kevyeoh, it all depends on your requirements. maybe if you explain the type of loan you want, then people can recommend to you.

do you want:-

1. fixed at x% for 30 years
2. blr - x% for 30 years
3. x% for 5 years and blr - y% thereafter
4. blr - x% for 1st year, blr - y% for 2-5 years, and blr - z% thereafter

then after deciding on that, decide on whether you want the following:-

1. flexibility - can prepay anytime without notice, and can withdraw without notice
2. flexibility - can prepay at anytime without notice, but cannot withdraw
3. flexibility - can prepay and withdraw, but only in multiples of 1000 and notice required

also, you have to decide how long a lock-in period you want, 0, 3, 5 or 7 years.

once you give this info, then it can be narrowed down to 2 banks.

wow johnsonm...very detailed there...thanks...ok...for the first questions on which package, i'm willing to take any whichever is lower... assuming i plan to pay off the loan within 5 yrs?

i want:-

1. fixed at x% for 30 years
2. blr - x% for 30 years
3. x% for 5 years and blr - y% thereafter
4. blr - x% for 1st year, blr - y% for 2-5 years, and blr - z% thereafter
*any of above whichever lower

i want (either or cause i don't mind giving notice):-

1. flexibility - can prepay anytime without notice, and can withdraw without notice
3. flexibility - can prepay and withdraw, but only in multiples of 1000 and notice required

and 5 yrs lock in period.

is this info good enough to narrow down?

if you notice, i inclue in both fixed rate as well as BLR rates option because right now, fixed seems to be higher but we cannot tell if BLR will go up how high in future, so maybe there will be a time when fixed rate is the lowest... this is another headache to decide...


This post has been edited by kevyeoh: Jul 29 2008, 04:34 PM

Go for those flexi/link package where you get a current account. You can dump in and take out anytime you want.

For those 'conventional' loan package, are they any banks that allow you to take out the extra prepayment ANYTIME? (i.e without notice and charges?)

currently deciding between HSBC flexi vs AIA fixed rate... narrowed down to two already...

problem is no one got the crystal ball and can tell how high the BLR will go up...for sure it should be going up 0.5% soon...but after that? no one knows...


sigh.....

Have u tried OCBC? I took up their Flexi loan, similar to HSBC. About the BLR u cant do anything but pray that it wont shoot up sky high, recession is down d corner.

AIA still got fixed rate?...
Thought that they already cut that program because of the uncertainty in M'sia's economics. Maybe I'm wrong though.....

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Added on July 30, 2008, 9:39 amIn terms of flexibility between OCBC and HSBC's flexi loan is quite different.
I would recommend those that doesn't withdraw "excess money put in" frequently to take up OCBC instead of HSBC.


This post has been edited by b00n: Jul 30 2008, 09:39 AM

he has finally narrowed down to 2 banks, and you people are suggesting more banks. i tell you....

unfortunately, none of us have a crystal ball to tell if blr is going up or down. i was paying 6.15% for my AIA loan for quite some time, which worked out to a good rm250 per month extra, and was extremely pissed off about it. but now i am glad i have at least 1 loan that is certain. if blr does go up, then i pay up my other loans faster, and keep the aia one there to enjoy the hopefully then low rates.

Very true, with the current loan interest rate BLR-2.3%, 6.15% fixed interest rate is extremely high. Sometimes we shouldnt be fooled by the so called "fixed interest rate" as we may end up paying more to the bank.

You have to do a study on the different packages offered by different banks. You can even ask different branches for the same bank, as their branch manager will offer you a better interest rate after negotiation.

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Added on July 31, 2008, 8:16 amjtmy,

Where are you planning to buy the houses? The developer have their own panel bank list for house loan (usually the deal is better and disbursement is faster)

1st year 2.88% and then whole tenure BLR-2.2% is a good deal if you are taking the zero entry plan (mine is non zero entry so i got BLR-2.3%)

I find it even though maybank is giving a good interest rate, it has a lot of clauses in the loan contract eg. lock in period starts from date of full disbursement etc which i really dont like it.

Can do survey in other banks if you are not happy with maybank. I think Ambank, UOB and OCBC also not bad with their offer

This post has been edited by muscaa: Jul 31 2008, 08:16 AM

Hi muscaa,


I'm planning to buy my first house in Puchong. The developer indeed have their own panel bank list, however after doing some research and comparisons, Maybank seems to be offering the most attractive rates so far with NZEC Package 1st year 2.88% and then whole tenure BLR-2.2% which is similiar to your package but you manage to get better BLR-2.3% as mentioned. At this point, covering the legal fees on my own is not an issue.

My OCBC ZEC Loan has already been approved as well. They are currently offering me ZEC Rate of BLR -2.05% for entire 40 years tenure during their so-called promotion period. But looking at it from the different point of view, I would prefer sticking to something where I can save more in the long run in term of rates since this is all dependent on the current non-fixed BLR rates and I am confident in being able to settle it off earlier without much clauses involved.

Currently my mind is set on Maybank, but just wanting to negotiate further on getting the BLR -2.3% rates which would be great. Any advise would be much appreciated.

Thanks!

ok. If i'm not mistaken the new project you mentioned is bdr puteri? I think they put maybank puchong jaya branch as their panel bank. U can try to contact the jln klang lama branch (near Tmn Desa), they r the one gave me the best rate.

Hi muscaa,

The project mentioned is actually Taman Putra Prima Puchong by Developer Plenitude Permai Sdn Bhd which is just after Bandar Puteri, if I'm not mistaken Maybank wasn't listed as their panel bank the last time I checked.

Do they normally only give those rates if they are the panel banks of the developer or should it depend on the negotiation with banker/branch itself?

Thanks

i think the panel bank will give u a better rate
usually we go for other banks for flexi package/fixed interest rate home loan

if you afraid blr would go sky rocket..maybe you can try klibor base...it offered only by standard chartered bank...i took mine for 3.62%+1% for loan amount rm87,000.00

How much had you loan to get -2.2%?
I just sign my loan letter offer today, and the rate i got it -1.9% only, my loan amount 86k

excuse me... *ahem* Are you trying to imply that KLIBOR won't goes up if BLR goes up?

My loan amount is for 430K, which is why the slightiest BLR-0.1% makes a huge difference in the long run.
Since your loan amount is 86K, I think BLR-1.9% is a pretty good deal.

yes they going up also...but in history when the blr at 12% the klibor on ly 6++%

Guys.... I need get loan for 50k for 5 year, is for renovate n other housing stuff.... any suggestion.... really really thanks!!

okie, but what was the BLR +/- rate that time vs KLIBOR +/- rate?
Seriously i have no idea.. but if it was BLR +0 vs Klibor + 5% ... no much difference?

Refinance your house lo if you current outstanding VS your house current market value is more than 50k .. or get a personal loan...

tumpang thread, can I borrow money if I were to build home on my own(own contractor) instead of buying one from a developer?