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Advance Payment for Home Loan

 
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chingkang



Joined: 13 Jun 2004
Posts: 46

PostPosted: Mon Aug 06, 2007 5:35 pm    Post subject: Advance Payment for Home Loan Reply with quote

Hi all,

I am actually new to the property industry and am confused about the home loan that I have taken.

I have taken a home loan from Maybank Maxi Home at BLR-1.25%. My monthly payment is RM1500. However, I usually pay more than the required RM1500, let say RM2000.

What will the bank do to the extra RM500? I have chat with friends and they mentioned could be the following 3 ways:

1) extra RM500 as a reserve in the loan account, does not offset the principal and hence, does not have effect on interest calculation. If I forgot to pay the instalment, the bank will automatically withdraw that reserve to pay for missing month.

2) extra RM500 as an additional payment to reduce principal, and hence, reduce the next interest payment. The instalment amount will remain as RM1500 and in the event of forgetting to pay the instalment, the bank will automatically withdraw this cumulative sum to pay for missing month.

3) extra RM500 as an additional payment to reduce principal, and hence, reduce the next interest payment. The bank will recalculate the monthly instalment and hence, the instalment will be lower than RM1500. However, in the event of forgetting to pay the instalment, the bank cannot withdraw the cumulative sum to pay for missing month.

I am just wondering for maybank maxi home loan, whenever I pay extra, which of the above calculations they will apply. Would really hope to hear the advice from you all.

And I have signed up advanced standing with Maybank to withdraw the money out from my saving account to the loan account every month but it doesnt seem to do so. And when i happen to manually pay the loan instalment, it may occassionally do a double payment (one from my manual payment and the other from the advance standing). I am really confused. What is the purpose of advanced standing?

Thanks.
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emyght



Joined: 06 Dec 2006
Posts: 77
Location: KL

PostPosted: Mon Aug 06, 2007 7:22 pm    Post subject: Reply with quote

Hi CK

I would like to call Maybank's MaxiHome a 'semi-flexi' type of Home Loan. You may wish to clarify with the banker based on some of the points posted at the link below..

..emyght.theiforum.com/flexi-loan-explained-t44.html

You are likely more suited for the deposit-linked type of Home Loan, try to switch once you free from the lock-in period.

As for the Standing Order, it's probably done manually coz the Loan & Deposit systems of most banks are not integrated. Maybank has an arrangement to allow ING home loan clients to pay the installments through auto-debiting of Maybank account, so I don't see why it should be a problem within. My advice is to execute a fresh standing instruction, and keep a copy of the acknowledgement.

Cheers.. Smile
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NumberTWO



Joined: 30 Mar 2005
Posts: 220

PostPosted: Tue Aug 07, 2007 5:01 pm    Post subject: Reply with quote

CK,
I have a similar loan with Harimau.. And I do believe Harimau uses the 2nd way to handle your additional payment.

Is quite easy to figure that out if you look at your loan statement, and by calculating the interests charged to you. If you are not sure how to work out the interests, try to print the statement out and ask the loan officer to show you how the interests amount is derived..

The extra payment will sit in a separate account for future withdrawal if need be, if you look at your loan account from MB2U.com you would most probably see this "Advance Payment Available for Redraw ", this is where your extras has gone in..

Like emyght, it is some sort of 'semi-flexi'.....
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johnbeckestate



Joined: 15 Apr 2008
Posts: 36

PostPosted: Fri Apr 18, 2008 6:01 pm    Post subject: Reply with quote

don't really think that's possible these days. You would need at least 3% down payment these days.

You can get an 80/20 loan but that's two mortgages.
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