Sep 21 2010, 07:11 PM
QUOTE(onnying88 @ Mar 27 2009, 01:23 AM)
I STRONGLY suggest to everyone to start pay your monthly installment RM1000 once you start paying from the 1st day.
This is because you enjoying 1% interest, why not start pay now to reduce more principle?
If you pay RM1000, minus the RM50.84 first month.
You can reduce you RM40000 by RM949.16 already
mean the next month you own the bank RM40000-RM949.16 = RM39050.84 !
And bank calculate interest base on RM39050.84 for second month, reduce interest summore!
People always happy to pay interest only cause they feel very happy to own a house by paying so little.
But do you know when your house finished, bank will start count interest with RM200k. All you pay before is nothing.
This all is just simulation only, rate and amount is not so accurate.
Cheers,
Onn
I think this applies to certain loans rite only? unsure of the packages now.This is because you enjoying 1% interest, why not start pay now to reduce more principle?
If you pay RM1000, minus the RM50.84 first month.
You can reduce you RM40000 by RM949.16 already
mean the next month you own the bank RM40000-RM949.16 = RM39050.84 !
And bank calculate interest base on RM39050.84 for second month, reduce interest summore!
People always happy to pay interest only cause they feel very happy to own a house by paying so little.
But do you know when your house finished, bank will start count interest with RM200k. All you pay before is nothing.
This all is just simulation only, rate and amount is not so accurate.
Cheers,
Onn
But under construction loan usually cannot clear the principle 1st until 80% disburse or something like that?
so even you are paying rm1k permth, it doesnt clear your principle during under construction properties?
Sorry if i missed out your meaning
Added on September 21, 2010, 7:14 pm
QUOTE(sonerin @ Sep 21 2010, 07:05 PM)
Banker is correct.
ya i would think banker is correct.....i paid more than 20k worth of progressive interest for nearly 2 years be4 i can start reducing my principle on my 200k loan last time (blr was much higher then).
under construction interest can be quite a sum 
Better pray your developer faster charge the bank until 90% so that u can faster start paying of the principle too
This post has been edited by mIssfROGY: Sep 21 2010, 07:20 PM
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