Hi guys,

I need to refinance my low cost apartment & use the cash for my new house renovation.
I'm still paying for the apartment & there's about 20k plus to settle to the bank.
Can you guys advise me where is the best bank to refinance my apartment.
I'm worried since there are many packages from different bank.
Anyway, the current loan is from Public bank.
Can i refinance it with them, will i get a better value in return if i do so...
Pls advise.

You can refinance back into Public Bank, less hassle but sometimes they don't offer competitive rate to existing loan. Call Public Bank and ask what sort of rate they'll give you. Is your apartment loan still within the lock-in period? If so you'll be subjected to pay the penalty of 2%-4% of the principal loan amount. Public Bank's loan lock-in is 5 years from full disbursement so IF you took up the loan during construction, count 5 years after you receive your apartment key.

The packages from various bank depends on your loan amount. So check with public bank 1st and I can dig my database if it's reasonable or not.

This post has been edited by firesphere: Jun 10 2008, 12:03 AM

Can you afford servicing 2 full loans after u've refinance, bro?

Beside PB, u can also look for other banks. If u need any help, just pm me. . Maybe u can re-plan after u get all the informations.

bro, could u kindly explain what u mean by "can u afford sevicing 2 full loan after refinance" cos i really curious to learn. seem like u know something i don't. thanks

He mean, could TS afford to pay 2 loan installment at the same time?

Why need to pay 2 loan installments again?

Very simple.

Say you managed to refinance your property on today's existing rate, does your 2 loan installment exceeds 40% of your total take home pay? If its a YES, then I think u might be a bit over leveraged.

Plus, IMO its a bad idea to refinance a property just for own-stay-renovation. Do your reno when you've accumulated the cash yourself, but dont leverage for the sake of reno. Dont listen to loan agents. Under todays uncertain environment, its helps to be bit more conservative

Hi powermac,

You can ask public bank wats the current new rates that they willing to offer you and refinancing with them if you are ok with the rates.
Theres another way where you can refinance with Alliance bank as they have new attractive rates like for year 1-2 BLR-2.20% and thereafter BLR-2%.
Any further information,please do not hesitate to drop a mail at veen_0809@yahoo.com.have a nice day.

parven
mortgage sales executive

i think it's good to have mortgage sales exec around in our property thread, but pls do not over promote the same thing over n over in every topic to get attention, it becomes irritating. no offend.

i understand now. thanks a lot bro

Tumpang thread abit, was curious about the BLR-2.2% and BLR-2% rate. What's the minimum loan amount to get this package?

hi tgrrr,

Thts the new package tht alliance is providing now.BLR-2.2% for the first 2 years and thereafter BLR-2% for FEC package.

Loan amount from 100k up to 300k...

parven
veen_0809@yahoo.com
mortgage sales executive

Where can i get it ? Which Alliance Bank branch offer it ? Any contacts ?
BLR - 2.2% for the first 2 year and BLR - 2% afterthat

Hi,

i have send you a personal mail,not sure whether u received it or not.Im new on this forum so need some time to explore..

anyway,im located at mid valley branch,mortgage sales executive.pls feel free to mail me at veen_0809@yahoo.com.I have given my contact num in the personal msg i sent to you.

Looking forward to here soon from you.

parven
mortgage sales executive

barcode, which alliance bank branch u looking for? puchong, subang, segambut. let me know. can refer u to a officer, manager.

Actually the rate offered by Alliance is attractive but in term of the services provided it is damn lousy. I went to Kepong branch and they prefer to talk to each others rather than entertain me. I just keep on standing there for 5 minutes as there are no ticketing or numbering for customer enquiry. The Mid Valley branch, Ms Parven only draft the proposal for me after 4 days of meeting her. So give up on Alliance Bank

So far I encounter RHB Bank, Alliance Bank, Direct Access, CIMB, and UOB Bank. I will chose UOB Bank. Not because of the better rate but because of the service provided. This Chinese Guy from UOB Bank is really good, fast and very polite. Right now, he is processing my first refinancing home. I planning to give him my other housing for refinancing as well.

i guess being humble really pays off...

me too planning to refinance (ie to switch financier). Currently under MBSB... want to change to normal banks.

Service is a thing, the whole package is another (i mean interest rates, their T&C, their hidden fees, their whatever crap fees that are only written in their Offer Letter)

One can offer you great service, but a very bad overall package. Still take it? (no, i don't mean the UOB package is bad)
Just saying in general.

I do wonder, what is stated in Alliance offer letter of their latest package? They seems to offer everyone with their -2.2%. What are the fees?
Redrawing fees? Validity of the facilities? Charges imposed early settlement/loan never disburse in time/monthly maintainance/disbursement fee/blablabla fees? The interest rate is no doubt VERY attractive.

Yeah me too. i am also currently under mbsb and the interest rate is hgih. am also planing to refinance. so have to do a lot of reading .....