Hi to all,

2 years ago, I already sign up this HLB loan. The condo now bout 85% completion. Rumour said that the handover the key next month.
So, every smart guy knows why this HLB because the advantage is u can put the money into current account and reduce ur interest and at the same time you can use the money if you have emergency.

So, what I have been practicing now is we put all the money to current account. therefore i do not have any interest charge to me except the monthly rm10 service money only.

etc: principal(P) at 85%=85K current saving(CS)=85k

Decision:
1. I thought of starting the repayment via installment on principal because the full principal is 100k. I do not have the balance of 15% to put for the next month or next coming month. But, I ask the customer service, she say once you activated this repayment then you cannot deactivate.
Any advantage?

OR

2. Do nothing, continue to feed the current saving till the 100% principal kicks in.
Any advantage?


So, to all finance expert out there, what do you think?

This post has been edited by tweak: Feb 20 2009, 02:34 PM

That is flexi loan & RM10 is the admin fee. I dun see what is your problem since u have cash in current acct to offset your current loan capital hence save the interest. when the loan is full release, u definitely need to start monthly installment unless u pump in RM15K in your current acct again & make your outstanding principal becomes RM0, then u save interest again, otherwise u need to pay installment but they will only charge you interest based on RM15K, so u will slowly settle your balance principal also. So, whenever u have extra money, put in your current acct, u save interest. When u save interest, the % of your monthly installment for pay off capital is higher & u can settle your loan early.

I just signed the refinance contract today with HSBC, i took loan from HLB also but the interest was BLR+0.25% (6.2%) & HSBC offers me BLR-1.85%(4.1%) with zero entry cost, I save 2.1% every year.

Well, the agreement is not executed yet - so u can still pull out.

HLB's Mortgage plus is offering BLR - 2.15% (ZEC)

I just signed my refinancing deal with SCB today, MortgageOne - 2.2% (ZEC), but had to pull some strings.

bottomline - why did u choose HSBC when there are better rates out there? Maybe there are other reasons? Pls note that the bank's above are pioneers in this product, particularly SCB. U will encounter no problems in their statements, and cust service is also fairly good. If u already bank with HSBC - they should give u some preferential rate, considering u r their existing customer.

My current bank loan is HLB, I wrote in to request them to revise my int rates so that I stay in HLB but they said they can offer me BLR-0.5% (existing is BLR+0.25% after 3 years). I am a good paymaster, I even have advance payment in my loan account, i dunno why they dun retain good paymaster since other banks are offering low rates & HLB also offers low rates to new customers...

I did call to SCB for refinancing & it was my first choice. But SCB told me that the current rates is BLR-1.65%, there was a package BLR-2% (ZEC) but the promotion ended on 24/1/2009, I wonder why u managed to get such offer - 2.2% (ZEC). My lock-in period is until May 2009, SCB told me that I can't apply too early coz they must release money within 30 days after approved but I have to pay penalty RM8K+ if refinance b4 lock-in period. They asked me to apply in April 09. I am worried no more low rates later coz a friend of mine who works in OUB asked me to refinance fast coz the banks might pull back the rates BLR-X.X% coz that was actually the rates b4 BLR reduced to 5.95% from 6.75% coz banks make less money now. HSBC said they can hold the money for 12 months, that's ok for me coz I can ask them to release money on May & no need to pay penalty.

Anyway, I am satisfied with BLR-1.85% if compared to my current rates BLR+0.25%. If compared to your rates, I pay extra RM350 per year on interest if based on RM100K principal but I can save RM2100 per year if compared to my existing HLB rates

I dun think I can pull back from HSBC coz already signed the contract

Anyway, will advice my friends if they r looking for refinancing, go to SCB

Hi,

Like I said I had to pull some string. Their board rate ie -1.65% now. The most they are willing to go to now is -1.8%. Put it this way, I have very high confidence in SCB's Mortgage One. In terms of facilities and service - IMHO it's the best.

1. I used to work in SCB. My wife work's there. We r lucky to know some people.

2. I have two other mortgages with them.....I have better bargaining power.

Nevertheless, good for you that u got a good deal too!.....cheers and all the best to you.

is scb = stanchart? tyty

This post has been edited by Eng_Tat: Feb 21 2009, 06:43 PM

stan chart.

thanks

Do u mind to share with us what u mean by "to pull some string"? -1.65% is std rates at the moment but they said once approved than can appeal, as u said, can go to -1.8%. That's why I signed with HSBC -1.85% although the diff 0.05% doesn't save much with small loan amount.

As for HLB, if I am not mistaken, they offer -2.3% for residential loan amount more than RM400K or what but my loan amount is below 200K.

Anyway, great to learn more from u, at least I know what to do if refinance again next time. Just to share with u, I plan to settle my loan within 5 years from now provided my co. still doing well & no retrenchment

Thanks guy.

hi mars1069,

how much do you borrow to get the blr - 1.85% from hsbc?

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Added on February 21, 2009, 9:05 pmhow's your experience with HLB mortgage? good service? any unpleasant encounters?

am looking at HLB package now as well....

This post has been edited by jutamind: Feb 21 2009, 09:05 PM

Hey,

Good to know u are doing well.

Like I mentioned, I have two other loans with them....so it was easier for me to get a better rate.

HLB can only offer a maximum of -2.25% - that is only a counteroffer rate....U have to show them another offer letter from another bank, for them to counter u.

cheers.

I loan RM180K, if u loan more maybe can ask for better rates.



now bank is very clever now, they dun give u a copy of offer letter coz I asked & they said they dun give a copy until we sign it coz a lot of customers take the offer letter to ask for better rates from other banks.

I took one week to compare the rates between banks & used less than 2 days to make decision coz my co. is not doing well, I am afraid they will retrench ppl. If I am in the list then I will be jobless, no bank will give loan to someone who is jobless. My friend who is working in OUB told me that bank is now very strict when giving loan to customer especially those who is working in manufacturing field.

Anyway, u have given a good tip for those who wants to refinance. Since your wife is working in bank, she shld has "staff rates", right?

we are both working in banks....so, both have staff rates. 2% Reducing balance. She has used hers. I will be using mine for some other investments soon.

your HSBC homeloan is homesmart? Savings / Current acct offset feature, correct?

best loan package offers BLR - 2.2% Affin.

can view from top right corner in http://malaysiapersonalfinance.blogspot.com/ blog.

click on the Hse Loan word next to the 2.2% can bring out a list of all house loan offers

hope this helps ...

Ah - but are u confident in their product or service? Plain vanilla conventional homeloan, no?

hi,

Need advise should i refinance with another bank or stay in HLB.

My current is BLR+0.25%p.a and HLB offer me BLR - 1%p.a after i have write in to lower interest. But i still have lock-in period of 1 year.

If refinance with other bank, which bank should i approach?

Thanks