Hi
Can experts please advise the cost/penalty associated in me going to a new bank to get a better rate..

Right now, I am locked at blr +0.1%.
I know some have blr -2.2% right now..

Known penalties..
- Break of agreement - 1.5% of loan amount... (no minimum), ~rm4k
- new lawyer loan/stamp fees? ~rm3k
- do I need another lawyer loan fees to break the agreement?

any other cost that can be advised?
I'm tempted to change banks already because of the aggressive rates nowdays.
I have also tried to nego. with my current bank to readjust and give me better rates - if they can give as aggressive, then good for me...

Comments?

THE 1.5% should not be right. It should be 3% penalty on the remaining loan amount.

the cost, many banks provide zero entry, but with higher interest.

That's what I was thinking.....how come your 1.5% penalty so low?

If it's confirmed 1.5% - it's a no brainer.

Just switch to any bank ZEC BLR - 1.8% or better. Legal fees absorbed by the bank. I don't even have to take out my calculator. U will stand to gain. In fact, u break even in less than 1 year.......that is if ur 1.5% is correct.

Probably the penalty is 3% for the first 3 years, and 1.5% for the 4th and 5th year.

I came across such clause before in the letter offer.

tehoaislimau can u confirm on this matter?

Or just post the whole penalty clause in here so we can interpret.

with BLR +0.10%, i strongly recommend you to start sourcing for refinancing.

a different of 1% would save you quite an amount of money in the future, not to mention if its more than 1.5%!

But the most important thing is to make sure you can break-even your penalty amount in less than 5-7 years.

Ask for a simulation from your banker and read the amortization table. It should provide you a better picture.

Let me know if you need any help reading the amortization table.

You know how to get me