have higher interest rate.
You may want to do some calculations & determine your needs as well.



www.shchoy.com

hey sifus i'm wanting to make an enquiry regarding the very confusing term/flexi loans available out there.

i'm a regular mthly income earner and have recently agreed to purchase a property for investment sake.

i've been scouting around for rates and find difficulty trying to digest it all at 1 go.

a banker has told me that generally for ppl in my financial category I'd be better off choosing the term loan loan as i do not usually hv a great deal sum of $$$ to gain advantage of the flexi loans.probably mid yr & yr end bonuses to be used as capital prepayments to reduce principle amount.

is he right or are there are other things i need to know that banker hasn't told me...

many many thanks i need all ur advise...

Here's how i look at this,

All housing loan are generally Term Loans.
Flexi, Semi-Flexi or non-Flexi is the "feature" of the Loan.

Example....
"Mr X is be getting a Term Loan with Fully-Flexi feature"

Capital Prepayment is generally like a "Semi-Flexi feature".
Meaning you may need to inform the bank
if you want to put in more money to reduce your principle owed.
And possible, need to write in if you want to take the money out again.

A Fully-Flexi loan acts like an OD.
Meaning you will be given a Current Account that is tied to your Housing Loan.

If you put in say... RM 10k into your Current Account,
your principle is instantly reduce by RM 10k.

And if you need RM 10k back for whatever reason,
you just withdraw it back via cheque. Of course, your principle owe will increase by RM 10k

Hence in terms of feature wise, Fully-Flexi is the best.
But, it is generally more expensive (meaning slightly higher interest rate)
and may need to pay a monthly maintenance fee of around RM 10.

My general guideline is just shop around for loans
and always bargain!


www.shchoy.com

Thank on ur feedback
OCBC seem to have best offer so far
BLR-2% for 1st yr BLR-2.3 thereafter..as my loan amount is small at $144k
I do not need the withdrawal option and hence feel the $10 monthly maintenance fee is unnecessary. (some are even making me pay $200 for account setup)
I plan to settle the loan within 10-15 years by making capital prepayments regularly from my bonuses & mthly income extras.

Great to hear that.

I believe you can't go wrong with OCBC.
I recently did some home loan shopping myself and
OCBC is one of those with competitive rates & features. IMO.



www.shchoy.com

This post has been edited by shchoy: Jul 20 2009, 10:11 AM

The are no Flexi plans available for OCBC I believe (if anyone out there thinks otherwise pls let me know)

For capital prepayments a service charge of $10 is subjected per transaction.

Hence I’m making an assumption that this plan is a semi-flexi option as it has no C/A tied down to the H/L account but still give u the option to withdraw the cap.prepayments upon notice.

I hope my understanding is correct for the above plan

Yes, you're correct.
As far as I know, OCBC only have what's generally called semi-flexi
and NOT full-flexi loans.


www.shchoy.com

This post has been edited by shchoy: Jul 20 2009, 02:01 PM

I am planning to refinance my current housing loan and was told that most banks now are very strict in approval especially those with late payment record in CCRIS.

i am concerned as i have a record of late payment one month due to my stupid bank kept my cheque for weeks in their branch....

i plan to apply alliance islamic , EON, or CIMB, any good recommendation. I was advised Or cey Bank is very strict and been rejecting those with late payment record...

yes, the past 6months records is crucial

if u always defaulted ur payment in ur past 6months... ho ho ho

If the late payment is only for one month. Then it's not a big problem. If you have no payment for 3 month straight. Then 99% your loan will be rejected.

If you need help on applying the loan. I can do it free for you. Include all the bank you listed

nowadays alot brokers and they like to sell insurance together

hehee

CIMB is the most aggressive. I like !

ya, cimb islamic is my choice too for now, mainly because no fee and yet flexi.

but dun know why, my instinct still think fishy

I think it should be BLR-2 for first 3 years and thereafter BLR-2.3 for non zero cost

OCBC offering -2.5% now... T&C applies...

do you guy need keep chasing the agent for the letter of offer? my letter of offer keep pending.