Comments on: How to Settle Your Loans Earlier http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/ Personal Finance Money Tips Thu, 09 Feb 2012 02:31:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: TANG HT http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-155091 TANG HT Tue, 10 Jan 2012 18:23:13 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-155091 Currently I have housing loan monthly instalment RM 1022 but I pay RM 500 extra ( which is RM 1500/ month) started May 2010 . I plan to buy another unit for rental. Can I know how is the bank decide how much of loan they can approved. Did bank take into account my insurance monthly instalment or other investment before they consider my loan ? Currently I have housing loan monthly instalment RM 1022 but I pay RM 500 extra ( which is RM 1500/ month) started May 2010 . I plan to buy another unit for rental. Can I know how is the bank decide how much of loan they can approved.

Did bank take into account my insurance monthly instalment or other investment before they consider my loan ?

]]> By: Rajes http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-154922 Rajes Thu, 22 Dec 2011 19:13:35 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-154922 Hi KC, Currently im having housing loan with Citibank with BLR(-1.0). My remaining loan amount is 141k. Recently i approached OCBC bank for their housing refinancing scheme and the offer is BLR(-2.05). I started my existing housing loan with Citibank in january 2007 and the lockin period is 5 years. I planning to do refinancing with OCBC by january. Will i get any discount on loan amount( RM 141K) with citibank if i do refinancing with OCBC? Hi KC,

Currently im having housing loan with Citibank with BLR(-1.0). My remaining loan amount is 141k. Recently i approached OCBC bank for their housing refinancing scheme and the offer is BLR(-2.05). I started my existing housing loan with Citibank in january 2007 and the lockin period is 5 years. I planning to do refinancing with OCBC by january. Will i get any discount on loan amount( RM 141K) with citibank if i do refinancing with OCBC?

]]> By: Scott http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-154890 Scott Wed, 14 Dec 2011 11:14:58 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-154890 Hi KC, Is your third point(paying extra) on " How to settle your loan earlier" still applicable now?? Hi KC,
Is your third point(paying extra) on ” How to settle your loan earlier” still applicable now??

]]> By: KCLau http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-154399 KCLau Wed, 06 Jul 2011 09:37:05 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-154399 If you are confident to make more return compare to the rate you pay for mortgage, go ahead and invest. If you are confident to make more return compare to the rate you pay for mortgage, go ahead and invest.

]]> By: TANG HT http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-154398 TANG HT Wed, 06 Jul 2011 07:32:02 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-154398 How to make a decision whether to pay extra on housing loan or use it for investment ? e.g. my monthly housing loan is RM 1000 and I have xtra RM 1000 after saving and all the expenses. I should use it for housing instalment or investment e.g. unit trust? How to make a decision whether to pay extra on housing loan or use it for investment ? e.g. my monthly housing loan is RM 1000 and I have xtra RM 1000 after saving and all the expenses. I should use it for housing instalment or investment e.g. unit trust?

]]> By: AskChong http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-153484 AskChong Sat, 20 Nov 2010 15:16:41 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-153484 @Rajagopal 1. Read your Letter Offer, if not sure, you can scan and forward me. 2. Normally yes. There will be a surrender value. Again, check the policy, if not sure, you can scan and forward me. 3. Depends the legal status of the property, you may feel free to check with your loan lawyer. 4. Original SPA and the Deed of Assignment (since no title issue yet). Best to keep all bills related to the property. @Rajagopal
1. Read your Letter Offer, if not sure, you can scan and forward me.
2. Normally yes. There will be a surrender value. Again, check the policy, if not sure, you can scan and forward me.
3. Depends the legal status of the property, you may feel free to check with your loan lawyer.
4. Original SPA and the Deed of Assignment (since no title issue yet). Best to keep all bills related to the property.

]]> By: Rajagopal http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-153481 Rajagopal Fri, 19 Nov 2010 16:21:40 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-153481 Hi all, Just wanted to check with peoeple here - I'm doing an early settlement of my homeloan (5 years now, original tenure is 20 years) but would like to cross-check a few points: 1. Are there any legal fees required for early settlement of the homeloan? There is no lock in period, so I'm not subjected to any early settlement penalty. Are there any other charges that you know of for early settlement? 2. My homeloan came with a mandatory MRTA for 20 years, would there be any rebates on this since I'm 'cancelling' the MRTA? 3. After settling the homeloan, what are the legal documents (other than original S&P) which will proof that I am the legal owner of the property with no caveats/claims from the bank? 4. What are the documents required in the event that I want to sell/bequeath/refinance this property? Just the original S&P? My home is a medium cost appartment (strata title, not yet issued by the developer). I'm contacting the bank to initiate this, but I wanted an independent source of info on this. Can't trust the bank totally Thanks in advanced! Hi all,

Just wanted to check with peoeple here – I’m doing an early settlement of my homeloan (5 years now, original tenure is 20 years) but would like to cross-check a few points:

1. Are there any legal fees required for early settlement of the homeloan? There is no lock in period, so I’m not subjected to any early settlement penalty. Are there any other charges that you know of for early settlement?

2. My homeloan came with a mandatory MRTA for 20 years, would there be any rebates on this since I’m ‘cancelling’ the MRTA?

3. After settling the homeloan, what are the legal documents (other than original S&P) which will proof that I am the legal owner of the property with no caveats/claims from the bank?

4. What are the documents required in the event that I want to sell/bequeath/refinance this property? Just the original S&P? My home is a medium cost appartment (strata title, not yet issued by the developer).

I’m contacting the bank to initiate this, but I wanted an independent source of info on this. Can’t trust the bank totally

Thanks in advanced!

]]> By: joe http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-153004 joe Mon, 30 Aug 2010 11:07:55 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-153004 Your topic here is on settling debts and reducing loan amounts. I have a question on home loan refinancing. Property investors are just doing the opposite... How does increase leverage ( borrow more and more money from the banks) makes the property investor richer? Isn't the investor moving into greater debt and tightening the noose round his/ her neck? Your topic here is on settling debts and reducing loan amounts. I have a question on home loan refinancing. Property investors are just doing the opposite…

How does increase leverage ( borrow more and more money from the banks) makes the property investor richer? Isn’t the investor moving into greater debt and tightening the noose round his/ her neck?

]]> By: Sayeed http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-153002 Sayeed Mon, 30 Aug 2010 07:08:38 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-153002 There are few additional information that is important. 1. KWSP withdrawal are up to 3 house for lump sum withdrawal and the 3rd house withdrawal is no longer lump sum, it will be withdrawal to pay monthly instalments only allowed. So if we are using KWSP to reduce our housing loan from the first 2 houses, it helps to reduce immediately the loan amount, but for the 3rd house, KWSP only allows monthly installment. So plan out wisely if we own more properties. 2. When banks announce Zero Moving Cost, make sure they are not putting it back into our repayment, than it is not zero moving cost. 3. When talking about loans it is not about the repayment in $$ value but look at the % interest rates. If we want to know whether we should settle full amount or partial, look into the % interest paid against the % ROI, make decision base on that. Thank you. There are few additional information that is important.
1. KWSP withdrawal are up to 3 house for lump sum withdrawal and the 3rd house withdrawal is no longer lump sum, it will be withdrawal to pay monthly instalments only allowed. So if we are using KWSP to reduce our housing loan from the first 2 houses, it helps to reduce immediately the loan amount, but for the 3rd house, KWSP only allows monthly installment. So plan out wisely if we own more properties.
2. When banks announce Zero Moving Cost, make sure they are not putting it back into our repayment, than it is not zero moving cost.
3. When talking about loans it is not about the repayment in $$ value but look at the % interest rates. If we want to know whether we should settle full amount or partial, look into the % interest paid against the % ROI, make decision base on that.
Thank you.

]]> By: norul http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-152997 norul Mon, 30 Aug 2010 05:01:40 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-152997 hi, I have a personal loan with bank rakyat RM160, 000 for 240 months. RM 1367 monthly payment. I bought few lands with this money . I want to move my business to this new place.I am planning to settle down my loan in 7years.I just want to know if I pay this payment in lump sum is there any benefit or rebate that the bank will give to me? If have, do you know how much the rebate if I settle the loan earlier? Or do you have any advice in settling the loan payment earlier with lower interest rate? hi,
I have a personal loan with bank rakyat RM160, 000 for 240 months. RM 1367 monthly payment. I bought few lands with this money . I want to move my business to this new place.I am planning to settle down my loan in 7years.I just want to know if I pay this payment in lump sum is there any benefit or rebate that the bank will give to me? If have, do you know how much the rebate if I settle the loan earlier? Or do you have any advice in settling the loan payment earlier with lower interest rate?

]]> By: KCLau http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151495 KCLau Thu, 18 Feb 2010 15:57:52 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151495 Now EPF allows withdrawal to pay housing loan installment Now EPF allows withdrawal to pay housing loan installment

]]> By: Don http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151494 Don Thu, 18 Feb 2010 12:14:17 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151494 Hello there brother...can a financial institution uses my efp money to cover up my housing loan interest rather than reducing the principal amount obtained? thanks Hello there brother…can a financial institution uses my efp money to cover up my housing loan interest rather than reducing the principal amount obtained? thanks

]]> By: Jason http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151299 Jason Wed, 20 Jan 2010 10:28:01 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151299 Hi... I am currently under AKPK program and I am comfortable with the propose monthly repayment. The issues is that it's too long to clear it as it it set for 10 years repayment with that rate and I wanted to get lower rate so that I can clear it in less time as I can't get any loan while I am still with AKPK. I wanted to own a house in 5 yrs time. I am wondering if I can do any re-financing with any bank or institution? Current AKPK rate is about 10% but I understand that there is quite a number with repayment with less than 6%. I read one with MBSB currently which they are giving only for Goverment sector and I also didn't ask if those under AKPK is applicable or not. Pls advice.. TQ! Hi… I am currently under AKPK program and I am comfortable with the propose monthly repayment. The issues is that it’s too long to clear it as it it set for 10 years repayment with that rate and I wanted to get lower rate so that I can clear it in less time as I can’t get any loan while I am still with AKPK. I wanted to own a house in 5 yrs time. I am wondering if I can do any re-financing with any bank or institution? Current AKPK rate is about 10% but I understand that there is quite a number with repayment with less than 6%. I read one with MBSB currently which they are giving only for Goverment sector and I also didn’t ask if those under AKPK is applicable or not. Pls advice.. TQ!

]]> By: rob http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151295 rob Wed, 20 Jan 2010 03:05:22 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151295 try this. real estate.com.my.net the forum on property financing.- informative. try this.
real estate.com.my.net
the forum on property financing.- informative.

]]> By: Jude http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151294 Jude Wed, 20 Jan 2010 01:15:25 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151294 what is MT and HBT stand for? what is MT and HBT stand for?

]]> By: Jude http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151282 Jude Tue, 19 Jan 2010 06:45:40 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151282 anyone know how much is the BLR set by Bank Negara for 2010?Thanks. anyone know how much is the BLR set by Bank Negara for 2010?Thanks.

]]> By: Jude http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151279 Jude Tue, 19 Jan 2010 02:29:01 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151279 mine mentioning those banks? thanks.. mine mentioning those banks? thanks..

]]> By: Jude http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151271 Jude Mon, 18 Jan 2010 03:27:31 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151271 HUH...should 've make the loan last year then. Thanks Rob. Mind if you can give good links on housing loan, preferably some latest blog on their loan experience?Thanks again. HUH…should ‘ve make the loan last year then. Thanks Rob. Mind if you can give good links on housing loan, preferably some latest blog on their loan experience?Thanks again.

]]> By: rob http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151269 rob Mon, 18 Jan 2010 03:09:38 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151269 The housing loans are all standardised now at BLR-1.8%, with No ZEC. Totally unattractive, unlike the period before 1st.dec 2009. Only 2 or 3 banks offer ZEC. but they come with higher interest. The housing loans are all standardised now at BLR-1.8%, with No ZEC.
Totally unattractive, unlike the period before 1st.dec 2009.

Only 2 or 3 banks offer ZEC. but they come with higher interest.

]]> By: Jude http://kclau.com/wealth-management/how-to-settle-your-loans-earlier/comment-page-1/#comment-151268 Jude Mon, 18 Jan 2010 02:45:41 +0000 http://kclau.com/2007/07/15/how-to-settle-your-loans-earlier/#comment-151268 All the comments here were back in early 2009. What are the trend of housing loan now?I had read the blog link you posted either..and it is also in 2008. Need your opinion on the current home loan package. Thanks. All the comments here were back in early 2009. What are the trend of housing loan now?I had read the blog link you posted either..and it is also in 2008. Need your opinion on the current home loan package. Thanks.

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