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A few home loan packages consideration

 
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chingkang



Joined: 13 Jun 2004
Posts: 46

PostPosted: Fri Oct 12, 2007 1:39 pm    Post subject: A few home loan packages consideration Reply with quote

Hi, recently booked a service apartment in Damansara and searching around for loan package. Looking for conventional home loan as I believe will have better rate (?) and I do not intend to prepay more money into my monthly instalment for the next 5 years at least (got a reason behind this intention).

90% MOF and 30 years tenure for property value at 227k (under construction).

I got a few quotes from end financiers:

Scotia Bank - dun want to consider at all since they do not have internet banking
OCBC - BLR-1.5% (first 3 years), BLR-1.75% thereafter, the only foreign bank here (is foreign bank better?)
RHB Bank - 3 tiers with lowest interest rate at BLR-1.5%, so again discarded (or anyone has good rates from RHB?)
CIMB - 3.5% (first year), BLR-1.6% thereafter, reduce principal faster in the first 5 years, not sure they can fight for better rate at BLR-1.7% thereafter.
Alliance - BLR-1.55% (first 3 years), BLR-1.65% thereafter, proposed new rate to me at BLR-1.75% forever but need to capitalise my loan fees
AMBank - BLR-1.5% (first 3 years), BLR-1.85% thereafter or 3.8% (first year), BLR-1.7% thereafter, so far the best rate I got

Public bank-not the end financiers, but give very good rate at 3.5% (first year), BLR-1.75% thereafter, with hidden cost (wont state the cost in the loan documentation fee, but she said is RM185 only, can I trust her?)... heard got other negative clauses... like lock in period calculation etc

Is that the best rates I could get?
MRTA is waived for all the above packages.
Lock in period is calculated based on first disburment according to the loan officers from all banks listed above except public bank, is that true?

Hope you guys can share and assist.

Thanks.
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lueng1



Joined: 10 May 2007
Posts: 78
Location: Get answers for your financing, investments and protection

PostPosted: Fri Oct 12, 2007 6:13 pm    Post subject: Reply with quote

Scotia Bank - Processing is very slow. Need to provide comprehensive documents. Rate is only around BLR-0.5%.

OCBC - Rack rates quoted. Processing can be quick and hassle-free for good profiled client. RM10 for each redraw.

RHB Bank - No redraw facility. Processing can be slow.

CIMB - Rack rates quoted. Processing and everything is very very slow and known to have issues disbursing progress payments on time to developer.

Alliance - Savelink package is a great package but got maintenance charge of RM10 monthly and RM200 setup fee. Conventional package has no redraw facility

AMBank - Great rates quoted. Very slow in processing. Setup fee of RM200 and RM5 maintenance per month for full flexi package. Can negotiate to waive.

Public bank - The processing fee of RM185 is correct. Need to pay by cheque on acceptance of Letter of Offer. RM50 for each redraw. Lock in starts from FULL disbursement.
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supersp



Joined: 27 Nov 2005
Posts: 10

PostPosted: Sat Oct 13, 2007 12:53 pm    Post subject: Re: A few home loan packages consideration Reply with quote

chingkang wrote:
Hi, recently booked a service apartment in Damansara and searching around for loan package. Looking for conventional home loan as I believe will have better rate (?) and I do not intend to prepay more money into my monthly instalment for the next 5 years at least (got a reason behind this intention).

90% MOF and 30 years tenure for property value at 227k (under construction).

I got a few quotes from end financiers:

Scotia Bank - dun want to consider at all since they do not have internet banking

OCBC - BLR-1.5% (first 3 years), BLR-1.75% thereafter, the only foreign bank here (is foreign bank better?)
I got the offer of BLR-1.75 whole tenure. Didn't consider OCBC bcs it is not full flexi and rates are not better than the local banks. Less convenient as compared to local banks because not many branches available ..

RHB Bank - 3 tiers with lowest interest rate at BLR-1.5%, so again discarded (or anyone has good rates from RHB?)

CIMB - 3.5% (first year), BLR-1.6% thereafter, reduce principal faster in the first 5 years, not sure they can fight for better rate at BLR-1.7% thereafter.
Fully flexi, very good service and rate is also pretty competitive but I have worries about the late disbursement from CIMB, which is quite well known ...

Alliance - BLR-1.55% (first 3 years), BLR-1.65% thereafter, proposed new rate to me at BLR-1.75% forever but need to capitalise my loan fees
They have both conventional and flexi loan. Flexi loan has RM10 charge monthly and the rate for flexi-loan is usually slightly higher than the conventional loan due to the flexibility.

AMBank - BLR-1.5% (first 3 years), BLR-1.85% thereafter or 3.8% (first year), BLR-1.7% thereafter, so far the best rate I got
From my dealing with them, best in terms of rates, best in terms of service, so I take from them. Rates that you quote here is pretty similar to what I got. I got first yr 3.5, t/a BLR-1.75

Public bank-not the end financiers, but give very good rate at 3.5% (first year), BLR-1.75% thereafter, with hidden cost (wont state the cost in the loan documentation fee, but she said is RM185 only, can I trust her?)... heard got other negative clauses... like lock in period calculation etc
Public bank offer letter is the longest (more than 10 pages) Smile, lots of conditions, lots of hidden charges, not fully flexi, service is bad. Bottom in my list. However, in terms of rates alone, they are pretty competitive though.



Is that the best rates I could get?
MRTA is waived for all the above packages.
Lock in period is calculated based on first disburment according to the loan officers from all banks listed above except public bank, is that true?

Hope you guys can share and assist.

Thanks.


I basically applied to all the banks you mentioned above except for RHB and Scotia. Finally settled with Ambank after considering the rates, service and flexibility in the loan facility. Some experience I had with the banks are mentioned above.

Rates that I got is pretty similar to what you put here.
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chingkang



Joined: 13 Jun 2004
Posts: 46

PostPosted: Sat Oct 13, 2007 5:46 pm    Post subject: Reply with quote

Thanks lueng1 and supersp.

From the advices given here, I have filtered it down to either OCBC or Ambank. Just need to check with supersp, the rates quoted by you from OCBC and Ambank are for ZEC package or Non-ZEC package? Seems that the lady from OCBC told me that the rates given to me is the lowest and not negotiable. Similar to Ambank too.
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supersp



Joined: 27 Nov 2005
Posts: 10

PostPosted: Sat Oct 13, 2007 11:02 pm    Post subject: Reply with quote

chingkang wrote:
Thanks lueng1 and supersp.

From the advices given here, I have filtered it down to either OCBC or Ambank. Just need to check with supersp, the rates quoted by you from OCBC and Ambank are for ZEC package or Non-ZEC package? Seems that the lady from OCBC told me that the rates given to me is the lowest and not negotiable. Similar to Ambank too.


Both Ambank and OCBC rate that I got is ZEC. If she said it is not negotiable, walk away and try other banks. Or if you have a few friends who are searching for loan also, do a group application, it helps to negotiate on the rates. Make the bankers hard to resist your deal and hence they will fight till the end to get a good rate for u!
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chingkang



Joined: 13 Jun 2004
Posts: 46

PostPosted: Sun Oct 14, 2007 10:18 am    Post subject: Reply with quote

Would you mind to share the value of your loan? The loan officer mentioned to be maybe your loan value is high thats why can get such rate. Mine is 204k.
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supersp



Joined: 27 Nov 2005
Posts: 10

PostPosted: Sun Oct 14, 2007 10:52 am    Post subject: Reply with quote

chingkang wrote:
Would you mind to share the value of your loan? The loan officer mentioned to be maybe your loan value is high thats why can get such rate. Mine is 204k.


Mine is 450K
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chingkang



Joined: 13 Jun 2004
Posts: 46

PostPosted: Mon Oct 15, 2007 11:33 am    Post subject: Reply with quote

Thanks supersp. Then I guess the loan officer is willing to give u lower rates than mine. Anyway, I guess the rate given by Ambank for my case is still attractive even though not the lowest. Thanks for your info.
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NumberTWO



Joined: 30 Mar 2005
Posts: 220

PostPosted: Sun Oct 21, 2007 5:39 pm    Post subject: Reply with quote

Chingkang,
I'm in the midst of getting a loan too.. would you be able to tell me what is the lock-in peiod for each of the loans u have listed down below.. I'm particularly interested to know 1) Lock-in Period 2) Penalty and 3) whether the Lock-in starts after i)first disbursement; ii) loan agreement signing(less likely); iii) Final disbursement.

Tks.
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chingkang



Joined: 13 Jun 2004
Posts: 46

PostPosted: Mon Oct 22, 2007 11:22 pm    Post subject: Reply with quote

For all banks listed here, the lock in is 5 years and penalty if not mistaken, all are 3% of total loan taken. Only Public bank that i am aware of that calculate lock in from the full disbursement. Others are from first disbursement. Hope this helps.
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ericson



Joined: 16 Sep 2007
Posts: 5

PostPosted: Wed Oct 24, 2007 7:13 pm    Post subject: Reply with quote

I'm currently looking for loan too, my loan amt is rm340k. my property is still under construction and to be completed by May 2009. OCBC offer me the following:-

-zero entry cost
-BLR-1.75% for the whole tenure (5%)
-free legal fee

Is this a good deal?
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johnbeckestate



Joined: 15 Apr 2008
Posts: 36

PostPosted: Fri Apr 18, 2008 3:09 pm    Post subject: Reply with quote

Whats your value of your loan and aalways apply to different bank for the loan.You never know which banks terms conditions are flexible and be paitence.Always think about saving money.
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