Nov 20 2013, 12:53 PM
QUOTE(MiLKTea @ Nov 20 2013, 12:27 PM)
bump to this thread...
i understand that payment paid during construction period is for interest only...
assuming my loan interest during construction period is rm2k per month...if i pay 4k, will the extra 2k reduce the principal, or merely for the payment for next month's interest?
i want to pay extra to reduce principal but maybe not every month; like if i have additional money then dump into the loan...will it automatically reduce principal or merely paying for the interest?
and do i need to inform bank that i'm paying for the principal?
aih confused...care to help anyone?
Some banks will take the extra to reduce principal, some other will carry forward the amount for next month. i understand that payment paid during construction period is for interest only...
assuming my loan interest during construction period is rm2k per month...if i pay 4k, will the extra 2k reduce the principal, or merely for the payment for next month's interest?
i want to pay extra to reduce principal but maybe not every month; like if i have additional money then dump into the loan...will it automatically reduce principal or merely paying for the interest?
and do i need to inform bank that i'm paying for the principal?
aih confused...care to help anyone?
Some bank need you to inform them every month that this extra payment is to reduce principal. You need to ask your banker la which one is your loan package that u signed
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