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AIA home loan @ fixed rate

 
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ejb



Joined: 21 Nov 2005
Posts: 44

PostPosted: Fri Aug 04, 2006 9:16 am    Post subject: AIA home loan @ fixed rate Reply with quote

anyone got any advice on this? any catch cos it sounds too good to be true...hehehe
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paragon



Joined: 28 Aug 2005
Posts: 38

PostPosted: Fri Aug 04, 2006 9:43 am    Post subject: Reply with quote

HEH.......BUDDY.......PLS WAKE UP Exclamation Exclamation Exclamation

HERE IS PROPERTY INVESTMENT FORUM Evil or Very Mad .........ARE U LOST Question


IF U WANT 2 KNOW MORE.... THE TOPIC U POSTED R BEING DISCUSSED COMPREHENSIVELY IN Arrow PROPERTY FINANCING FORUM Exclamation


BY THE WAY, THIS ISN'T NEW IN THE MARKET......BUDDY Shocked
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ejb



Joined: 21 Nov 2005
Posts: 44

PostPosted: Fri Aug 04, 2006 10:21 am    Post subject: Reply with quote

WHATEVER
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Martian



Joined: 31 Mar 2006
Posts: 1402

PostPosted: Fri Aug 04, 2006 11:35 am    Post subject: Reply with quote

ejb, dun think there's much of a catch. but it is not the flexi type so prepayments and withdrawals of prepayments will be a hassle. u can prepay but withdrawals cant be made. u can however stop mthly payments if u hv prepayments made previously.

another downside would be tat if BLR didnt rise or rise VERRRYYY slowly, then other package would be more attractive since some offer BLR-1% of BLR-1.15%. AIA also have a pretty strict requirement on eligibility & type of project financed.
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jt



Joined: 28 Aug 2005
Posts: 190

PostPosted: Fri Aug 04, 2006 9:28 pm    Post subject: Reply with quote

Prepayment can be made and withdrawn.
Daily rest calculation.

Yes, there are more particular than other banks with regards to the property but if your property is not in a bad location (i.e. T-junction etc) they will usually approve it.

The only additional cost is that you will have to value your property with they panel.
Other than that , its just like your normal loan.

Is it worth taking this up, i would say yes as the blr is climbing up. Last Fri BNM maintain the BLR (relieve!!!) but there will be at least 1 more increase before the year is out.

If you have taken this fixed rate last year (5.89%) its a damn good rate and its considered the lowest compared to the history of BLR....
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Fri Aug 04, 2006 11:39 pm    Post subject: Reply with quote

Prepayments can be made, but cannot be withdrawn.
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Pai



Joined: 28 Aug 2005
Posts: 902

PostPosted: Sat Aug 05, 2006 12:32 am    Post subject: Reply with quote

banz, gud to see you man.... Wink


Unless they change their loan policy over the last 3 months, prepayments r allowed, but no withdrawal.
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Martian



Joined: 31 Mar 2006
Posts: 1402

PostPosted: Sat Aug 05, 2006 12:51 am    Post subject: Reply with quote

wah, master banzai is back on scene! long long time no see......

i tot i mentioned prepayments can do, withdrawals kennot..... oh, contradicted by jt.... kekeke.......

t-junction they normally dont do unless the prop is acquired at below mkt rate, margin of financing offered will be lower & loan applicant have solid credit history + strong cash inflow aka income......

if buying to flip, then AIA not suitable, 5 years lock in period. oso interest is higher now compared to some other BLR based loans.
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jasonloh



Joined: 12 Jun 2005
Posts: 312

PostPosted: Sat Aug 05, 2006 12:59 am    Post subject: Reply with quote

Martian wrote:

if buying to flip, then AIA not suitable, 5 years lock in period. oso interest is higher now compared to some other BLR based loans.


Hmm, unless I am mistaken, the lock-in period only for refinancing. No prob if property is sold.
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Sat Aug 05, 2006 11:45 am    Post subject: Reply with quote

Pai wrote:
banz, gud to see you man.... Wink

Unless they change their loan policy over the last 3 months, prepayments r allowed, but no withdrawal.


busy like nothing. yeah same caveat. My last loan with AIA was applied a few months back. Nothing on prepayment yet.

Martian wrote:
wah, master banzai is back on scene! long long time no see......
<snip>

if buying to flip, then AIA not suitable, 5 years lock in period. oso interest is higher now compared to some other BLR based loans.


Jasonloh is right, you are only slapped with the exit penalty if you are re-financing to another FI/bank. No penalties if you sell or pay off completely using your own funds.
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DizzY



Joined: 06 Aug 2006
Posts: 1

PostPosted: Sun Aug 06, 2006 6:48 pm    Post subject: Reply with quote

how much will the exit penalty be if you exit the loan and finanace from another company?
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Wed Aug 09, 2006 10:57 am    Post subject: Reply with quote

just read my previous post, didn't make sense. Should have read as "Nothing on withdrawals" instead of "Nothing on prepayment yet". AFAIK, AIA does not allow withdrawals of prepayment amount.

As indicated in the letter of offer, exit penalty is "minimum of 2% and max of 4% of amount prepaid if the loan is refinanced within 5 years from date of first drawdown."

If i am wrong on withdrawals of prepayment, please let me know. Would save me a lot of money.
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Wed Aug 09, 2006 4:18 pm    Post subject: Reply with quote

Don't confused ya.

AIA loan features
1. Daily Rest
2. Pure Fixed Rate - whole tenure
3. Penalty lock-in applicable for refinancing within 1st 5 yr
4. No penalty for early settlement or sell off the mortgage property - anytime upon full drawdown.
5. Strictly there is no withdrawal allow. only amortize loan amt - not hybrid loan.
6. Installment payment thru AIA branches, All Maybank branches & Maybank2u.com.my
7. Mortgage insurance compulsory from AIA only
8. Current Package is 6.50% for RM100k loan & above Else 6.75% <100K
9. Valuation compulsory for completed property.
10. Currently NO ZERO COST Package offer.
11. Target Market - Klang Valley, Penang, JB
12. Allow repayment for pricinple reduction during construction period - good for cash buyer
13. Refinaning with cash out only applicable for child edu., reno & moving cost only - other than these is subject to applicant's reason & credit officer recommendation.


U can PM or visit my signature link below for more infos.
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