Outline ·
[ Standard ] ·
Linear+
Financial CIMB Flexi Home Financing-i, Any Drawback for Islamic Loan ?
|
GHz
|
 Apr 9 2009, 07:54 PM
|
|
For islamic loan, they calculate the maximum payment that you going to pay & write in the loan documents, ie based on capping BLR rate. But your monthly payment will only based on current BFR (BLR equivalent)
I just get my CIMB Flexi Islamic Loan approved.
There is no monthly fee of rm10 unlike the conventional one.
No registration fee.
Maximum interest capped at 10.75%.
Lock period 7 years from first disburstment.
Penalty for early settlement = outstanding balance x 3.25% x years remaining in lock in period.
This post has been edited by GHz: Apr 9 2009, 07:55 PM
|
|
|
|
|
|
GHz
|
Apr 9 2009, 11:05 PM
|
|
|
QUOTE(hEhEhE @ Apr 9 2009, 10:04 PM) WOW! The penalty is alot if you sell early  QUOTE(onnying88 @ Apr 9 2009, 10:35 PM) Wow, that's alot of penalty charge on CIMB Islamic loan. yes it can be a lot but it can be so much less. imagine if your outstanding is only RM1000. Anyway, the calculation was not stated in the letter offer but the sales girl to me that's how they calculate but I guess this only the maximum penalty. She also told me that actually bank only charge <3% but the penalty can be waive if the buyer also taking loan from CIMB. Also she told the outstanding balance can be adjusted if we choose the the right lawyer. Not so sure how to adjust.  |
|
|
|
|
|
GHz
|
May 24 2009, 04:10 PM
|
|
|
QUOTE(wongkev @ May 24 2009, 01:57 PM) once u take the loan you're liable to the bank selling price which is the total of bank purchase price and the maximum profit the bank will make from you. not very clever. even though they will give a rebate when you pay your monthly installments or settle the loan, they never specify how they will calculate this rebate in their loan documentation. you will also be liable to the bank selling price in the event of a default. to give u an example : loan of 400k (bank's purchase price) with 10.75% interest cap for 20 years, the bank's selling price will be 1.26million which gives them a profit of 860000. You will get a rebate of 10.75% - (BLR-spread) every time you pay your monthly installments but they never specify this in the loan documentation. if you need to pay it off you pay 3 percent off loan amount. the rest will be given as rebate supposedly but this, again is never stated in the loan document. what is stated in the loan document, however, is that you'll be liable to pay 1.2 mil plus cost of foreclosure in case of default. go figure. Sorry my friend, actually it clearly specified on the rebate between the current BFR & the capping of 10.75%. My loan was approved last month & I get a gift. A sony DVD player. |
|
|
|
|
|
GHz
|
May 25 2009, 01:31 PM
|
|
|
Loan about 340k. The free gift, you will not received directly. It may take sometimes. Anyway you can ask your salesman
|
|
|
|
|
Quote
0.0153sec
0.63
6 queries
GZIP Disabled