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Alliance Bank Housing Loan
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spurs



Joined: 06 Jun 2006
Posts: 10

PostPosted: Tue Aug 08, 2006 2:48 pm    Post subject: Alliance Bank Housing Loan Reply with quote

I got a great offer from Alliance Bank where the rate is unbelievable. Just need to make sure whether it's true.

1-3 years --- 5.5% fixed
>3 years --- BLR -1.00%

Zero Entry Cost, no hidden cost. And the mortgage sales guy even printed out a summary of payment in interests and principal portion.

It suprised me because of its Zero Entry Cost as normally other banks will have a higher interest rate if we choose Zero Entry Cost.


Last edited by spurs on Tue Aug 08, 2006 4:20 pm; edited 2 times in total
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tengster



Joined: 19 Jan 2006
Posts: 1033

PostPosted: Tue Aug 08, 2006 4:07 pm    Post subject: Re: Alliance Bank Housing Loan Reply with quote

spurs wrote:
I got and great offer from Alliance Bank where the rate is unbelievable. Just need to make sure whether it's true.

1-3 years --- 5.5% fixed
>3 years --- BLR -1.00%

Zero Entry Cost, no hidden cost. And the mortgage sales guy even printed out a summary of payment in interests and principal portion.

It suprised me because of its Zero Entry Cost as normally other banks will have a higher interest rate if we choose Zero Entry Cost.


I presume this is a conventional HL. ABB also have Savelink HL which is similar to M1 concept.

Normally the 1st year rate will tell whether it;s a ZEC or non-ZEC.
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spurs



Joined: 06 Jun 2006
Posts: 10

PostPosted: Tue Aug 08, 2006 4:15 pm    Post subject: Reply with quote

yes, it's a conventional loan.

Looking at the fixed 5.5% for the first 3 years, it doesn't look like a Zero Entry Cost.
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wb4j



Joined: 12 Aug 2005
Posts: 8

PostPosted: Tue Aug 08, 2006 9:45 pm    Post subject: Reply with quote

spurs,

where do u get the rate? i checked their website but i couldn't find anything near to what u hav mentioned.
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spurs



Joined: 06 Jun 2006
Posts: 10

PostPosted: Thu Aug 10, 2006 10:12 am    Post subject: Reply with quote

I got this offer from a mortgage sales person from alliance bank. He says that this is a special rate that he can offer. Afterall, it was just being told verbally, i need to see the real offer letter first. It might have a lot of hidden charges although according to him it will be none.
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USSRanger



Joined: 24 Feb 2006
Posts: 153
Location: KL

PostPosted: Thu Aug 10, 2006 1:27 pm    Post subject: Reply with quote

spurs wrote:
I got this offer from a mortgage sales person from alliance bank. He says that this is a special rate that he can offer. Afterall, it was just being told verbally, i need to see the real offer letter first. It might have a lot of hidden charges although according to him it will be none.


good day spurs:

seem that this ABB banker been servicing well, u sound extremely happy with the service u received.\
my advise, wait till the letter offer is out. there will be some RM 200 processing fee. ask for waiver.

cheers
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fiscalwise



Joined: 13 Jul 2006
Posts: 25
Location: Kuala Lumpur

PostPosted: Thu Aug 10, 2006 7:57 pm    Post subject: Check it out Reply with quote

Spurs,

If you would like to see what aALB and all the other banks have to offer you may wish to visit ..wiseloan.com.my

Hope it helps.

Happy hunting.
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NewKENZO



Joined: 01 Jun 2006
Posts: 198
Location: Subang

PostPosted: Wed Aug 16, 2006 7:43 pm    Post subject: Reply with quote

spurs, i am UOB mortgage officer, if the offer is true, then u should consider you're one of the luckiest applicant in town ... bcz UOB now having very competitive rate, still cant offer a fixed rate of 5.5% for 1st 3 years, even citibank and ocbc offer 5.75% same with UOB

i called several of my frens who are alliance bankers, they said either impossible or no such thing ....
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dummies



Joined: 30 Aug 2006
Posts: 7

PostPosted: Wed Sep 13, 2006 6:43 pm    Post subject: Reply with quote

Hi Spurs,
could you pls give us an update on your loan ? is what you said is true ?

thanks
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spurs



Joined: 06 Jun 2006
Posts: 10

PostPosted: Thu Sep 14, 2006 9:15 am    Post subject: Reply with quote

FYI, I've already signed the letter of offer with the above rates. I'm glad to have secured such a good deal. Handed over the letter of offer to my S&P lawyer and everything is fine.
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dummies



Joined: 30 Aug 2006
Posts: 7

PostPosted: Thu Sep 14, 2006 11:34 am    Post subject: pls contact me Reply with quote

Hi SPurs
Please contact me at dummies @ gmail . com, i would like to get more details from you on this deal..
I tried to PM you but it failed

thanks
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emmo



Joined: 25 Aug 2006
Posts: 22

PostPosted: Thu Sep 14, 2006 3:44 pm    Post subject: Reply with quote

hi spurs...

pls email me the contact no. of the bank officer who helped you to get such a good rates for your home loan... i'm in the midst of searching for home loan... email to emmohoh@yahoo.com
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NewKENZO



Joined: 01 Jun 2006
Posts: 198
Location: Subang

PostPosted: Thu Sep 14, 2006 3:49 pm    Post subject: Reply with quote

that rate is quite unbelievable ....


my frens all from Alliance Bank cant offer this ... this is a loss for the bank .... i not sure but good luck
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NumberTWO



Joined: 30 Mar 2005
Posts: 220

PostPosted: Mon Sep 18, 2006 11:42 am    Post subject: Reply with quote

could it be an offer from a new branch which is trying to lure more attention?
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Booster



Joined: 19 Sep 2006
Posts: 17

PostPosted: Wed Sep 20, 2006 2:55 pm    Post subject: Reply with quote

hi spurs..can u email me the contact person. I am in the middle of searching HL too.

Million thanks for your help..

email me at : man_mfn[at]yahoo.com

thanks n regards
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woching



Joined: 04 Jan 2006
Posts: 15

PostPosted: Wed Sep 20, 2006 3:21 pm    Post subject: Reply with quote

yup...can you pls send me the bank officer contact too? i m in the midst of looking for mortage loan. I really cant find this 5.5% rate for 1-3 years.

Kindly email to me at wong.oi.ching@itechworldwide.com

Thanks.
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NewKENZO



Joined: 01 Jun 2006
Posts: 198
Location: Subang

PostPosted: Wed Sep 20, 2006 9:37 pm    Post subject: Reply with quote

lol

if any of u really got the contact, hopefully pls email to me also .... ty
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gregy



Joined: 15 Sep 2006
Posts: 78

PostPosted: Fri Sep 22, 2006 5:14 pm    Post subject: Reply with quote

spurs wrote:
FYI, I've already signed the letter of offer with the above rates. I'm glad to have secured such a good deal. Handed over the letter of offer to my S&P lawyer and everything is fine.


Hi Spurs:

Pls email me the bank officer contact too
gregory.chee@gmail.com

thanks heaps
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aran



Joined: 10 Aug 2006
Posts: 20

PostPosted: Fri Sep 29, 2006 3:15 am    Post subject: Reply with quote

has anyone living abroad applied Alliance home loan package? I recently applied but got rejected. The reason is they want someone who's residing in Malaysia to be a co-borrow in case I cabut. This is ridiculous. If I need someone to share the property then I wouldn't have bought it myself in the first place. You see the logic. I'd appreciate if someone can share his experience. I was very surprised to hear that different branch (same bank) have different policy. The info I received were inconsistent. Is this a typical banking practice in Malaysia.
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lucas93



Joined: 02 Oct 2006
Posts: 42

PostPosted: Mon Oct 02, 2006 10:39 pm    Post subject: Reply with quote

Hi,
I'm a mortgage sales exec for an established foreign bank. I can see that the offer Spurs get is a good deal in a way. However there is a package that may be even better than that.

Actually its not always the interest rates that save you on the cost of earning a property. The key is to find the package that is most suited to your needs. For instance, offering a businessman / commission earner a term loan will not help him/her save as much as having a flexible loan.

For future home owner I advice that you browse around not just for rates but more on how the mortgage consultant package a plan that suits you because at the end of the day all banks makes profit just the same. It is how suited the plan is for you that really saves you money.

* We do offer a 5.5% for 1st 3 years with all cost absorb with better security for rising BLR. Those interested for a second opinion are welcome to contact me at ( lucas @ tinkoi . com or 0123862722 ) Let me know your no. and I'll get back to you.

(Sorry for selling myself here Laughing )
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KenLee



Joined: 03 Sep 2006
Posts: 53
Location: KL

PostPosted: Mon Oct 02, 2006 11:11 pm    Post subject: Reply with quote

lucas93 wrote:
Hi,
I'm a mortgage sales exec for an established foreign bank. I can see that the offer Spurs get is a good deal in a way. However there is a package that may be even better than that.

* We do offer a 5.5% for 1st 3 years with all cost absorb with better security for rising BLR. Those interested for a second opinion are welcome to contact me at ( lucas @ tinkoi . com or 0123862722 ) Let me know your no. and I'll get back to you.

(Sorry for selling myself here Laughing )


Embarassed so, what is the rate after 3yr?
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causwell



Joined: 15 Jul 2006
Posts: 179

PostPosted: Mon Oct 02, 2006 11:37 pm    Post subject: Reply with quote

KenLee wrote:
lucas93 wrote:
Hi,
I'm a mortgage sales exec for an established foreign bank. I can see that the offer Spurs get is a good deal in a way. However there is a package that may be even better than that.

* We do offer a 5.5% for 1st 3 years with all cost absorb with better security for rising BLR. Those interested for a second opinion are welcome to contact me at ( lucas @ tinkoi . com or 0123862722 ) Let me know your no. and I'll get back to you.

(Sorry for selling myself here Laughing )


Embarassed so, what is the rate after 3yr?


Yes, I think that is important ... if subsecuent year is only Blr -/+ 0.2%, I dont see 5.5% for first 3 years is good deal Evil or Very Mad ...
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lucas93



Joined: 02 Oct 2006
Posts: 42

PostPosted: Tue Oct 03, 2006 7:43 pm    Post subject: Reply with quote

Hello KenLee,
I can't give you any special rates here. As you know the rate Spurs are getting are special rates which are subjected to certain terms & conditions. This include loan amount, margin of financing, property (type & location), commitment period & etc. Just wish Spurs can fill us in on the details Razz

All I can give here is the standard rate whereby the 4th & 5th year are BLR+0%. max at 8.5% There will be no penalty after the 5th year.

Well banking products and you everyday product are similar in the sense that the sale price willl be influenced by factors such as bulk purchase, quality, aftersale service ....... ...

As what spurs is getting is a conventional loan so you really can't compare the rates directly with a M1 type loan or islamic financing. The only accurate way to compare is to make an actual simulation.
Eg: Simulation of daily & monthly rest interest shows that daily rest actually saves you more interest even when the rates are actually the same.
My point is... don't give the rates too much weight that you loose sight of how you should actually plan your loan repayment. Smile
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causwell



Joined: 15 Jul 2006
Posts: 179

PostPosted: Wed Oct 04, 2006 1:32 pm    Post subject: Reply with quote

lucas93 wrote:
Hello KenLee,
I can't give you any special rates here. As you know the rate Spurs are getting are special rates which are subjected to certain terms & conditions. This include loan amount, margin of financing, property (type & location), commitment period & etc. Just wish Spurs can fill us in on the details Razz

All I can give here is the standard rate whereby the 4th & 5th year are BLR+0%. max at 8.5% There will be no penalty after the 5th year.

Well banking products and you everyday product are similar in the sense that the sale price willl be influenced by factors such as bulk purchase, quality, aftersale service ....... ...

As what spurs is getting is a conventional loan so you really can't compare the rates directly with a M1 type loan or islamic financing. The only accurate way to compare is to make an actual simulation.
Eg: Simulation of daily & monthly rest interest shows that daily rest actually saves you more interest even when the rates are actually the same.
My point is... don't give the rates too much weight that you loose sight of how you should actually plan your loan repayment. Smile


Hi Lucas,

Correct me if I'm wrong:

Why repayment plan is the major weighing factor but not the interest rate since the interest rate is going to detemine the monthly repayment (for single tier).

For me, interest rate will always the first factor that I'm looking at, where it will determine the total interest paid and period of repayment. Especially for under construction properties, installment can only be made upon 100% release of loan (or 50% release where u need to write in), we should always refer to the rate after the 3rd year, since 1st and 2nd years is only the progressive interest repayment.

We do see a lot of similar package in the market now, offered by local or foreign bank:

1st year - varies from 0% to 4% (depend on ZEC or not)
2nd year - BLR-1%
Subsecuent year - BLR +/- 0.1% to 0.2%

What is the different if compare to your package for 1-3rd at 5.5 and BLR for subsecuent... Rolling Eyes
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Martian



Joined: 31 Mar 2006
Posts: 1402

PostPosted: Wed Oct 04, 2006 3:07 pm    Post subject: Reply with quote

hi causwell. let me share my opinion. interest rates are critical factors to consider but bcoz of the competitive factor, most banks actually offer around similar rates of interest for a similar loan type. but where the banks differ mostly is the timing of the loan repayment. this will only apply to those who have more cash on hand. Those whose monthly cashflow is tight and the condition will persist for the foreseeable future, then just get the lowest possible interest rate on offer/longer tenure with ZEC thrown in.

for those with strong cashflow, like biz man who has big cashflow turn over, they will not consider convential housing loan even though these loan's interests are usually the lowest. these ppl look for package like public bank's where they offer a combination of term loan and OD with no lock in period. these biz man will just dump in their biz' excess cash into the OD and 'settle' the whole loan in a very short term, maybe even at the commencement of the loan. then, whenever their biz need additional cash, they will withdraw out their repayment before ploughing back the amount when their cashflow is smoother. the inflexibility of conventional loans where one cannot repay within 5 years or kennot withdraw prepayment or onli can make limited repayment etc.... will actually end up charging more interest for these ppl.

'normal' wage earners like me wont consider such deals bcoz i dun have 300-400k lying around unused. my cashflow turnover also not like those business, suka suka 100k here, 100k there. but i do have some surplus cashflow every month so i go for OCBC's package. not a 100% flexi account but it allows repayment but if settle within 5 years, i kena penalty. i 'pay' for this flexibility by incurring higher interst rate as compared to a conventional one but bcoz it is not as flexible as a true flexi-type of loan, OCBC interest is lower than those flexi loan.

for those reli tight cashflow, take the conventional loans to enjoy the low low interest since they wont be able to make much repayment anyway.

by the way, i'm not agent for any banks. just sharing my opinion based on my own readings and knowledge. Very Happy
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