I've got a fixed-rate loan with AIA less than 5 years and heard that EON & MBB will refinance and cover the penalty for early settlement.

I tried to look for this info but can't find it anywhere.

Can someone help?

EON got i go to branch geh, plus they offer the best rate blr - 2.2 damn chun

So is it true that they'll cover your early settlement penalty?

It's true that some bank do absorb your penalty.
But you need to study out the package.

Some is let you finance in the penalty and the margin can be up to 98% subject to profile. (90% for property value + 8% margin of penalty)

For some bank they totally absorb the penalty but the interest rate will be lower and lock in will be longer too. This is for balance the penalty bank paid for you.

I get the latest new about CIMB, and the good news is they also offer absorb penalty package.
You may contact me if you need info about it.

i'm mortgage loan agent that help ppl save interest with totally no extra charge at all.
Any loan package from any major bank in Malaysia me also can offer you.
You may try my service if you want. Can save your time walk in the bank one by one.

This post has been edited by onnying88: Mar 23 2009, 11:18 PM

I'd like more info on CIMB. And any others who can absorb or share the penalty.

honestly think CIMB rocks!

Yup, recently almost all my cases also pass to CIMB due to their service and attractive rate.
For the absorb penalty package CIMB haven't launch yet, will update you all once i get the info. So far i know there will be 2 type of absorb penalty package that CIMB have, just haven't decide which will launch.
But for sure the max margin can be up to 98% subject to profile. (90% for property value + 8% margin of penalty)

And CIMB rate can be BLR-2+ even for below RM100k loan. It's Flexi loan summore. Others bank need to be RM100k above to get Flexi loan.

Yes,CIMB rocks for current mortgage market

This post has been edited by onnying88: Mar 24 2009, 06:32 PM

You mean the penalty is included in the loan? Not that the bank covers the penalty?

First type is one type of the package which allow you to finance in the penalty.
The second type is bank totally pay up the penalty for you, but the interest rate is not so good and the lock in period will be longer.
As this is fair enough for the bank to cover back the penalty that paid for you.

Both have their pros and cons.
First type whould be suitable to refinance to flexi loan which allow you to dump in money to save more interest. Better rate also, maybe BLR-2

Second type is just to reduce the interest rate but maybe hardly u can earn from it also. As your loan is still under loack in. i assume it's just 2-3years loan ago. The interest rate different is not that high. Maybe from BLR-1 become BLR-1.5. Yes, 0.5% make a huge different in long time.
But the first type will save more if compare. Maybe the better rate from first type already equal to your extra interest you pay for 20years in the second type

Above assumption is not accurate in the rate. i'm just comparing both package.

This post has been edited by onnying88: Mar 24 2009, 09:33 PM

Makes sense..

Is the loan process the same when you refinance or is it faster?

You mean refinance through me is faster or not?
If you mean so then i just can tell you i will try my best to give you the best service.

Different bank have different process involve when refinance.
What i can do is just check for you from time to time to moniter the process. That's it.
Normaly i will get the approval within 3-5 working days with complete document.
And most important, my service is totally free with no extra charge.
You'r welcome to try my service if u need

Approval wise.. I'd go for CIMB
Rates wise.. I'd go for PB or Alliance or EON

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Added on March 24, 2009, 10:14 pmWhichever ways that it is packaged, customer still bears the cost. Bank won't lose money..

This post has been edited by DriedIce: Mar 24 2009, 10:14 PM

EON bank u will hav a big headache when come to their ZEC package and Penalty charges.

For EON bank their ZEC cost just cover 1.5% of the loan amount. E.G ur loan amount 200k x 1.5% = rm3k so means they cover up to rm3k legal cost . So anything more than that amount customer hav to bear by themselves. From what i have know their ZEC always need customer to cover portion of it.
Ok when come to the refinancing , if refinance under lock-in period, like other banks do penalty 3%~5% based on principal amount, but PLS BEAR IN MIND that, what they are stated in letter offer is just the penalty, there are also other cost included for example customer hav to pay 3 months advance instalment , MRTA for whole loan tenure + penalty , so it will cost more than RM 10k + ( depends on ur loan amount ) , later on they will refund to u after u done for the refinancing but not sure when they will refund back to u . This is quoted from most of the EON Bank housing loan user.

Yup, I've heard of that. Advised some of my clients not to take from certain banks before but the problem is everybody goes for rates. Well, most people do..

This post has been edited by DriedIce: Mar 24 2009, 10:22 PM

Well this world is fair
they offer u sth good , in future they will take sth back from u too
Beware for those banks which offer BLR-2.2% blabla, Survey more on forums and comments from those people. Rates aint that important actually i rather goes for services eventhough the rates just 0.1 % different.

This post has been edited by sam0919: Mar 24 2009, 10:24 PM

Maybe, but CIMB has an advantage that no other bank offer

Not sure how much of TS ' s loan amount.
If 100k below CIMB is the best i can say =D

Agree with all above,
That's why i advise my client to take from CIMB and ALLIANCE only recently for Flexi loan. PB i seldom use as their Flexi rate is suks. PB i only go for it for their normal Term Loan.

Thats where you are mistaken. I can get good rates frm PB for their flexi loan. Higher than CIMB and compatible with alliance.

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Added on March 24, 2009, 11:59 pm Whats that?! Got advantage? I only know its easy to fill in the application form and easy approval when they need to hit their target.


This post has been edited by DriedIce: Mar 24 2009, 11:59 PM

you are a mortgage broker, correct? Master of all loan trades? Hmnnn....I wonder.

PB's statementing, online, and flexi features suck relative to its competition. It is zillion miles away from Mortgage One, my beloved product. No, I do not work in SCB.

PB also offers the worst technology - their system is so backword, that my frustration just compounds whenever I think about it. Let's say my installment is 100 a month - If I pay 400 in advance - technically, I don't have to pay for the next 4 months, correct? WRONG - their system is so stupid - that it doesn't know how to reverse the prepayment from the advance bucket automatically. In other words, their collection dept actually called me and asked me for my payment.

I SCREWED them nicely. First and Last time I ever try their loan. For Eon and RHB - My experience is so bad - I don't even want to go there.

Oh - and when it comes to a Mortgage product - let's get real. AFTER SALES Service is over-rated. In that sense, Public Bank's excellent ISO service levels don't mean jack $hit. Technology plays a more important role here. I speak from my own personal experience, having taken and redeeming a number of loans.

CIMB is not too bad. However, their statement is a bit more confusing if u do a cash out.

How can you not know what advantage CIMB has to offer that investors like me want? Aiyah.......

Pai - If u tell her - ask her to buy u a nice dinner.

This post has been edited by Phoeni_142: Mar 25 2009, 12:21 AM