hi Teddy,


have you look for other alternative?

Interest rate for housing loan might be at 26 years low for now, but remember it fluctuates with global economy conditions.

If you are looking for ways to finance your education fees, i suggest you look at education loan, or just ask is there any company wiling to give schoolarship.

Or u can work out an agreement with the company. Take their schoolarship, in return you'll work with them for a period of years after graduation.

It not going to be easy with the current recession taking its toll on the world but i think its better if you give it a try. For the time being if you still wish to re-mortgage the property you can just proceed with the application first.

No harm sourcing options for the time being.

Let me know if you need any help. You know how to get me.

This post has been edited by merce: Feb 28 2009, 03:21 PM

flight school huh?

i used to dream to become a pilot before, but unfortunately i dont have the privilege of being the child of a rich family...

yeap private flight school tuition fee is ridiculous! couldn't agree more.

give me a call next week and i'll see what i can do.

for the time being, give me the details of the property ie adress, built-up, renovation. i'll check the market value for you.


Regards

Mortgage transaction requires 2-3 months to complete, till the disbursement of money.

If you are lucky then it will take less then 2 months, but that hardly happens.

Application may take from a couple of days to a week time for approval.

After that it might take a couple days more for the officer to generate the Letter of Offer and present it to you, assuming that there are no further amendments on the terms and condition.


For semi-flexi account;

If you really want to remortgage the house for money, apply the loan 10 or 20% higher from the amount you desire to obtain. Once the money is disburse to your account, use the 10-20% extra money to pay as Advance Installment or request a Standing Instruction, to cover the installment for a year or 2. For the remaining money, dump it back as Capital Prepayment/Withdraw-able Prepayment. Then you will have the money ready when u need it. Ask your officer to help you plan all these. Different banks has different ways of playing with the account and their features. Check for for withdrawal charges and whether their Advance Installment offsets the principal or not.

Now for a full-flexi account;
This is a different approach. With the money disburse to you, dump everything back into your loan account (or current account if they have link accounts) Ask for a Standing Instruction for your installment. This would off-set the principal and minimize your interest until you utilize the money for study.

Hope the above helps

Good luck.

This post has been edited by merce: Feb 28 2009, 10:23 PM

er...

in terms of facility i'm pretty sure the word itself already justify the meaning. flexibility vs "not-so-flexible"

interest wise, semi-flexi usually have better interest rate compare to full-flexi. and they dont have monthly maintenance charges. However, withdrawal of prepayment will be charge per withdrawal, from RM 10 to RM50 depending on banks for semi-flexi account and where as its free for full-flexi.

you can talk to any mortgage officer, but best ask your relative or parents if they know any good friends or relative in this line.

I'm pretty sure there's a lot of banker here wiling to help.

If you have inquiries for OCBC just give me a call.

We only have semi-flexi thou, just for the record.