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Public Bank's Home loan BLR-0.35%

 
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iNsunN



Joined: 04 Aug 2005
Posts: 52

PostPosted: Thu Aug 11, 2005 9:56 am    Post subject: Public Bank's Home loan BLR-0.35% Reply with quote

BLR-0.35% for the whole loan tenure. So what's the catch in this ?
Anyone has the details of this home loan ?
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Thu Aug 11, 2005 11:38 am    Post subject: Reply with quote

call them up to find out. i think the catch is you have to purchase MRTA
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iNsunN



Joined: 04 Aug 2005
Posts: 52

PostPosted: Thu Aug 11, 2005 11:46 am    Post subject: Reply with quote

is that all ? That's not too bad then.

what about lock-in period ?
free moving cost ?

hmm...I've registered myself on PBBank.com.my, but no one from Public Bank has called me yet.
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Thu Aug 11, 2005 11:47 am    Post subject: Reply with quote

please let us know when you find out more. dont wait for someone to call you, call them yourself
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iNsunN



Joined: 04 Aug 2005
Posts: 52

PostPosted: Thu Aug 11, 2005 12:55 pm    Post subject: Reply with quote

alright, took your advice and call them myself.
Here's the details.

moving cost : have to pay yourself. But you can include the amount into the loan
MRTA : must buy, can also include into the loan

daily interest is calculated.
mininum withdrawal from the loan acct is RM5000, must give notification 2 days before.
for each withdrawal, charges is RM50.
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username



Joined: 31 May 2005
Posts: 7

PostPosted: Thu Aug 11, 2005 8:57 pm    Post subject: Reply with quote

What do you mean? Question

Mininum withdrawal from the loan acct is RM5000, must give notification 2 days before.
For each withdrawal, charges is RM50.

You mean, everytime I need to pay more to my principal, I need to inform them 2 days in advanced and I've to pay RM50 charge?

Please advise... Smile
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iNsunN



Joined: 04 Aug 2005
Posts: 52

PostPosted: Fri Aug 12, 2005 9:19 am    Post subject: Reply with quote

for this loan acct ( not sure what's the correct term ), you can put in extra money into the reduce interest.
when you want to withdraw the extra amt, you'll be charged RM50 for each withdrawal. And correction, there's no mininum amt.
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Fri Aug 12, 2005 9:41 am    Post subject: Reply with quote

so what is the lock in period? Very Happy
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iNsunN



Joined: 04 Aug 2005
Posts: 52

PostPosted: Fri Aug 12, 2005 10:02 am    Post subject: Reply with quote

no lock in period.
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SSTan



Joined: 14 Aug 2005
Posts: 1
Location: Bdr Tasik

PostPosted: Sun Aug 14, 2005 9:24 pm    Post subject: Re: Public Bank's Home loan BLR-0.35% Reply with quote

[quote="iNsunN"]BLR-0.35% for the whole loan tenure. So what's the catch in this ?
Anyone has the details of this home loan ?[/quote]

BLR-0.35 Is not really the best rate in town n not to excited with this rate think also higher posibility of BLR will increase rate in very future. Suggest look for fixed rate mortage loan.
All the best to you
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iNsunN



Joined: 04 Aug 2005
Posts: 52

PostPosted: Mon Aug 15, 2005 9:29 am    Post subject: Reply with quote

Thanks....do you have any recommendation ?
Don't fixed home loan have a higher interest ?
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jasonloh



Joined: 12 Jun 2005
Posts: 312

PostPosted: Wed Oct 05, 2005 11:00 pm    Post subject: Reply with quote

AIA happens to have a similar package, also with no lock-in period. However, unlike PBB, the package doesn't allow withdrawals.

Rate is BLR-0.38% with a max cap of 8.50%. You can always pay extra if you wish and interest is calculated on daily rest.

Like the Public Bank, you have to take MRTA.
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pastecopy



Joined: 13 Nov 2005
Posts: 14

PostPosted: Sun Nov 13, 2005 11:23 pm    Post subject: Reply with quote

iNsunN wrote:
alright, took your advice and call them myself.
Here's the details.

moving cost : have to pay yourself. But you can include the amount into the loan
MRTA : must buy, can also include into the loan

daily interest is calculated.
mininum withdrawal from the loan acct is RM5000, must give notification 2 days before.
for each withdrawal, charges is RM50.


On top of that:
1) You can stretch till the maximum years of 70 or 35 whichever is earlier.
2) No penalty for early settlement (i.e. within 5 years) but you will still caught under the profit gain tax if selling within 5 years (under individual category).

If you use ur once in a lifetime RPGT (Real Property Gains Tax) exemption. Item no. 2 is not the problem for residential property only.
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preacher



Joined: 20 Oct 2005
Posts: 470

PostPosted: Mon Nov 14, 2005 12:40 pm    Post subject: Re: Public Bank's Home loan BLR-0.35% Reply with quote

Its true that the BLR-0.35% is not the best rate in town. PBB's 0% (Y1) BLR-1% (Y2) and BLR+0.15% (Y3) is actually better.

Based on a RM250K loan for 20 years and assuming no prepayment, the interest for the BLR-0.35% amounts to RM167,832. For step-up rate, the interest cost is only RM162,436.

The other catch to the BLR-0.35% is the minimum is 5.65%. So, even if the BLR goes below 6% (which is unlikely), you will have no more ups-side.

However the upside is there is no lock-in period. However, most people will not be able to settle their loan in 5-years unless the propery is strictly for investment / speculation.





SSTan wrote:
iNsunN wrote:
BLR-0.35% for the whole loan tenure. So what's the catch in this ?
Anyone has the details of this home loan ?


BLR-0.35 Is not really the best rate in town n not to excited with this rate think also higher posibility of BLR will increase rate in very future. Suggest look for fixed rate mortage loan.
All the best to you

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preacher



Joined: 20 Oct 2005
Posts: 470

PostPosted: Thu Nov 17, 2005 4:11 pm    Post subject: Reply with quote

Guys,

Just went to SBB and saw their rates which is for a limited time only.

Y1 & Y2 - 5.3%
Thereafter - BLR - 0.7% (subject to minimum of 5.3%)

By far, I think this is the best rate I saw. However only for completed property with the std T&C applies.
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