Banking & Finance (includes credit cards posting)

[Cestbon]

Re: Most competitive mortgage provider/bank

Now market rate is about 4% for all the bank.

 

[wuqi256]

Re: Which bank offers the best FD rate for non-residents?

MM2H of course can have FD.....in fact putting in the FD is the condition for getting MM2H.

Unless you have student pass or employment pass or you're a resident (staying in malaysia), you cannot open a FD even if you bought a property and have a loan with the bank. i understand that has been the regulation all along but recently they are more stringent. So far, Ambank has not approve my application for FD.
When i took the loan, the officer told me i can put in FD later on. But subsequently, I can't.
Of course, this is for Ambank and maybe other banks are ok.

Just to let you guys know.

From what i understand, Ambank is very very strict but very very good to the customers once you are in with them.
I had no issues with Hong Leong Bank (formerly EON bank) as well as Alliance bank. Right from the start, Hong Leong
Bank already allowed without a lot of crappy questions. I even introduced my uncles, friends and relatives to them.

The bank lady who served us, Ms Kate Tee is amongst the most professional staff i have seen, kudos to the bank for
hiring someone like that.

 

[wuqi256]

Re: Which bank offers the best FD rate for non-residents?

Non residents are not allowed to open FD even if they have a loan with the bank.
This is the case for AmbAnk. Went down twice already and they just say would seek approval from main office but very long still no news.
Dun know why they are willing to lend me money but not willing to borrow from me (I.e. FD).

Luckily public bank, which I also took a loan from, seems to allow me to FD.
Keeping fingers crossed till transaction completed.

Public bank was bad at first when they pushed my first deposit over the counter but that has changed a lot from what i heard. Even Alliance bank as well, they now allow FDs from foreigners without making them jump through hoops.

 

[teck21]

Re: Which bank offers the best FD rate for non-residents?

Malaysian building Society if you want to invest FD and purely after higher interest.

Bro, this society sounds interesting, but how "safe"?

Definitely not as safe as banks in that the deposits there not guaranteed (bank deposits per account per institution guaranteed up to RM250k), but the Malaysian Building Society is 66% owned by the Malaysian EPF board, so maybe quite safe.

But because it is not a bank, you won't get things like credit cards or privilege banking facilities form them.

 

[typh00n]

Re: Which bank offers the best FD rate for non-residents?

Malaysian banks are undergoing consolidation. After merging with EON Bank, Hong Leong Bank is now the fourth largest bank in Malaysia.
1. Maybank 2. CIMB 3. Public
Alliance bank is one of the smallest bank in Malaysia currently, how safe is it?

From what i understand, Ambank is very very strict but very very good to the customers once you are in with them.
I had no issues with Hong Leong Bank (formerly EON bank) as well as Alliance bank. Right from the start, Hong Leong
Bank already allowed without a lot of crappy questions. I even introduced my uncles, friends and relatives to them.

The bank lady who served us, Ms Kate Tee is amongst the most professional staff i have seen, kudos to the bank for
hiring someone like that.

 

[wuqi256]

Re: Which bank offers the best FD rate for non-residents?

There was always talk about DBS and Alliance bank:
http://biz.thestar.com.my/news/story.asp?file=/2010/5/18/business/6281924&sec=business

I still swear by Hong Leong Bank, i am a customer of a few banks as well. When putting in FD, go
with the largest or the bank that gives you the best interest rate especially if you are putting in
a short term FD. If long term, then definitely the most reputable.

If getting a loan for car or house, then most banks are ok.

 

[LGLab]

Term vs Flexi Loan

Currently, in the market there are two most widely known Property Financing. There are Term Loan and Flexi Loan. But for many of people, they have no idea what are the different between them & which one to choose when buying a property. Actually, in addition to Term Loan and Flexi Loan, there is a hybrid product called Semi-flexi Term Loan. This will make the confusion even worse.

In terms of interest calculation between Term Loan, Flexi Loan or semi-flexi Term Loan, actually no different between them. All of them use the same principal where interest is calculated base on principal balance. Nowdays, most of the Property Financing or Mortgage loan are based on “daily rest” calculations. In simple word interest is calculated daily based on the outstanding balance.

Also, monthly installment for Term Loan, Flexi Loan and Semi-flexi Term Loan are fixed unless there is change in BLR or BFR.

The main different between Term Loan, Flexi Loan and Semi-flexi Term Loan are,

Term Loan

Bank allow you to make extra payment to reduce principals but sometimes you have to inform them prior to that. Depending on the Letter Offer, sometimes Term Loan does not allow for extra payment.
Bank doesn’t allow you to withdraw the additional amount you paid earlier in case you need to use it in the future.
Flexi Loan

Bank will provide you with additional Current Account that link with the Loan Account. Bank allow you to make extra payment to reduce principals by depositing either through Loan Account or Current Account. At the end of the day, both account will be synchronized. You do not need to inform the bank regrading extra payment.
Bank allow you to withdraw the additional deposit at any time by withdrawing via ATM or writing a cheque. You do not need to inform the bank.
Bank will impose monthly charge of around RM10 but some banks may give a waiver for this.
Semi-flexi Term Loan

Bank allow you to make extra payment to reduce principals but sometimes you have to inform them prior to that.
Bank allow you to withdraw the additional amount you paid earlier but bank will charge you processing fee for each withdrawal. The fee is between RM10 to RM50 depending on banks. Some banks also place a limit on the number of withdrawal per year.
In conclusion, I definitely prefer Flexi Loan. It gives me flexibility to manage my money. Imagine that, if you combine all of your saving, FD & even salary to your flexi account, immediately you will save on the daily interest. And, if you need to use that money, you can withdraw it anytime as you wish. No limit what so ever. At the end of the day, you will save the interest and reduce your principal at a faster pace and finally shorten the loan tenure.
I am currently having a Mortgage loan from CIMB. I choose Flexi Home Financing-i. It is much better than conventional Flexi Loan as there is no monthly charge of RM10.

Source: http://1-million-dollar-blog.com/term-loan-vs-flexi-loan-for-property-financing/

 

[LGLab]

Re: Term vs Flexi Loan

This article is only meant for Malaysian readers. Thank you.

For those of you who have purchased a property before, you would most definitely have come across the Flexi-Loan offered by many banks. It is one of the most useful loan accounts in my opinion and everyone should have at least one. Well, before discussing the benefits of having a Flexi-Loan account, I will go through the different standard housing loans offered by banks.

1. Term Loans / Traditional Housing Mortgages

These are the traditional housing mortgages where you are simply required to pay a specified instalment amount every month. The interests and principle paid are calculated on a standard balloon payment scheme. Prepayments can be arranged, but they are to be of a certain quantum and once prepaid, you will not be able to take the money back out without refinancing.

2. Fully Flexi Loans

These are loan accounts combined with a checking account. The loan instalments are automatically drawn from the checking account every month. Interests are usually calculated on a daily rest basis; and it is calculated based on the loan amount outstanding net of the cash balance in the checking account. What this means is that, for every ringgit in your savings account, you save the housing interest on that ringgit. The same ringgit will not earn the interest as it would in a normal savings account, but that’s fine since the housing loan interest rate is far higher than the savings rate. You can also deposit cash and withdraw cash in the checking account at any time.

3. Semi Flexi Loans

Semi Flexi Loans are in between the Fully Flexi Loans and Term Loans. Basically you will be allowed to prepay in certain quantum to reduce the loan interest. You will also be able to withdraw the money in fixed quantum provided you give a week’s notice (depends on the bank) and pay a nominal fee. It’s not as flexible, but you still have the option to throw in some excess cash which you will not be using in the near future to lower interest payments.

Source: http://www.investinpassiveincome.com/using-flexi-loan-account-to-save-money/

 

[LGLab]

MRTA will be void when you refinance!! BEWARE!

as above...

my dumb agent did not warn me, and now i got MRTA for 15 years!!

 

[LGLab]

Re: MRTA will be void when you refinance!! BEWARE!

but i heard they will refund the balance of the MRTA when u refinance.. then u gonna buy mrta all over again..

 

[typh00n]

Re: MRTA will be void when you refinance!! BEWARE!

MRTA is not compulsory to get a home loan.
You can insist on not signing up.

as above...

my dumb agent did not warn me, and now i got MRTA for 15 years!!

 

[crystal_tiong]

Re: MRTA will be void when you refinance!! BEWARE!

MRTA is not compulsory to get a home loan.
You can insist on not signing up.

For some bank loans package its compulsory to buy mrta. Usually their loan rate is -2.45.

 

[DREAMorACTION]

Re: Most competitive mortgage provider/bank

Wow great. I will check it out. Citibank offered the same, and no set up fee. The only problem is they only offer 70% for foreigners. What is the Max ratio for alliance?

Hi all,

Care to share that in your experience, which bank offers the most competitve mortgage package?

I have approached local bank Alliance and am inclined to take up their package due to below factors:
1. BLR-2.45 (for loan of RM$400,000 and above)
2. Flexi loan (no cap on the amount put into the account to offset interest)
3. No monthly maintenance fee
4 No lock in
5 One-time setup fee of RM$100
6 Cheque book

Hope to generate an informative discussion. =)

Cheers

 

[LeMans2011]

Re: MRTA will be void when you refinance!! BEWARE!

I dont see what's the point of buying MRTA. For me i merely increase my term life coverage.

 

[crystal_tiong]

Re: MRTA will be void when you refinance!! BEWARE!

I dont see what's the point of buying MRTA. For me i merely increase my term life coverage.

LG concern is that if e owner migrate to another world, e family won't need to pay for e loan anymore. Does term life cover?

 

[LeMans2011]

Re: MRTA will be void when you refinance!! BEWARE!

LG concern is that if e owner migrate to another world, e family won't need to pay for e loan anymore. Does term life cover?

It would be the same effectif your term life coverage is as much as the loan quantum woulnt it? And you are not tied to any property

 

[typh00n]

Re: MRTA will be void when you refinance!! BEWARE!

I agree with LeMans, if the term life insurance payout is able to fully pay for the housing loan, it is similar to MRTA.
Better yet, get a reducing term life insurance, lesser premium.

It would be the same effectif your term life coverage is as much as the loan quantum woulnt it? And you are not tied to any property

 

[DREAMorACTION]

Re: Most competitive mortgage provider/bank

Hi bro, can share the contact of the loan manager? I wanna speak to alliance bank too. Thanks

Hi all,

Care to share that in your experience, which bank offers the most competitve mortgage package?

I have approached local bank Alliance and am inclined to take up their package due to below factors:
1. BLR-2.45 (for loan of RM$400,000 and above)
2. Flexi loan (no cap on the amount put into the account to offset interest)
3. No monthly maintenance fee
4 No lock in
5 One-time setup fee of RM$100
6 Cheque book

Hope to generate an informative discussion. =)

Cheers

 

[rhino]

Re: Most competitive mortgage provider/bank

Hi bro, Alliance can loan up to 85%.
You can look for Ms Ngo Lee Theng at Taman Nusa Bestari branch.
Her mobile is 017 211 3936
Office is 607 237 8350

 

[DREAMorACTION]

Re: Most competitive mortgage provider/bank

Thanks bro!

Hi bro, Alliance can loan up to 85%.
You can look for Ms Ngo Lee Theng at Taman Nusa Bestari branch.
Her mobile is 017 211 3936
Office is 607 237 8350