Comments on: How to Refinance your Home Loans Smartly

By: houseowner

houseowner — Thu, 10 May 2012 03:23:38 +0000

Hi,
Is there any possibility to refinance a house when the applicant failed the
credit checking? Fyi, the intention is to settle all the finance related matters.

Tq.

By: James

James — Mon, 23 Apr 2012 07:59:52 +0000

Hi There,

I would like to check related on refinance my apartment whereby my outstanding around RM106000 after check current value which is RM190000 from iproperty. how much i can go for? and if cics listed by bank negara can i do refinancing?

Thanks

By: Dee

Dee — Tue, 10 Apr 2012 13:41:47 +0000

Hi KC,

Chanced upon this and thought you site was very helpful. I have an outstanding amount of RM214,000 on my housing loan. Lock in period of 5 years completed. My interest repayment now is 5.45% (BLR – 1.15%). My current bank says I might get a BLR – 1.8% if I write in and they may waive the processing fee. I have another 25 years on my loan. I am thinking of refinancing. Is this a good idea?

Thank you in advance & looking forward to hear from you.

By: Ivan Sak

Ivan Sak — Sat, 17 Mar 2012 08:02:32 +0000

Hi KC,

I have a refinance question to hope that can get your advice and info. I would like to refinance my house with the value at RM130K and aid to get 20k , the installment has been 5 years, if i prefer to do the re-financing with no EPF, will bank appoved on my application? What are the required documents that i have to submit to bank? Waiting for your kindly reply, thank you.

By: nurul

nurul — Wed, 14 Mar 2012 12:20:26 +0000

Hi KC,
i would like to refinance my house but our developer is already bankrupt, what should i do?

By: KCLau

KCLau — Wed, 07 Mar 2012 01:32:18 +0000

Hi Ann, I think it is best to consult the banker regarding this scenario.

By: Ann

Ann — Fri, 02 Mar 2012 06:09:20 +0000

Hi KC,

Im seeking an advice on this below situation, pls advice, thanks in advanced..

Situation:

2 land tittle is charge in public bank for the amount of rm70k. (both land belong to Mr.A)
As agreed Mr A get 1 land tittle
And Mr B get 1 land tittle
Due to Mr. A cannot service his loan.
Mr. B intended to get the 1 land for his own refinancing with government loan/ commercial loan.
The question is:
1) Can Mr B, settle the outsanding land for the 1 tittle only and not the another 1 tittle.
2) what will happen to the refinancing loan with public bank, will the bank lower the monthly payment or will they proposed to get another new loan. What is generally the terms and condition of public bank.
3) when mr B wanted to get a fresh loan from government/ commercial loan should he make his own valuation on the land.

By: KCLau

KCLau — Mon, 10 Oct 2011 19:05:55 +0000

It can be the same bank. Depending on the banks, some do not offer great competitive package to existing customers. Shop around.

By: Zzdin

Zzdin — Mon, 10 Oct 2011 13:15:07 +0000

Hi KC,

Is it possible to refinance my home loan with the same bank or must it with another different bank? My current loan is with hongleong and I find that they’re one with the lowest rate.

Rgds

By: James

James — Sun, 09 Oct 2011 03:46:14 +0000

Calvin,

It is possible to refinance your property of 55,000, but the rate is BLR – 1.9%. If you are interested, you may email me at jamestanel@gmail.com.

Cheers,
James

By: KCLau

KCLau — Thu, 18 Aug 2011 08:13:25 +0000

Hi Jie,
If you know the current market value of your property, you will have an idea of how much money you can borrow from through mortgage by doing refinancing. The banks will need to evaluate your property anyway.

By: jie

jie — Wed, 17 Aug 2011 08:39:41 +0000

I don’t really get it. I heard that to refinance home, we will need to know the current value of our property. Is that true? what’s the use then?

By: KCLau

KCLau — Tue, 19 Jul 2011 05:08:38 +0000

Then you may need to refinance for a higher amount. If that is not your intention, you may need to keep status quo.

By: Calvin

Calvin — Sat, 16 Jul 2011 09:12:47 +0000

Hi KC,
My current home loan outstanding is rm55000. BLR is 6.6 + 0.2%. I plan to refinancing the home loan, but most the bank minimum required borrow rm100000 above. is it worth to refinance? Can you advise me? Thank you

By: KCLau

KCLau — Wed, 22 Jun 2011 11:10:30 +0000

Hi Balachandar,

It shouldn’t be that way if the rate offered by CIMB is lower, on the same amount of loan RM140,000 and paying the same amount of installment. It should be less than 5 years.
Or maybe there are hidden charges involved? Ask your mortgage officer to explain how can this be so?

By: Balachandar

Balachandar — Wed, 22 Jun 2011 10:21:47 +0000

Hi KC,
I have outstanding balance for my home loan for RM130,000 with public bank. And i have to pay for another 5 years.
Recently i decided to do some restructuring and approach CIMB, who offered -BLR minus 2.2%. .
But with same installment amount, CIMB is worked out years to be paid is 7 years.
I’m confusing on refinancing .
Can you render some thoughts on how to do it.

By: micky

micky — Fri, 22 Apr 2011 04:03:00 +0000

Not sure where this is coming from. I mean the bank. Should you opt for early exit, there should be a reduction namely in interest mainly for instance is you are left with 50k to go and charge with interest of 4% then if multiply by 10years means an interest of (4%*50k)*10years = 20k of interest. then this should not be taken into accountable. I think BSN (mainly is just playing dumb). You should go to the HQ and make a hassle about it. Someone has to explain unless its written in the fineprint.

By: shahrir

shahrir — Tue, 08 Feb 2011 07:25:42 +0000

Hi KC,
I don’t understand much how loan repayment works and appreciate any guide you can give. I have been paying for a home loan (BSN girohome) for 10 years and have another 10 years to go. I consider to sell the home (its a piece of land actually) and ask the bank how much I would have to pay to settle the loan. They are telling me that it makes no different whether I want to settle the loan on a lump-sum basis now, or continue to pay monthly over the next ten years as planned – the total amount is still the same (or slightly less) . That doesn’t seem to make sense to me considering the time value of money. Thanks for your help.

By: Kim

Kim — Mon, 04 Oct 2010 01:57:43 +0000

Hi KC,
Recently, i am reviewing some options for the possibility to either re-finance or get a top up loan option for my apartment unit which meant for investment purpose. Do i need to take MRTA insurance package or i should consider to get a general life insurance package. Appreciate for your advice and feedback. Thank you.

By: Personal Finance this Week in Financial Blog Articles | Personal Investment Management and Financial Planning Blog Directory

Thu, 05 Aug 2010 04:42:49 +0000

[...] presents How to Refinance your Home Loans Smartly posted at KCLau’s Money Tips, saying, “Lists several reasons why home owners would [...]