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Maybank Home loan, Full with hidden terms and condition?
TSJimJimKC
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Oct 17 2008, 10:50 AM, updated 16y ago
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Getting Started
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Hi, Like others, i'm pretty excited on getting my own house so i went to shop around for best home loan package and so far i found Maybank offer the best home package. It is no flexi type but it does give those flexi feature 1st year - 2.88% flat 2-30yrs - BLR - 2.2% RM25 per withdrawal, min 1k and in "000 subsequently. Instance transfer to saving account from Home loan account 3 year lockin period. What i heard that there is alot of hidden Terms and Condition and my friends said Maybank always offer best loan package but they never take it. My question is what so bad about Maybank? Is it really alot other hidden charges? Can some expertise here help me on this Many many thanks
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tgeoklin
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Oct 17 2008, 11:24 AM
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QUOTE(JimJimKC @ Oct 17 2008, 10:50 AM) Hi, Like others, i'm pretty excited on getting my own house so i went to shop around for best home loan package and so far i found Maybank offer the best home package. It is no flexi type but it does give those flexi feature 1st year - 2.88% flat 2-30yrs - BLR - 2.2% RM25 per withdrawal, min 1k and in "000 subsequently. Instance transfer to saving account from Home loan account 3 year lockin period. What i heard that there is alot of hidden Terms and Condition and my friends said Maybank always offer best loan package but they never take it. My question is what so bad about Maybank? Is it really alot other hidden charges? Can some expertise here help me on this Many many thanks Yes, they always give false advert. After apply will say you not qualify this and that but will give different but less appealing rates etc. Takes mths to process & approval and plenty of hidden terms that will only make know to you after Letter of Offer is out. BEWARE Their tactic is to draw you in, confused you, delay and milk you dry
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Syd G
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Oct 17 2008, 11:27 AM
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Mom. Servant of God.
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I have 2 MBB homeloans and they took forever to process (11 months!!!).
Cons :
1) Have to take MRTA 2) Shorter lock-in period, the penalty % is usually higher 3) Term loan, any extras wont help to reduce interest. You have to write letter to reduce principal.
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TSJimJimKC
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Oct 17 2008, 11:45 AM
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Getting Started
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Thanks for reply 1. Yeah It does need MRTA 2. The penalty for Non-ZEC is 2% (Isn't that sound attractive) 3. Good point i didnt know term loan doesnt contra the interest. I will check with them again
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Syd G
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Oct 17 2008, 12:01 PM
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Mom. Servant of God.
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Are you planning to resell soon? If no, then the early redemption benefit doesnt really apply no?
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TSJimJimKC
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Oct 17 2008, 12:04 PM
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Getting Started
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Might not know... see how the work here in Penang... haha recession coming later retrench im going to say bye bye and back KL.
anyway short lock in period is good so can refinance
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X-Zen
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Oct 28 2008, 07:08 PM
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QUOTE(JimJimKC @ Oct 17 2008, 12:04 PM) Might not know... see how the work here in Penang... haha recession coming later retrench im going to say bye bye and back KL. anyway short lock in period is good so can refinance that's a good rate i think should ask the loan personnel any doubts that you have request to put in black and white from the bank
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eric.tangps
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Oct 29 2008, 01:08 AM
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QUOTE(JimJimKC @ Oct 17 2008, 10:50 AM) Hi, Like others, i'm pretty excited on getting my own house so i went to shop around for best home loan package and so far i found Maybank offer the best home package. It is no flexi type but it does give those flexi feature 1st year - 2.88% flat 2-30yrs - BLR - 2.2% RM25 per withdrawal, min 1k and in "000 subsequently. Instance transfer to saving account from Home loan account 3 year lockin period. What i heard that there is alot of hidden Terms and Condition and my friends said Maybank always offer best loan package but they never take it. My question is what so bad about Maybank? Is it really alot other hidden charges? Can some expertise here help me on this Many many thanks 1. Is it free legal ? 2. Can pay extras? Any constraints for excess?
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June_llk
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Oct 29 2008, 10:00 PM
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Getting Started
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Hi there! Maybank always have tricks de... Better get from Hong Leong Bank BLR-2.2% whole tenure (NZ cost) MRTA optional 5 years lock in period max 30 years tenure I can help you to get a good rate for legal fee also. If interested drop me email at xinxuan21@yahoo.com or sms me at 0129268099 Cheers! June
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ed0gawa
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Oct 29 2008, 10:39 PM
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^ Any ahkow ah mao can get BLR -2.2%?
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Interrupt
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Oct 30 2008, 01:53 AM
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New Member
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Weird that I did not share the same experience that you have with Maybank infinite loan processing time. I got mine within 5 days, it's fastest among other loans I have applied (OCBC, UOB, public bank). Personally I think it depends on the efficiency of the agent. However I decided to hold on buying the property so that at the end I did not take up the loan; I did have the loan agreement with me but I have not read it yet. From what the agent told me the interest rate is calculated at daily basis (flexi), no write in required as mentioned.
One good thing I know about Maybank homeloan is that your minimum remaining loan amount during the lock-in period just need about 3-5k. In contrast, another bank that I have encountered is that they have a condition saying that your minimum amount in bank cannot be lower than [loan amount / total lock in period in month - remaining lock in period in month].
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ed0gawa
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Oct 30 2008, 02:02 AM
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interest rate calculated at daily basis not equal flexi ....
flexi = they give u a current account + your loan account.
i believe maybank doesn't have that package (correct me if i am wrong)
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SUSjalsrix
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Feb 25 2011, 12:42 PM
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QUOTE(Syd G @ Oct 17 2008, 11:27 AM) I have 2 MBB homeloans and they took forever to process (11 months!!!). Cons : 1) Have to take MRTA 2) Shorter lock-in period, the penalty % is usually higher 3) Term loan, any extras wont help to reduce interest. You have to write letter to reduce principal. Does Maybank homeloan takes forever to disburse ?
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jeghui
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Feb 25 2011, 01:11 PM
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Just got a loan offer Home equity I musharakah mutanaqisah. Bfr -2.3 for 40 yrs.
Added on February 25, 2011, 1:18 pmOk my own experience:
Hong leong damn strict. Force me to take joint loan.
Affin great communication
Rhb that agent is playing the fool.
Muamalat did try her best.
Maybank 5 days application approved. So we will see how long the process takes. Their offer as above. 90% MOF. If u want to know all the costs etc, go to the branch and talk to them
Moral is, it depends on agent.
This post has been edited by jeghui: Feb 25 2011, 01:18 PM
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Neoh1979
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Feb 25 2011, 02:03 PM
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Hong Leong Islamic provide -2.4 no lock in for 400k loan. Not bad
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