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Refinancing under lock in period

 
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mark0411



Joined: 10 May 2008
Posts: 14

PostPosted: Mon Jan 17, 2011 9:49 pm    Post subject: Refinancing under lock in period Reply with quote

Hi

I will need to refinance my existing loan to obtain maximum cash for personal use and renovation

Loan Amount : RM273K
Current Bank : AIA (signed approximately on Sept 2008)
Current Interest : Fixed 5.8%
Current Installment : RM1600
Property Market Value : RM398K based on the latest launch
Property details: D/S Link (22x65) Sunway Alam Suria
Tenure: 30 years (signed in Sept 2008)

I would like to obtain the maximum amount of cash while maintaining the repayment period which is 28 years.

My Age :29
Salary: 8500
Wife : 28
Salary 3750

What is the maximum amount of cash possible and how much will the monthly installment be?

Thanks
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hybrid



Joined: 13 Jan 2010
Posts: 81

PostPosted: Tue Jan 18, 2011 10:39 am    Post subject: Reply with quote

Hi,

If based on the info provided by you, it can be up to 90% of the market value. Then the loan will be RM358,200 exclude the legal fees, stamp duty & valuation fees.

After minus out the penalty & these fees, it will be around RM65k-RM70k to be cash out. The instalment will be around RM1,800+- for loan tenure of 30yrs. The interest will be BLR-2.3%p.a

Please feel free to contact me if you need any assistance for your case.


Thanks & Regards,
Sam
mortgagebrooker@yahoo.com
012-3833923
_________________
Sam
mortgagebrooker@yahoo.com
016-3191845
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mark0411



Joined: 10 May 2008
Posts: 14

PostPosted: Tue Jan 18, 2011 11:03 am    Post subject: Reply with quote

Is that inclusive of MRTA? if not how much will it be with MRTA?

What other information or documents will you need from me in order to proceed?
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kokpun



Joined: 14 Oct 2010
Posts: 19

PostPosted: Tue Jan 18, 2011 1:49 pm    Post subject: Reply with quote

mark0411 wrote:
Is that inclusive of MRTA? if not how much will it be with MRTA?

What other information or documents will you need from me in order to proceed?


Hi since you are refinancing it and your original MRTA has been burnt... it is strongly advisable for you to take MLTA instead of MRTA as now MRTA is no more mandatory.

Thank you. should you need assistance, please let me know. I represent OCBC. Contact: Ben 0129006488, email: kok_pun@hotmail.com

For your refinancing matter, you may draw up to 100% loan and 40 years tenure.
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mark0411



Joined: 10 May 2008
Posts: 14

PostPosted: Tue Jan 18, 2011 3:12 pm    Post subject: Reply with quote

Hi,

Sorry i just recalled that i don't have MRTA but AIA life insurance policy...

Ben,

Do you mind to email me at polyfuze_4336 at yahoo.com with your proposal or something for me to digest before proceeding further?
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