my f**kup bank also refuse to revise my loan interest.
I walked in to the bank branch and talked to the mortgage personal. after 2 weeks, no reply. then i called the mortgage personal again, that fella say will help to check again. after 2 days, receive call from the bank saying their management refuse to revise my loan interest rate. reason is my loan outstanding is less than RM100k. must more than RM100k only they will lower the interest rate.

---

Added on July 1, 2009, 10:07 pm

OCBC doesn't have ZERO moving cost. All evaluation fee, loan stamp duty, loan legal fee have to pay by ourselves.

---

Added on July 1, 2009, 10:11 pmIf anyone know any bank offer renovation loan package, please share.
NOT personal loan.
I am thinking of getting a basic unit house. Then get renovation loan and renovate myself.
If not, then I have to find those unit that already renovated.

get from maybank, then show maybank's offer to cimb and ask them to match.  if cimb match, good.  else switch.

according to http://www.malpf.com/ best deal is now Affin Bank BLR - 2.3% but there are many other considerations also in house loan.

good luck !

Guys, i have a dumb question. 
I am 26years old, 30k savings, EPF can take out 10k for house purchase, salary 2.6k...
Is it a good idea to buy a 300k unit? or should i wait for a couple more years..?
Thanks. 

jhbey, i would appreciate if you do some research before you make any claims.

OCBC do have Zero Moving Cost.

Please check your loan package, whether its ZMC, nZMC or LVS package before signing or commit to any bank.
best regards,

---

Added on July 7, 2009, 10:25 pm
OCBC has Zero Moving Cost, Non Zero Moving Cost & LVS Package (Finance Entry Cost)
Regards,

Also, not to forget that once you withdraw from EPF for home purchase, you will need to sell off the house before you can withdraw again. You might want to check out PBB for the home loan.

---

Added on July 8, 2009, 11:13 am

FYI, the ocbc banker told me that they have temporarily stopped the zero moving cost packages.

I just got offer letter from UOB.

This is for a non-zero moving cost housing loan, so I included my loan agreement fees/stamping, penalty I have to pay to existing bank, plus some money meant for the developer upon getting title. So I total it up and borrow this amount - lets say 450k. My actual balance is lets say only 400k. But UOB offer letter separate my current loan balance and the rest and name them as Housing Loan=400k and Fixed Loan=50k. Dont know why they do like that. Rate is the same but why two different accounts instead of one account. I asked them they say its for their own internal accounting purposes which I suspect something else is up their sleeve. I havent really gone thru the letter yet and its not easy to read all the mumjo jumbo.

Anyone with this experience with UOB? Im getting highly suspicious of them 

if you decide not to take up an offer after applying for a certain bank, do you take back the supporting documents like photocopy IC, income statements, S&P, etc?

Hi ,

I would like to enquire a few questions on Refinancing.

I bought a house 322k in Setia Alam in February 2008. I borrowed 90% from AIA on a Fixed 5.75% 30 yrs loan.

I'm currently paying 1692 per month. Now, my house has just completed and will be getting CF this month. Hence, I would like to refinance my loan to a Flexi deal to allow me to have lower monthly payment and have more savings.

May I enquire the rates for ZMC?? Moreover, may I ask if any banks absorbed the penalties as well?? I do not wish to take out any cash as my house is ready and I will use most of the cash on my house.

Tq.

Would appreciate if any agents or bankers woule PM me on offers. 

how long to wait for the loan to get approval?

There are many types of interest calculation, I think daily rest, monthly compounded is the best...

i don't understand why we need weekly payment...

Maybe i do a calculation and see how, (pls correct me if wrong)

Example of Loan 300k for 30 years, interest 3.45%. Monthly installment RM1339.
Let say interest start frm 01/01/09, installment commences on 01/02/09.
Balance 300,000.00
Interest for Jan: 01/01/09 to 31/01/09 =28.36 x 31 = 879.16

Interest for Feb:
Interest for 01/02/09 =28.44.
O/S = 299,540.16 after installment paid on 01/02/09 (principal deducted = 1339-879.16)
Interest from 02/02/09 to 28/02/09 = 28.31 x 27 = 764.37
total interest = 28.44 + 764.37 = 792.81

Interest for march:
Interest for 01/03/09 = 28.39
O/S = 298,993.97 after installment paid on 01/02/09 (principal deducted = 1339-792.81)
Interest from 02/03/09 to 31/03/09 = 28.26 x 30 = 847.80
total interest = 28.39 + 847.80 = 876.19
Let say weekly payment, amount would be 1339/4 = 334.75 (say pay on 1st, 7th, 14th & 21st)
Interest for Jan = same

Interest for Feb:
Interest for 01/02/09 =28.44
O/S now = 300,544.41
Interest from 02/02/09 to 07/02/09 = 28.41 x 6 = 170.46
O/S now = 300,209.66
Interest from 08/02/09 to 14/02/09 = 28.41 x 7 = 198.87
O/S now = 299,874.91
Interest from 15/02/09 to 21/02/09 = 28.41 x 7 = 198.87
O/S now = 299,540.16
Interest from 22/02/09 to 28/02/09 = 28.41 x 7 = 198.87
total interest = 28.44 + 170.46 + 198.87 + 198.87 + 198.87 = 795.51

O/S = 301,339.92
interest for march;
Interest for 01/03/09 =28.48
O/S now = 301,005.17
Interest from 02/03/09 to 07/03/09 = 28.45 x 6 = 170.70
O/S now = 300,209.66
Interest from 08/03/09 to 14/03/09 = 28.45 x 7 = 199.15
O/S  now= 299,874.91
Interest from 15/03/09 to 21/03/09 = 28.45 x 7 = 199.15
O/S  now= 299,540.16
Interest from 22/03/09 to 31/03/09 = 28.45 x 10 = 284.50
total interest = 28.48 + 170.70 + 199.15+ 199.15 + 284.50  = 881.98
so pay monthly installment RM1339 is different from 4 x 334.75,,,,
which one better? i think you can compare...

i think same thing also when you want to pay lump sum payment
example RM10000 one time is better than RM1000 x 10 times on different days.
correct arr??
also
there are banks that calculate interest based on Daily rest monthly compounded ...
if it's daily rest, it's actually a simple maths,

Unfortunately some banks are "daily rest" but they must be having very "special" formula and they cannot tell you...

That's not a problem - just set up standing instruction via online banking 
Wanna pay everyday also can...

Always buy top floor when buying condo for investment

The pricing of condo by most developers is that as you go higher, the price will be higher. Some buyer choose higher floor because of better view and some investor will choose lower floor or not so high floor to take advantage of cheaper price. But are higher floors more expensive as far as investor is concerned, to me, it is not really so. The higher floor is costlier and not necessary more expensive. As the buyers are billed by developer according to stages of completion. The first 10% being upon signing of sale & purchase agreement, the second 10% being upon completion of foundation and the third 15% being upon completion of structure. If one is taking a 80% loan for the purchase of condo and if he is buying a top floor, then he may only need to pay 20% and loan release will only take place when the construction of structure reach top floor, thus saving on substantial amount of interest payment. If one is buying low floor, the billing for completion of structure and all subsequent billings will be much earlier and interest charges will incur. Therefore if an investor is buying lower floor, he will incur higher interest charges whereas if he buys higher floor, he has to pay a higher purchase price but buying higher floor offer an advantage in term of better cash flow for the investor as if the investor is taking only 80% loan, he may only need to service the loan when the overall structure is almost completed, i.e. when the overall project is probably 50% completed and the number of months where interest is charged till completion is also less considering that the remaining construction time needed is much shorter compared with if one is buying lower floor

How true is this statement? Anyone care to enlighten me?

Wow are you sure Metroview is selling for so high? Sounds a bit unrealistic but I haven't been keeping myself updated.
No that's not right.
For foundation and piling stuffs that's "common" to everyone, those will be charged to all purchasers.
However for the walls, and stuff related to individual units, you'll only be billed right after they build it. They certainly won't wait till the finish building everyone's wall before they start billing you.
That's from a first hand experience btw.
Oh and that's why those package with very low interest only on first few years are misleading.

---

Added on July 11, 2009, 11:12 am
What's the maximum loan margin for this package?

helo.. anyone can comment how long will a bank loan lawyer takes to process the documents till completion? is it possible to settle all the stuff in 2months? thanks

yea.... You are correct if dignity can become rice for you to eat. I am not asking you to be a dog but just provide better service for any customer that u served. Everyone will upset if loan application is going too long, so what they will do is call the BANKER--this is just soooo normal. If you dont like customers calling you to ask about the loan process or you intend to reset whoever calling you to fasten the process, then what attitude you are giving out..huh/
let me tell you den, YOUR ATTITUDE IS JUST LIKE WHAT U SAID ABOVE    ''  attitude so F***  ''

with no offense and if there is any..I apologize for that

Chill...

I don't want to play blaming game here; but I'd like to add my 2 cents.

Being a customer, you have your consumer right.

Being a banker, you have to comply with your professionalism.
As posted before - an application can be approved in 30 minutes, why make it 3 months? Too busy? I wonder.

Hmm 30 mins is not some normal application I presume?
Normal application will take 5-7 working days to process, 2 weeks still acceptable, but 3 months too long la...

Anyway let's stop the blaming/shouting here, we're supposed to be working together to make money here, remember? 

 

cimb vs Mbb vs alliance?
guys..help me to decide which bank/package shall I take?
I will be able to settle my new house within 5 years & keen to have OD facility but
Mbb OD have to pay legal fee etc & MRTA MLTA  complusory unlike cimb & alliance  flexi loan
do u think i can treat this flex loan as OD?
alliance flex loan(islamic)
blr - 2.3% 1st yr
blr -2.2%
zec
no setup fee rm200 no rm10 mthly fee
cimb flex loan
blr -2.05%
zec
setup fee rm200 rm10 mthly fee

Mbb OD
blr -2%
fec
rm5 mthly fee
any comment would be appreciated

Both also correct.
Normal Flexi loan have RM200 setup fee + RM10 maintainance.
Islamic Flexi loan NO setup fee and NO monthly fee. But the legal fee with abit higher then normal flexi.

Nego in term of what? 

Whole Malaysia banking system is using the same BLR rate now which is 5.55%. So it's same as yours also.

For your interest rate
BLR 5.55 - 2.3% = 3.25% 1st 3 yrs
BLR 5.55 - 2.4% = 3.15% for the remaining tenure.

It's a good deal for your already
But you may considering the term and condition such as type of loan, lock in, penalty, and etc for different bank

so meaning, property valuation is added into my loan amount?

if i were to borrow RM400,000 and valuation is RM20,000. so my loan amount is RM420,000?

the downpayment i need to pay is RM40,000 or RM42,000?

i heard that i need to pay the 10% downpayment (to owner) + RM20,000 property valuation (to bank) which is RM60,000. That's a lot!

if can come out a table of calculation (example) for comparison between the bank, better still...for understanding.

I understand the MRTA is merely to protect the bank and not so much the borrower if the property is in 1 person's name. Meaning if i buy a property and its in my name only and i dont take a MRTA and if i die, the bank cannot come after my wife or dependants. But if i take the MRTA i have to pay the extra few thousand premium and then if i die the MRTA pays off the remaining loan amount to the bank.

Can someone clarify?

Hi Lengkwas,

bfr and blr should be the same....but please note that some bank have higher blr/bfr compared to other banks....so check that as well

i believe you can use MLTA for islamic loans as well

i'll PM you my ocbc agent contact...

---

Added on October 29, 2010, 2:47 pm

Cybermaster98 is correct.. push for lower rate, even if it sounds absurd at first ...