Mar 3 2010, 06:07 PM
QUOTE(Joyline @ Mar 3 2010, 01:55 PM)
Hi Leesa
If you take up Islamic Banking, your installment will not be affected by the BLR as they got a fixed rate on this. This is because in Islamic rules, only can have profit and no lender and borrower terms are allowed.
If you take up conventional loan, your installment will be affected by the BLR as the banks only promise on their deduction percentage eg: BLR - 2%.
If you are going to take up a fixed loan, you can try AIA or ING loan. Myself is taking up AIA fixed loan when I bought my condo 2 years back.
Hope this details could help you
anything can pm me I will explain more to u =)
0195205511
That was probably true awhile back but now Islamic Products comes with a Ceiling Rate so effectively, they still follows the BLR Rate cause due to the contract you sign is being based on the ceiling rate, it's still Syariah compliance. If you take up Islamic Banking, your installment will not be affected by the BLR as they got a fixed rate on this. This is because in Islamic rules, only can have profit and no lender and borrower terms are allowed.
If you take up conventional loan, your installment will be affected by the BLR as the banks only promise on their deduction percentage eg: BLR - 2%.
If you are going to take up a fixed loan, you can try AIA or ING loan. Myself is taking up AIA fixed loan when I bought my condo 2 years back.
Hope this details could help you
anything can pm me I will explain more to u =)
0195205511
At least if the BLR goes higher than the Ceiling Rate, you don't need to pay more than the ceiling rate.
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