the 10rm/month fee applies to most banks, only one i noticed was different was ambank that was charging 5rm/month. ask your own bank to be sure how much they are charging. actually 10rm/month is not much when compared to the interest that u will be charged...

normally for flexi they set up a non-interest bearing current account where whatever is in it will offset the interest of the loan account. there is no limit that u can put into the current account and normally there is no penalty even if you put alot like u described. if your current account has more than your loan account then every month the payment will go 100% into the principle thus shortening your tenure. the surplus in your current account normally will not do anything not even earning interest like a savings account so it is better to take the surplus and put it somewhere else. these are what most banks practice and there are some exceptions so u just have to check with the bank.

Hi,

A Flexi-loan, you can deposit any amount inside the saving/current account. the most important part is the offset part which the flexi loan giving you the advantage. Some banks might waived the RM10 service chargers for you, depends on which bank. If take Islamic flexi loan, the is no monthly fees will imposed.

Compare to normal term loan, flexi loan offer more in terms of flexibility for offsetting your interest without sacrificing your liquidity which might get handy in the event of emergency need of funds. Normally flexi loan are more suitable for people with cash flows, did you know how much you can save with flexi loan by saving RM1 a day?

Hope can clear up some doubts. Any question please feel free to ask.

Regards,

KK Cheong (017-569 2117)
Mortgage Consultant

deleted

This post has been edited by mouldybread: Jan 21 2009, 05:53 PM

'if your current account has more than your loan account then every month the payment will go 100% into the principle thus shortening your tenure. the surplus in your current account normally will not do anything not even earning interest like a savings account so it is better to take the surplus and put it somewhere else. these are what most banks practice and there are some exceptions so u just have to check with the bank.'

Let's say if I've cleared the total loan earlier, is it meant that i've settled my loan automatically? After the loan is cleared, will the current account close automatically since the account is reflected to my home loan? Will there be any T&C applied to close the account?

This post has been edited by sk_lim_taurus: Jan 21 2009, 04:47 PM

yes it means your loan is settled. for the current account i dont think it will close automatically but its better to ask the bank themselves if there are any other T&C...

make sure there are no early settlement penalties before really settling it, usually the lockin period is either 3 year or 5 years.

This post has been edited by mouldybread: Jan 21 2009, 05:24 PM

so really need to sit down with the bankers for the details. haa..

btw, do you have any recommended loan package?

After reading the discussion, I have more question for the bankers

i)MRTA premium;
ii) Flexi , semi flexi and fixed.

Really have to do thorough research.
Guess i just need to continue making phone call to bankers.

give me a call if you are free.

I'm too tired today to post...


regards,

Merce Chua
Mortgage Sales Executive
OCBC Bank (M) Bhd
019 - 913 1127
ChuaCChie@OCBC.com
----------------------------
Call me for the FREE items!!
FREE OCBC Mortgage Loan consultancy.
FREE OCBC Personal Loan consultancy.

---

Added on January 21, 2009, 10:16 pmnot really... even thought technically it appears the be that way...

its going to be a long post for me to explain, and i got another appointment at 10.30pm later, (another 15 minutes to go...)

give me a call and i'll try to explain the thing over the phone. (saves me time to type... its exhausting )


p/s i'm in the middle of writing a book about mortgages guide. all constructive comments are welcome about malaysia mortgage packages.


regards,


Merce Chua
Mortgage Sales Executive
OCBC Bank (M) Bhd
019 - 913 1127
ChuaCChie@OCBC.com
----------------------------
Call me for the FREE items!!
FREE OCBC Mortgage Loan consultancy.
FREE OCBC Personal Loan consultancy.

This post has been edited by merce: Jan 21 2009, 10:16 PM

Good news!!

The 12 month 0% installment plan for down payment is confirmed, if you are Ambank, RHB, UOB, EON or Maybank credit card holder.

I heard that the best home loan package is BLR-2.1% and BLR might go down again!!! Yeah!!!

If any of you got the updated news, please share~~ TQ~~

This post has been edited by sk_lim_taurus: Mar 2 2009, 09:44 AM

wow..sklim is really hardworking... no wonder u work in that line of business..

but y not citibank?.. i have hsbc but i hate hsbc reward points as it has expiry date..

you know what i'm doing??? haa.. how do you know abt my job???

Andrew said citibank has not confirmed with the plan yet. still under progress. I hope can get citibank as well. I'm waiting for the good news.

"BLR-2.1% and BLR might go down again"?

May i know roughly where can i get more details on that?

So far the best rate i know is about BLR-2.00 and even that is verbal communication only.

---

Added on January 24, 2009, 6:38 pmO Yeah BNM recently just announced OPR cut followed by a lower interest cut on loan.

MayBank and CIMB had also announced a lower interest rate cut in the BLR.

This post has been edited by Hengjones: Jan 24 2009, 06:38 PM

Mortgage Life Insurance

Mortgage Life Insurances are designed to pay off the outstanding loan balance in the event that the borrower dies or suffers from total and permanent disability (TPD) before the loan is fully paid off.

Basically there are two types of mortgage life insurance available in the market. One type is commonly known as Mortgage Reducing or Decreasing Term Assurance (MRTA or MDTA) and the other choice is Mortgage Level Term Assurance (MLTA).



Mortgage Reducing Term Assurance (MRTA) or Mortgage Decreasing Term Assurance (MDTA)

MRTA or MDTA is a reducing term life assurance specially designed to protect a loan borrower against death or TPD (total permanent disability) due to natural or accidental causes. Some lenders will allow you to finance and add the premium to your home loan (up to a certain percentage of your loan amount).

MRTA or MDTA is a simple insurance policy and has become a common and acceptable policy taken up by the borrower whenever he takes up a mortgage loan. The premium is paid upfront in one lump sum. Some lenders will finance and add the premium to your loan. The borrower can choose the amount and tenure of the coverage and the amount of premium will be determined by these factors as well as his age and gender. Banks normally encourage the borrower to take up this policy by giving better pricing on their interest rates if the borrower signs up a MRTA or MDTA policy.

To the borrower this is relatively a hassle free, affordable and necessary policy as their mortgages are covered in the event of any unfortunate incident that may caused death or TPD.

1. Not Transferable
In most cases, new MDTA policy has to be taken up whenever a borrower changes his properties or refinances his loan with another bank
Example: 5 yrs later, refinancing at the older age, for same tenure of same loan amount, the MDTA cost is higher.

2. Insurability is not Guaranteed
Most of the time every time you finance your property, you have to prove that you are healthy to purchase MDTA.

3. No Cash Value
It is an expense with zero cash value at end of the mortgage tenure.



Mortgage Level Term Assurance (MLTA)

MLTA is a slight variation from MRTA or MDTA and offers an alternative for a borrower who is looking for a life insurance which offers protection plus savings and in some policies returns on the premium.

Premium is paid on a monthly, quarterly, half yearly or yearly basis and the policy holder can choose to have a wider coverage other than death and TPD. The amount of the premium will be determined by the usual factors and the scope of additional coverage.

1. Transferable
This policy is transferable whenever the borrower buys a new property or refinances his loan with another bank.
Example: Transfer this policy, adjust the sum assured to match the new loan, as many times as you need.

2. Insurability is Guaranteed
You purchase only once, with the same sum assured, there is no need to prove your health condition again.

3. With Savings or Returns (Cash Value)
Premium paid will be accumulated either as savings or savings plus returns. The cash value can be used to reduce or pays off your mortgage.


**Note.. There is no 36 CIs included in MRTA.. CIs coverage is crucial as anyone of them can cause a person not able to work or perform daily routine work.. I think MLTA can include CI's..

Of course, MRTA is cheaper and for MLTA, there is a premium to pay for it..

The most important thing is to evaluate your existing insurance policy (all the 5 important items) before jumping into the wagon, because it can cause a person hassle if the wrong decision is made..

Cheers

i know u going to park next to my car and stay below me..

Gunner is level 16 unit 12 and Taurus is level 15 unit 12?
mine is unit 12 too level 13 and Hj is unit 12 level 12, ... wonder who is at level 13A

Unit 12 is best selling so far

hello "vertical" neighbours

This post has been edited by eugene jk: Jan 25 2009, 12:03 AM

The last time i went to the sales office 13A was still empty.

I question the same too in my heart.

initially i wanted to take unit 13A.. but because parking is level 5.. that put me off.. lazy to circle so many rounds..

I forgot to check with sales office guy on which level will my car park will be for 12th flr unit.

the last time i went, for high floors, only left 13 and 13A, so i took 13 as i think it will be confusing if you tell your visitor that you are staying at level 13A ..

This post has been edited by eugene jk: Jan 25 2009, 04:10 PM

long time didnt check on the development of the project.. anyone knows what's the latest development there?.. rumours/news/updates.. etc?..

as mid-Feb draws closer, there's when we need to make our bookings into commitment..