QUOTE(aaltong @ Aug 7 2008, 05:43 PM)
I did check with standard chartered, according to them i can restructure my loan for free. but i'm not sure whether i can restructure it as soon as my loan is being approved, or do i have to wait for a certain time before i can restructure it.
Option 1
RM150k loan, offer BLR - 2.0% rate for 30years loan
So the monthly installment would be around
RM782.47 Option 2
RM400k Loan, offer BLR - 2.3% rate for 30 years loan.
So the monthly installment would be around RM2014.88
but i have RM300k cash in hand. so i dump into this loan and restructure it.
So the monthly installment would now become
RM755.58I save RM26.89 per month. So for 30 years, i will saved up
RM9680.40 compared to Option 1.
Charges that i know have to bare is the legal fee for the loan which are as follow,
For loan amount less than RM150k you have to pay 1% for legal fee.
For loan amount more than RM150k, you have to pay 1% legal fee for the first 150k, extra amount you have to pay 0.5%.
correct??
Therefore for 150k loan, i have to pay legal fee of RM1.5k
and for 400k loan, i have to pay RM2750 legal fee.
different of RM1250k
So if i go with option 2, i still save up
RM8430.40. after deduct the extra charges in legal fee.
that why i now thinking of going for Option 2.
But this is assuming there is no other extra charges incured when restructre my loan and that is what i'm trying to find out here.
hi i have a question?
how much is your purchase price?
Added on August 8, 2008, 10:28 amQUOTE(aaltong @ Aug 7 2008, 05:43 PM)
I did check with standard chartered, according to them i can restructure my loan for free. but i'm not sure whether i can restructure it as soon as my loan is being approved, or do i have to wait for a certain time before i can restructure it.
Option 1
RM150k loan, offer BLR - 2.0% rate for 30years loan
So the monthly installment would be around
RM782.47 Option 2
RM400k Loan, offer BLR - 2.3% rate for 30 years loan.
So the monthly installment would be around RM2014.88
but i have RM300k cash in hand. so i dump into this loan and restructure it.
So the monthly installment would now become
RM755.58I save RM26.89 per month. So for 30 years, i will saved up
RM9680.40 compared to Option 1.
Charges that i know have to bare is the legal fee for the loan which are as follow,
For loan amount less than RM150k you have to pay 1% for legal fee.
For loan amount more than RM150k, you have to pay 1% legal fee for the first 150k, extra amount you have to pay 0.5%.
correct??
Therefore for 150k loan, i have to pay legal fee of RM1.5k
and for 400k loan, i have to pay RM2750 legal fee.
different of RM1250k
So if i go with option 2, i still save up
RM8430.40. after deduct the extra charges in legal fee.
that why i now thinking of going for Option 2.
But this is assuming there is no other extra charges incured when restructre my loan and that is what i'm trying to find out here.
ok lets put its this way
let assume your purchase price is 450k
& you take mortgageOne non ACA
at b-2.3%, 89% loan
S&P x 10% = 45k
s&p (450k)
1st 150k x 1% = 1500
2nd 300k x 0.7% =2100
legal fee = 3600
5% tax = 180
disbursment = 1000(+-)
total = 4780.00
mot (450k)
1st 100k x 1%= 1000
2nd 350k x2% = 7000
total = 8000
loan (400k)
1st 150k x 1% = 1500
2nd 250k x 0.7% = 1750
legal fee = 3250
5% tax = 162.50
disbursment = 1000(-+)
Total = 4412.50
stamp duty
400k x 0.5% = 2000
Value
1st 100k x 0.25% = 250
2nd 350k x 0.20% = 700
total = 950
for loan (400k)
S&P = 45k
Total fees = 20,142.5
total = 65142.50
for Loan (150k)
S&P = 45k
Total fees = 17055.00
total = 62,055.00interest save 9680.40 on 400k
interest save 6592.90 if you take the 150k
but bear in mind that when you restructure your loan
the 300k u dump in consider gone (mean your loan is 150k w b-2.3% only)
cheer
Rizal
Mortgage planner
(AIA + 5 Major Bank)
019-611 5974
This post has been edited by rico_hard82: Aug 8 2008, 10:28 AM