Legal fees RM 14,863
Stamp duty RM 9,074
Valuation RM 3127

***all amount given just an estimated price, price may vary from firm to firm***

stamp duty o cheap one mer..

is for MOT or loan agreement?

Sifus & Gurus out there,

I have an home loan offer from CIMB for its Flexi Home Financing-i (islamic). Details are as per below:

NZEC
Full-Flexi (according to the banker)
Loan amount : RM484740
12 month interest free
2-5th year BFR-2.3
subsequent BFR-2.35
no maintenance and processing fee
link to mudarabah current account i (u can earn interest if there is any balance in the account)

I have got the offer letter and my concern is
1) it doesn't state that i am allow to put in or withdraw any amount of money that i wish to without any penalty.
2) It doesn't state that it will offset my interest if there is balance in the mudarabah current account

Is anyone outhere that actually taking CIMB Islamic Flexi Home loan??If any, please share your experience and do they have any hidden clauses/charges that apply? To me this package seems too appealing and hard to believe. Please advise as i am new to mortgage.

I also read some comment that the loan amount on your statement is actually more than your actual loan (Loan amount + 30 years interest). Can anyone clarify on this matter?

I also understand that there is 20% reduction for its stamp duty because government is pushing for public to move to islamic facility. This is announced on 2007 budget and valid from Sept 2 2006 till 31st Dec 2009. Anyone can clarify?

1) If it is flexi loan, so the interest is calculated base on loan balance - current account balance x interest = Interest charge. So the money you put in will be under the current account, not to the loan account. So there is no need to state out the penalty for withdraw or put in money, simply because you no need to do so to the loan account.
2) Ask your banker to show you where is the statement that can show the calculation for interest. And also calculation formula for the penalty. It should be written in the LO. I deal with CIMB Islamic LO before,the interest and penalty calculation formula is written in the LO clearly.

Yes, the loan statement you receive will be showing balance with loan amount + 30years interest calculated with the capped rate. So don't be surprise that you will see a balance of 1mil+ in your every month statement. But don't worry so much, the actual interest is still calculated as stated formula in the LO. And your actual balance you may ask the banker to calculate for you if you want to know that, same with the penalty and settlement amount.

If you have any question about the loan interest formula and T&C, just ask your banker to clarify it with letter in the LO, so that all will be in black and white. You have the right to do so.

Goodluck

Onn

expensive looo~~ for LA.

Thanks Onn for your information. Just to clarify on the loan balance in statement. From what i understand from your explaination is although the loan statement show balance of 1mil++ but actual interest is only calculated based on my loan amount as stated in the LO.

If conventional flexi loan is straight forward where any sum of money i put into current account it will offset the interest based on daily calculation. (e.g loan 400k, current account 400k = no interest charge)
But for islamic it is a little bit confusing due to huge outstanding amount in the loan statement.
My concern is if i put RM484740 into my current account does it mean i don't pay any interest or (e.g. Rm1mil - 484740 = RM515260) they calculate interest based on the balance RM515260?? Meaning although i have put in the amount of money that i have loan into current account but i still serve interest due to balance stated loan statement? If there is still interest charges meaning it is a major drawback in islamic product. Please advise.

I believe the large sum you saw is based on the ceiling profit rate on the IFR (they cannot call it interest) for islamic calculation. So its based on the maximum amount the IFR can fluctuate (normally 9.55%).

This 1 mil+ sum is the maximum amount you will pay. Your total paymen after should be ~780k right?

Yes, that is true. Repayment wil only be rm780k after 30years based on the rate they offering.
My concern here is, do i need to put in rm1m or my loan amount which is rm484740 into the current accoun to offset the interest??
Becoz in islamic concept, my loan statement show that i owe the bank based on their maximum interest calculation which is RM1m+ instead of rm484740.

Semez, need not to worry bout the Rm1m.......u loan 480k and 300k is the interest payable. put it in this way, in islamic concept, they cant call it interest, thus they call it profit sharing....RM1m-RM780k = profit sharing between u n cimb islamic

You just need to put in your exact loan amount 484740 to offset the interest, not 1m. Cimb's islamic loan so far so good, very competitive thou

Yes there is 20% reduction for Stamping on Islamic Financing Documents for new cases.

There is only minimal stamping charges for Refinancing from Conventional to Islamic. Minimal in sense the difference between New Islamic Financing - Outstanding Conventional Loan will attract stamp duty.

Hi, I hope I can get some advise here, I myself am new to property, mortgage and stuff.

I just paid n RM1k booking for a condo unit worth RM224k. After my 7% bumi discount, the condo unit is RM209k.

My question is, for the bank to give me a 90% MOF, will it be based on RM224k or RM209k? Because if it is the former, then basically I do not have to worry about paying the developer the 10% deposit of RM209k right? Pehaps I can give a lower downpayment, which can be funded directly from my epf savings.

I am also welcome to receiving PMs on housing loans, be it term loan, flexi loan or islamic housing loan as I am gathering my documents now.

regards,

This post has been edited by DinKnight: Oct 20 2009, 11:24 PM

i think islamic dont allow prepayment but better cross check coz most ppl i knew dare not take islamic loan because not many ppl understand hw it really works..

Your loan will be calculated based on RM 209K * 90%. You still have to pay down payment of RM 20,900.

DinKnight, I've sent you a PM. Do refer =)

which bank house loan is best ? more benefit ??
CIMB. STANDARD CHARTERED , PBB , OCBC......................PLS

every bank's housing loan package have different features, you may have to ask around and find 1 which suits your financial standing or lifestyle.

Big news~~!!

I heard from brokers that government is going to force all banks to standardize their housing loan interest rate, which is cannot better than BLR - 1.9~!!!

Besides that, no more zero entry cost package, but can only finance the legal fee to your loan amount~~!!!

p/s: start from Nov onwards~~

This post has been edited by alextcs: Oct 23 2009, 08:34 AM

i tot BLR-1.8% ????

means that you also did receive the news?

seems like almost 90% accurate......

i got BLR -2.3% whole tenur last week