Eon bank package 3 absorbs penalty up to 3% of loan plus pay for all legal fees for new loan agreement. Rate is BLR-1.6% for first 8 years, then BLR-2.4% TA. Lock in is long though....8 years with penalty of 5%.

Danny,

I am just wondering how is your business like....are you paid by the banks or the applicant(if successful) or both?


minolta

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Added on January 7, 2009, 8:42 pmI am looking to re-finance a sizable home loan out from UOB bank. So for those mortgage agents that are monitoring this thread, I welcome you to pm me your packages.

minolta

This post has been edited by Minolta: Jan 7 2009, 08:42 PM

I have some advice for those who want to re-finance their properties: -



Step 1: Get the full details of your current loan(most don't keep track of the current status of their loans)...ie...loan still left, initial amount, date lock in period finishes, penalty clause, current effective interest rate, date first drawdown, your re-payment history, etc.

Step 2: Check the current offerings from the banks...both local and foreign banks. Don't need to check all banks as rates changes so fast with new packages etc. Just a general feel will do.

Step 3: Write to your current bank DEMANDING a revision of interest rate. Be very business like in your letter. Straight to the point. Say something about your payment history(if its good) and about current economic slowdown and about the competitive rates offered by Competitor...you can put down some examples from competitor banks. Then you demand a revision of a rate that is "reflective" of current interest rates in the industry.

Step 4: Wait for your letter of reply from the bank. You will almost always get a favourable reply if the banks still want your business.....that means you should have been a good customer with good repayment history.

Step 5: With the new offer in hand from your existing bank, you do your evaluation. You see, whatever they offer has pros and cons. They WILL NEVER offer you a BLR -2.2% for example if you're still in lock in period. Maybe BLR -1.6% or something(which is not bad as you do not have to pay any penalty or redo loan agreement). This is because they know its not cheap for you to refinance out as you have to pay penalty and redo loan agreement(need lawyer). Meaning you have to pay money out now to enjoy an interest saving in the long run.....you really have to evaluate.

Step 6: Bring that letter of offer to other banks and ask them to give you an offer....you should go for a bank with offer of ZEC + payment of penalty(right now, I know of only Maybank and EON bank that do it). They will definitely try to give you a better offer than the one your current bank offers....if possible. You need to be fast as the offer letter has a time limit to it! But most banks can give you an offer within 48h

Step 7: Your call. Proceed with the bank that you're happiest with or with the most attractive package.


cheers,
minolta

This post has been edited by Minolta: Feb 21 2009, 10:21 AM

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

TO bankers/home loan officers,


I am looking for a new loan for a residential property purchase.

Purchase price: Rm740k
Intended loan amount: 90%
Tenure: 30 years
NO MRTA/MLTA

Want:
Zero Entry cost
Lowest interest rate you can provide

Preferable:
Flexi-loan

Current income will qualify for amount needed.

As benchmark, UOB offers ne non-ZEC at BLR - 1.8%, full flexi. PM me ONLY if you or your bank can offer me better than that.


Thank you,
minolta

Which bank can still "unofficially" offer zero entry cost? Please pm me if this is sensitive


thanks,
minolta

This is what a lot of bankers will TELL you. but not true. There are few banks that still offer ZEC. Look around and you will find! Don't be bullied into signing with one bank who tells you no ZEC in industry.


minolta

Just to update and share with you guys on the best packages I got. Note, this is a subsale property.

Bank 1(foreign bank); Zero Entry Cost, 90% financing, BLR - 2.2% whole tenure, Full Flexi Loan, 5years lock-in (3% penalty), compulsory MRTA

Bank 2(local bank); Zero Entry Cost, 90% financing, BLR - 2.0% whole tenure, Full Flexi Loan, 5years lock-in (3% penalty), no need MRTA

Bank 3(foreign bank); Zero Entry Cost, 90% financing, BLR - 1.95% whole tenure (BLR - 2.0% if become premium customer), Full Flexi Loan, 5years lock-in (3% penalty), no need MRTA


So, the message is that there is still ZEC home loans available for amounts >RM500k. If you want the contacts, PM me.


cheers,
minolta

My banker has informed me that her bank is doing a home loan "promotion" for this month....valid till End February 2010 only. Any loan amount.

Rate?

BLR - 1.9%. Negotiable if bigger loan amount.

But best thing is ZEC. And valid also to SUBSALE properties...not just from developers! Not the "financed-costs" that adds your lawyer costs to the amount of loan nonsense, but fully-bourned lawyers fees, valuation, loan stamp duty etc.


Type of loan? Non-islamic. Choose either Flexi or term loan, up to you.


If u want the contact, pm me.


cheers,
minolta


ps...i am in no way related to the bank or getting any commission. just helping out fellow interested forumers.

This post has been edited by Minolta: Feb 12 2010, 04:53 PM

An interesting point....but back to basics. There is nothing as free service by bankers period!. If they offer u "extras", its coz they want your business. If not current business, then its the hope for future business. I have dealt with enough bankers over the years to know this firsthand.

Interest rates is key. If you are not even willing to compete with another bank with better rates, all the talk of better "services" is moot. I have had bank officers fight really hard to get me good rates. They even give me the offer letter to show other banks to see if they want to compete!. But in the end, i did not use them. Why? Coz even a 0.1% difference in interest rates compound to many many thousands of ringgit over 30 years!. Don't be emotional when getting a bank loan. Banks will never be emotional with you when they charge u late penalty etc!

Local banks, foreign banks....all sama saja.


minolta