does it mean that it works something like this:

say on the 30th, i put in my salary of 4k. if i take a loan of 200k, thus the interest for the next month would be calculated based on 196k?

i dont really understand how it works, the part where the longer the money stays in the account, the better it is.

also, stan chart is offering me zero entry cost but due to the location of the bank and interbank transfer costs, i'm not so keen on stan chart. how much would this ZEC come to (my property is 299k)?

are there any other banks offering ZEC?

This post has been edited by leesa: Feb 28 2010, 01:32 AM

this is very helpful. mortgage banker (not from any bank) told me that flexi loan isnt really for me since i dont have any debit other than my monthly salary. but i was impressed with the flexi amount facility, rather than the interest saved. its quite a hassle especially since my salary isnt credited into that account, but have to spend rm1 or rm2 to transfer there. might not even make any interest since there is rm10 monthly charges

I hope you can give me some insights on which should I take:

a. BLR -1.9% with ZEC
b. BLR -2.1% with no ZEC

In the long run, I would have save about rm10k in 30 years tenure when the legal fees would cost only rm4.5k. what are the other things that i need to consider regarding the BLR -1.9% with ZEC?

thanks for your advice.

now i have an even better rate from HSBC.

BLR-2.0% ZEC vs BLR-2.3% non-ZEC

i was thinking that since this rate is the best of all the banks so far, could any other bank top this rate in 5 years for me to consider refinancing? the closest 'competitor' is -1.9% for non-ZEC (non-panel bank for developer). i thought it might be a little unlikely (totally my layman opinion), so there is no need for me to refinance the loan after 5 years.

i did some rough calculations. if i select the -2.1% and pay the legal fees in cash, i will only 'untung' (regain the 4.5k i've paid) after the 8th year. means that i need to stick to HSBC for at least 8 years. so the question is after the 5th year, would there be any other rate lower than HSBC's?

i think it is unlikely that i will be able to settle the loan in 10 years.

your 3rd point is an interesting insight on inflation. 1point for ZEC package.

but i'm still wondering: in 5 years, how possible is it for HSBC's rate to drop below another banks rate? if there is a high possibility, then it would be worth paying the legal fee package.

may i ask why so? the same reasons given as Bon Lee?

sounds interesting.. are there any HSBC or Al Rajhi bankers out there who could contact me? the HSBC person who was supposed to meet me today was late by 1 hour and that p1ssed me off already. looking for another one..

hi, can anyone tell me the differences between islamic banking and the conventional one? HSBC Amanah is processing my loan. the banker told me that the only difference is that for islamic banking, i dont have to pay the instalments anymore and the bank would refund me the interests paid should the project be abandoned before completion.

is that all the difference? after finding out that HSBC Amanah credit cards cannot be used at non-halal restaurants, now i am wondering if there is anything else 'hidden' that the banker did not mention? (cos HSBC Amanah is not allowed to sell the conventional plans)

yeah, they call it BFR (base finance rate, i think) that is the same as the BLR which is currently at 5.5%. guess the plus points of islamic is the ceiling rate.

any downsides or not? islamic cant be all good only right?

HSBC's BLR -2.1% was only under the special rate for my project, which they are trying to appeal to offer to me now. they revised it last week (according to my banker) and its very low now at 1.3. if u pay the legal fees, then it would be 1.9

Hi all..

Earlier I received good information from here and would like to do my part, as well as share a little.

Stan Chart has a ZEC promotion until the end of March. I've done some comparisons and I think not many banks (if any at all, correct me if I am wrong) offer ZEC anymore. ZEC is at -1.9BLR and non-ZEC is at -2.1BLR. I signed yesterday and got this rate.

HSBC Amanah managed to matched their rate when I told them what Stan Chart offered. Alas, their service is extremely bad.

1. The 1st agent was 1 hour late for our appointment. We were supposed to meet at 12pm, not for her to leave her office at 12! Bad impression already.

2. Still interested in the bank, I left my number with the Customer Manager in Klang for him to arrange something for me or maybe get someone to call me back. Nothing at all from him.

3. Still still interested (as they had a promotional rate for my project), I contacted a 3rd person to submit my documents. 3 weeks later and still counting, not approved yet. CIMB and Stan Chart only took 1week+ to approve it. And no updates from the banker.. I am the one calling and asking for updates every few days. Is this how it should work??

2 days back when I call, she said that only 88% had been approved (some rule of theirs that people in their 20s can only get 88%. this doesnt happen in the other 2 approving banks). She said would appeal and let me know by the end of the day. That 'end of the day' was 2 days back. Got sick and tired of it and decided to sign with Stan Chart.

Was only interested in HSBC Amanah due to convenience in location in making payments etc. But looks like they aren't even interested in giving it to me at all.

Sorry to rant here, but am just so frustrated. Might end up paying interest due to this stupid delay.