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audy
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 Feb 1 2010, 01:47 PM
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I took a fixed housing loan under the islamic scheme at 7.5% abt 5 yrs ago. At the moment I'm paying abt RM800 per month.
Is it possible to change to the conventional housing loan and will there be much difference in terms of savings? I visited my bank officer a year ago and she told me it is not worth changing as there is not much savings (like a few ringgit only). Somehow I'm not convinced with her answers.
Pls advise...
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audy
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Sep 24 2010, 11:00 PM
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I refinance with HSBC Full flexi package and recently got all the paperwork done and approved. I received a note from the bank on Progressive Drawdown Advice, telling me that there is a projected interest of RM300 amt due mthly. What the heck is this?? I know this is not the mthly installment because the note also says this has been released on my behalf for Sept's payment.
Can anyone advise?
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audy
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Sep 24 2010, 11:26 PM
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Chris, unfortunately I do not have access to a scanner. But here is what the note says:
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PROGRESSIVE DRAWDOWN ADVICE
Dear Sir/Mdm,
Thank you for banking with HSBC.
We would like to inform you that the payment of MYR xxx.00 has been released on 06SEPT2010 on your behalf. Your facility limit is now MYR xx,xxx.00
Based on this limit, the projected interest of MYR 300.00 will be due on 13SEPT2010 and thereafter on 13th of each month until further notice.
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Before I signed with HSBC, I was informed of the new mthly installment and the salesguy told me that all I need to do is bank this amt into my HSBC loan account. How come suddenly they tell me this amt has been released on my behalf and now got additional interest?? Can you help me to check cos the salesguy I liaised is out of town at the moment.
Thanks in advance.
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audy
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Sep 25 2010, 08:08 PM
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QUOTE(home_save @ Sep 25 2010, 11:27 AM) Dear Audy,
An inquiry. Do you bought a completed property or an under-con property? I suppose your bought under-con property. This is a statement of the loan that being released to your seller/developer/legal firm for the funding of property purchase (Title: "Progressive drawdown advice" means that the loan is disbursed to your payee in a progressive manner rather than 1 lump sum payment). The payment which released is paid to your seller/ for MRTA/ for legal fee,the "facility limit" that mentioned there is the balance of your loan which haven't released to the payee, and your interest is calculated based on the loan amount. If you are buying an under-con property, and based on the statement itself, it seemed like you are servicing the interest only during the under-con period without knocking off the principal.
Please let me know more about your scenario as all the briefing here is based on my own assumption without any B&W supporting after seeking the clarification from the staffs. Hope it helps.
Regards,
Chris, Looi
Lead Mortgage Consultant
Virtual Mortgage Consultancy
Home Save, Mortgage Division
6 012 6058817
Apply loan with Home Save and Save more.
Chris, I'm not quite sure I fully understand your explaination above. My property is already 6 yrs old and I been making payment since then. I bought when it was new, direct from developer. I previously took fixed home loan at 7.50% and recently decided to refinance with HSBC to reduce the mthly installment. I thot this process should be very straightforward ie. I continue my mthly installment with lower rate...that is what I understand from the Offer Letter, and that is how the salesguy explained to me. This is my first time refinancing mortgage. The salesguy told me that HSBC will send me a letter to inform of the new mthly installment cos the BLR has changed since my offer letter was approved. Instead I got this "Progressive Drawdown" note. Is HSBC wrong in this case then?? This post has been edited by audy: Sep 25 2010, 08:16 PM |
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