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 Revise interest rate letter, anybody got template?

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TSadrianocy
post Jun 26 2008, 11:41 AM, updated 16y ago

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Anyone who can draft or already have a professional like letter template to ask bank revise interest rate? life so diff with the current BLR rate. thanks
robertngo
post Jun 26 2008, 12:04 PM

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QUOTE(adrianocy @ Jun 26 2008, 11:41 AM)
Anyone who can draft or already have a professional like letter template to ask bank revise interest rate? life so diff with the current BLR rate. thanks
*
how much is you current interest rate? now i see most bank will give BLR-2.0 or better, but most people believe BLR will be raise very soon, maybe next month, i am currently looking for loan for my new condo, all bank i talk to this week no longer offer fixed rate, except for public bank which still offer 5.4 fixed for first five year. maybe you should refinance to public bank to protect from the rate hike?
Syd G
post Jun 26 2008, 12:37 PM

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My rate is tiered

BLR - 1.00 (now)
BLR
BLR + 0.20

doh.gif Am so gonna write a letter
cody99
post Jun 26 2008, 12:46 PM

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I thought we have to stick to the T&C of loan.
If lock-up 5 years. We can't do anything until the lock-up period is over
Then we have option to re-finance if we want
Syd G
post Jun 26 2008, 01:03 PM

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@cody99,
The bank would rather if people can repay their mortgage even with less interest rather than confiscating their property and put it up for lelong. I met with my banker the other day to discuss int rate and was given BLR - 1.35% for the whole tenure on the spot. Still not satisfied about it. Waiting for it to go even lower wink.gif
hanif444
post Jun 26 2008, 01:57 PM

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i got 1 of m property was purchase at 2003..Now Citibank charges me BLR (6.80)+0.5..=7.3%..so high..i planning to write a letter or change bank
n73me
post Jun 26 2008, 02:22 PM

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pls share the letter here, should be useful to everyone
yewkhuay
post Jun 26 2008, 03:02 PM

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QUOTE(Syd G @ Jun 26 2008, 12:37 PM)
My rate is tiered

BLR - 1.00 (now)
BLR
BLR + 0.20

doh.gif Am so gonna write a letter
*
similiar to my previous loan, i have my letter, pm me ur email.
johnsonm
post Jun 26 2008, 03:07 PM

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This is the letter i sent to AIA to review my interest rate. But they rejected. Haha. So you have been warned. Please keep this in mind before using it!



Dear Sirs,

Re : Revision of Interest Rate for Housing Loan Account No. [...]

I refer to the above matter wherein I am the borrower for the abovementioned housing loan with your bank.

Please be informed that I am presently facing financial difficulties and as such would appreciate it if you would consider to revise my interest rate to a lower rate. I note that at present your bank is offering interest at BLR - [...]%.

Your kind co-operation will be greatly appreciated.

Thank you.

Yours faithfully,

yewkhuay
post Jun 26 2008, 03:40 PM

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RE : REQUEST TO UPGRADE CURRENT LOAN PACKAGE

I am writing in with regards to the recent refinancing loan packages that are offered various banks including Hong Leong Bank itself. These loan packages are very attractive and much better than my current loan package which I signed up in July 2006.

2. I am considering to do loan refinancing as the interest saved from refinancing is much more than penalty I have to bear to terminate my current loan with Hong Leong Bank. As a long term customer with HLB, I would like HLB to consider upgrading my loan package before I go through the hassle of refinancing.

3. For your info, my current loan package is as follow :
1st year : 1%
2nd year : BLR – 1%
3rd-5th year : BLR + 0%
There After : BLR + 0.15%

4. Entering the 3rd to 5th year of my loan I will be servicing interest of BLR + 0% before the end of the lock in period, while I am offered by few banks for packages like BLR – 1.9% for whole tenure and 1st year 4.88% , there after BLR – 1.85%, with zero moving cost.

5. As a customer I will always opt for the better package that serves me well, I hope Hong Leong Bank will consider my proposal and I am reachable at 00000000000000000 at anytime convenient to your party, thank you!


Added on June 26, 2008, 3:42 pmi did follow up by calling up to the customer service to make sure one of them (know her by name) follow my case.

i was offered BLR-1.3% later on but i plan to sell off the property so i didn't take it.

This post has been edited by yewkhuay: Jun 26 2008, 03:42 PM
johnsonm
post Jun 26 2008, 04:08 PM

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haha looks like threatening them is the better option!
Syd G
post Jun 26 2008, 04:19 PM

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@johnson m
New customers tend to get better rate than old customers. Which doesnt make sense at all since we've been so loyal to them all these years. If we dont make any noise then we'll be serving crappy rates for the rest of the tenure. If we do then they'll offer a better option (like I've gotten from my financier) but apparently still not as good as other institutions. We gotta watch our backs as well since banks will take away the umbrella when it rains wink.gif
johnsonm
post Jun 26 2008, 04:21 PM

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Syd G, morally and ethically speaking you are right. i guess some people fail to see that it is better to keep your existing customers than to find new ones.
samngcheesan
post Jun 26 2008, 06:16 PM

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Name,
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THE MANAGER,
HOUSING LOAN DEPT
LEVEL 24, MENARA CITIBANK,
165, JALAN AMPANG,
50450 KUALA LUMPUR.

25 JUNE 2008

RE: HOUSING LOAN INTEREST RATE REDUCTION
LOAN NO:


WITH REFER TO THE ABOVE MATTER, WE WOULD LIKE TO REQUEST FOR INTEREST RATE REDUCTION FOR OUR CURRENT HOUSING LOAN WHICH CHARGED US BLR+0.5%.

WE TOOK THE LOAN IN 2003, EVENTHOUGH IT IS A NON-ZERO COST PACKAGE WHICH WE HAVE TO PAY OUR OWN LEGAL FEE, BUT THE RATES IS QUITE ACCEPCTABLE. UNTIL RECENTLY, THAT I’VE LEARNT THAT OUR HOUSING LOAN RATE IS BLR+0.5%, WHERE EVERYBODY IS OFFERING AT LEAST A BLR-2.2% WITHOUT NEEDED TO NEGOTIATE.

FOR YOUR INFORMATION, OUR LOCK-IN PERIOD WILL LAPSED IN OCT 2008, AND WE ALREADY HAVE A QUOTATION FROM A LOCAL BANK OF OFFERING BLR-2.25% (ZERO COST) PACKAGE FOR 25 YEARS, REPAYMENT OF ABOUT RM1100.00 PER MONTH.

UNDERSTAND THAT NOWADAYS OTHER BANKS ARE OFFERING UP TO BLR-2.5%.
WE HAVE BEEN GOOD PAYMASTER SINCE WE COMMENCED OUR REPAYMENT.

SAD TO MENTION, WE HAVE BEEN VERY PROMPT IN OUR PAYMENT AND THERE IS NO OFFER TO REDUCE OUR RATE BY YOUR BANK.

HOPE THAT WE WILL HEAR FROM YOU SOON ON OUR REQUEST TO REDUCE OUR INTEREST RATE.


THANK YOU.



YOURS TRULY,




________________________
Name
(I/C)
CONTACT NO.
cody99
post Jun 26 2008, 06:49 PM

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Wow, didn't know it can work this way...
Thanks for the info guys.
hanif444
post Jun 26 2008, 07:28 PM

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samngcheesan,thanks
ed0gawa
post Jun 26 2008, 08:03 PM

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They won't revised the rate of your loan to the same as what they are offering their new customer.

They have the right not to revise the rate at all or impose penalty on you as it is already stated in the T&C (within the lock in period, you will be imposed XX% penalty if you refinance or blablbla any changes to the facilities) and you have already sign the letter.

So don't put up too much hope on getting those BLR -2% that new customer are getting smile.gif
yewkhuay
post Jun 26 2008, 10:20 PM

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u wont' get the best rate in town but u will still get something better than the package u signed <5yrs back. reason y i got offered only BLR-1.3% ( not BLR-25 or so) is becoz my loan started at 1% 1st yr which i have oready saved alot. if my loan is already 5yrs, i m sure the bank will offer me the market rate coz they know there is no penalty if i switch camp.
TSadrianocy
post Jun 27 2008, 09:22 AM

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looks like we are group of slave serving for the bank ...haha, thanx samng,yewkhuay & john
n73me
post Jun 27 2008, 09:46 AM

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Thanks guys for sharing rclxms.gif , looks like the banks gonna get a lot of these letters with the same template next week biggrin.gif

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