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 Latest mortgage rate for housing loan packages, All Mortgagers are welcomed to post...

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yiivei
post May 8 2009, 01:50 PM

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may i noe wat does the flexi and semi-flexi mean? i only heard bridging and fixed loan b4, but neva heard of flexi or semi-flexi... any1 care to xplain?
yiivei
post May 16 2009, 09:05 PM

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is ZEC and Non-ZEC same as flexi or semi flexi? wat does MRTA stands for? purpose is?

thanks
yiivei
post May 17 2009, 08:58 AM

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QUOTE(onnying88 @ May 17 2009, 04:24 AM)
ZEC mean ZERO ENTRY COST (You no need to pay anythings for the loan, bank will pay for you,interest rate higher abit compare to NON-ZEC)
NON-ZEC mean NON ZERO ENTRY COST (You need to pay all the legal fee, stamp duty and everythings,interest rate will lower then ZEC)

Those term is not related to flexi or semi flexi at all. If you want to know more about flexi and semi flexi, you may refer HERE

MRTA stand for Mortgage Reducing Term Assurance. It's use as a protection for the loan if somethings happened to you, insurance will pay the remaining balance for you. Or more easy to say, bank wan you to buy insurance, and ask you pay for it. Some banks even compulsary the borrower to take their MRTA along with the loan, or you loan will not approve.

Anymore question about mortgage loan, feel free to ask. smile.gif

Added on May 17, 2009, 4:29 am

Type of package you want,
1) flexi loan, semi-flexi loan, or normal term loan?
2) ZEC or non-ZEC or FEC?
3) MRTA or MLTA or without any of it.

Let's choose from these first before i can give you more advise. smile.gif
*
Thanks for your reply.

Can you explain what is MLTA for? and FEC?

If i were to buy a condo of RM300k, can i opt for flexi + ZEC? Is this possible?
yiivei
post May 18 2009, 11:01 AM

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QUOTE(dreamer101 @ May 18 2009, 10:53 AM)
All,

Could someone please tell me what kind of housing loan that we have in Malaysia?? Is it a recourse loan or a non-recourse loan??

A non-recourse loan means that if you do not pay your housing loan, the BANK can ONLY take away your house.  The BANK cannot go after any other of your asset.

http://en.wikipedia.org/wiki/Nonrecourse_debt

Thanks in advance.

Dreamer
*
Whao, i neva thought of this before.

This concept is slightly similar to the limited or unlimited liability..

any1 can clarify on the matter raise by dreamer101?
yiivei
post Jun 13 2009, 01:35 PM

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QUOTE(yunalesca @ Jun 12 2009, 04:06 PM)
First 3 years interest by developer:
Jun 09 -> Jun 10 : No need pay bank
Jun 10 -> Jun 11 : No need pay bank
Jun 11 -> Jun 12 : No need pay bank
Jun 12 -> Jun 13 : 0% First year = No need pay bank
Jun 13 onwards  : BLR - 2. Start pay bank loan.

Is this correct? Sounds good.
*
If like that, that mean we can save up to 4 years instalment and use it as our 2nd deposit. Hence, lower interest charges..
yiivei
post Nov 4 2009, 06:22 PM

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hey guys and girls,

i have a situation here of which i need the help and advise of you.

Now, my mum wishes to re-finance the loan to another bank. In that way, she can oso reloan with a higher amount as she needs money. But, her requirement doesnt qualify to apply or refinance the loan. So, she wants to refinance the loan under me.

If that the case right,
i) does that mean that the property title will be transfer to me? or just the loan bear by me only without property transfer?
ii) what if my mum doesnt wan to settle the loan after re-finance, am i the 1 tat going to face the full liability?
iii) will i be blacklisted if the case on (ii) does happen?
iv) what if the house was sold, and will it automatically repay the loan?

Thanks
yiivei
post Nov 5 2009, 05:52 PM

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QUOTE(onnying88 @ Nov 4 2009, 11:04 PM)
i) does that mean that the property title will be transfer to me? or just the loan bear by me only without property transfer?
Nope, the property is still own by your mom, just the loan will be bear by you. This is called third party loan.

ii) what if my mum doesnt wan to settle the loan after re-finance, am i the 1 tat going to face the full liability?
Yes, you have to take the full liability for the loan, simply because the loan is under your name.

iii) will i be blacklisted if the case on (ii) does happen?
Yes, if you or your mom didn't serve the installment for the loan, ONLY you will have bad record for you own CCRIS record. Once you have bad CCRIS record then you will be blacklisted for any loan application.

iv) what if the house was sold, and will it automatically repay the loan?
You mean the house going to lelong? If that's what you mean, then YES. If you or your mom still didn't pay for the installment for a period, the bank have the right to lelong the property and use the money to settle the loan.
*
Thanks for the clarification. I still got few more queries..

i) Provided both of us fail to pay, the house going to lelong.. after lelong, it will automatically repay the loan amount rite?
ii)If the loan was under me, so call the third party loan.. my mum has no rights to re-finance witout my agreement and acknowledgment rote?
yiivei
post Nov 6 2009, 08:14 PM

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QUOTE(yiivei @ Nov 5 2009, 05:52 PM)
Thanks for the clarification. I still got few more queries..

i) Provided both of us fail to pay, the house going to lelong.. after lelong, it will automatically repay the loan amount rite?
ii)If the loan was under me, so call the third party loan.. my mum has no rights to re-finance witout my agreement and acknowledgment rote?
*
thanks for the clarification. i guess i wudnt risk my name for it..
yiivei
post Jun 5 2010, 01:46 PM

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getting myself a house soon:-

Requirement:
Housing price= RM205,000
Loan Required = 90%
Loan Tenure = 15-20 years
yiivei
post Oct 16 2010, 09:05 PM

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I juz make a bookin on a rm245k. Beside, the 10% downpayment n stamp duty, wat other charges do I need to prepare for? And how to calculate the charges n base on wat terms? Does the 50% discount eligible for my property? As seen from the budget, the discount only start next year rite? Tq.
yiivei
post Oct 17 2010, 07:10 PM

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QUOTE(bongobb @ Oct 17 2010, 04:37 PM)
Hello,
I just bought a sub sale unit which still under construction. According to my S&P lawyer, since the transfer only need to be done when the unit is ready for handling over, so i still have plenty of time to think about the loan arrangement. But looking at the current loan packages, i'm tempted to secure the loan package now as the rate and the terms are really attractive. FYI, the unit will be ready by mid of next year according to the developer.
Should i apply for the loan now or should i not? any opinions?
Thanks.
*
Heard from my developer that we can try to apply for the loan first. Not necessary that we din to opt for it, this is a form of security to secure a lower interest juz incase the interest hike by end of year or beginning of year 2011. Not sure how true is it. Any1 care to clarify?
yiivei
post Oct 19 2010, 06:38 PM

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» Click to show Spoiler - click again to hide... «


Dear Home_Save,

Thanks for your precise explanation. As for the loan, like u mentioned, no1 knows what will happen next.

Btw, i have some doubts hoping that you can clarify...

1) Is there any pros and cons if my developer will absorb the S&P charges? Im not sure whether will they absorb all the fees including the stamp duty or not as i have yet to clarify with them.
2) Do i need to sign the S&P anytime soon since the developer has yet to obtain the OP?
3) If the house was bought jointly by me and my gf, we wouldnt be able to get the EPF accounts II withdraw to settle for DP rite? (Juz to double confirm)

Thank you.
yiivei
post Oct 20 2010, 10:53 PM

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QUOTE(home_save @ Oct 20 2010, 11:39 AM)
Dear yiivei,

(i) There is circumstance whereby the under-con properties' legal fee for SPA and loan doc are being "absorbed" by developer (ie. Kinrara Residence at BK6 by Mah Sing). If the developer inform you that they are going to have this kind of arrangement, normally, the legal firm which issue the booking receipt will be the one who tied up with the project. Just ask the developer which legal firm that they appointed to prepare the SPA and call the legal firm to double confirm whether such arrangement is true or not. Normally, the developer will only absorb the legal fee while the stamp duty and disbursement fee are paid by the purchasers. There is no pro and con for the developer to absorb the SPA charges as I think they had factored it into your purchase of property. If they do offer it, then utilize it.

(ii) A question, what is your OP stands for?

(iii) Both of your relationship need to be officially declared as husband and wife to execute the withdrawal from Acc II to pay for the DP.
*

Tq once again for the precise explanation. Btw, OP stands for operational permit.
yiivei
post Oct 22 2010, 12:56 PM

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QUOTE(teddie @ Oct 22 2010, 09:17 AM)
Possible to get 40 years homeloan for a fresh grad like me who work not more than half year? and my fiance will be joint borrower *if needed, she only working for 1 month +. my property value is 240k. feel free to PM me wink.gif
*
Yes. It's possible under the home graduate loan if I'm x mistaken. But u got to meet the requirement lay down.
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