Iskandar Residences @ Medini

[sgcount]

Thanks FHBH12 and Chocolate. The Flexi Mortgage is from UOB.

I brought this up to the officer once but was told there is nothing I can do about it. It's the "bank policy".

The reason why I chose Flexi Mortgage is I thought I can save on the interest as long as I can make lump sum payments before the loans are disbursed. If I open a Savings Account, the interests cannot be reduced?

I specifically opened an account solely for the loan repayment. I won't have a need to use RM now as I hardly travel to Malaysia for now. But the ridiculous thing is they asking me to open an account last year when the loan has not even started.

The postage fees need to be paid cos they claim they need to send monthly statements from Malaysia to Singapore. Can't remember but not cheap this one.

FHBH12: They also charge you for using ATM card. But it's only RM8 per year I think. They charge for almost anything! Chequebook also charge annually. Even issuing a cheque they will charge! I told them don't give me all these then. I thought ok I'm fine. Then after not using the Flexi account for a few months, suddenly they mailed me to say my account is now labelled as "Dormant" and I will be charged RM10 annually. You got to really give it to these banks in Malaysia. If this happened in Singapore, I would be losing don't know how much every year for the ATM cards I have and cheques issued!

Hmm, if I am free next month, I might just drop by UOB to bring up this case again. But as far as I know, I don't think I can do anything.

 

[FHBH12]

Thanks FHBH12 and Chocolate. The Flexi Mortgage is from UOB.

I brought this up to the officer once but was told there is nothing I can do about it. It's the "bank policy".

The reason why I chose Flexi Mortgage is I thought I can save on the interest as long as I can make lump sum payments before the loans are disbursed. If I open a Savings Account, the interests cannot be reduced?

I specifically opened an account solely for the loan repayment. I won't have a need to use RM now as I hardly travel to Malaysia for now. But the ridiculous thing is they asking me to open an account last year when the loan has not even started.

The postage fees need to be paid cos they claim they need to send monthly statements from Malaysia to Singapore. Can't remember but not cheap this one.

FHBH12: They also charge you for using ATM card. But it's only RM8 per year I think. They charge for almost anything! Chequebook also charge annually. Even issuing a cheque they will charge! I told them don't give me all these then. I thought ok I'm fine. Then after not using the Flexi account for a few months, suddenly they mailed me to say my account is now labelled as "Dormant" and I will be charged RM10 annually. You got to really give it to these banks in Malaysia. If this happened in Singapore, I would be losing don't know how much every year for the ATM cards I have and cheques issued!

Hmm, if I am free next month, I might just drop by UOB to bring up this case again. But as far as I know, I don't think I can do anything.

Maybe they charge me but I think it must be very little and I don't feel any effect. There was a discussion on debit and credit card, and flexi mortgage account in this forum about 2 years ago, and based on the pros and cons, I decided to go for debit card.

With regard to the charges to your account, I think $10 RM per year is quite minimal, assuming you can potential save a few hundred RM at least from the interest if your initial plan is to off-set interest with savings in it. Nothing is free

 

[potter]

10/yr is a big blow to me.
Make yr bank loan service acct acts as "dummy acct" that link directly to saving acct, is foc service. Many ppl think is small amt for those hidden costs before signing.

Just wan to eat extra 2 bowls of wtm annually.:p

 

[Organic]

Hi sgcount, you were saying they told you to open this account during the loan sign up. Could it be that they were actually asking you to open a Savings account instead? I could be wrong, but once loan sign up I bet they will create a Loan account without asking you to open that account, right?

Anyhow, I have an account with OCBC. During my sign up of Mortgage Agreement, they suggested to open a Savings account. Reason being that when I ever remit funds, the funds must be to my savings account, thereafter I would need to request for a transfer from Savings to Loan Account. They do not permit direct remittance to Loan Account. I figure out that their aim must be to reduce the interest rate in my Savings account from 4% to 0.5% once there is a withdrawal in my Savings account during the month (transferring of funds from Savings to Loan is one). Banks always think of ways to suck our $....and yes, OCBC does charge RM10 annually for those accounts fall under "dormant", but I do not recall any postage charge

 

[malpaso]

similarly, i have the OCBC flexi loan account for the SEC house under DIBS, so far, I don't see any extra charges other than interest payments on project stage disbursements (which are paid for by Setia).

 

[Organic]

similarly, i have the OCBC flexi loan account for the SEC house under DIBS, so far, I don't see any extra charges other than interest payments on project stage disbursements (which are paid for by Setia).

Good to have the DIBS, I missed it for my purchase of SEC...lol

 

[FHBH12]

Hi sgcount, you were saying they told you to open this account during the loan sign up. Could it be that they were actually asking you to open a Savings account instead? I could be wrong, but once loan sign up I bet they will create a Loan account without asking you to open that account, right?

Anyhow, I have an account with OCBC. During my sign up of Mortgage Agreement, they suggested to open a Savings account. Reason being that when I ever remit funds, the funds must be to my savings account, thereafter I would need to request for a transfer from Savings to Loan Account. They do not permit direct remittance to Loan Account. I figure out that their aim must be to reduce the interest rate in my Savings account from 4% to 0.5% once there is a withdrawal in my Savings account during the month (transferring of funds from Savings to Loan is one). Banks always think of ways to suck our $....and yes, OCBC does charge RM10 annually for those accounts fall under "dormant", but I do not recall any postage charge

I remit direct to my saving account, which is linked to the loan. Installment is deducted automatically from this saving account.

 

[Organic]

I remit direct to my saving account, which is linked to the loan. Installment is deducted automatically from this saving account.

Which bank is it? By right OCBC should provide such service. But I feel more secure with OCBC than any other local banks.

BTW, is your Savings/Loan account free from loan interest if you maintain an amount which is equal to the disbursed amount by bank?

 

[FHBH12]

Which bank is it? By right OCBC should provide such service. But I feel more secure with OCBC than any other local banks.

BTW, is your Savings/Loan account free from loan interest if you maintain an amount which is equal to the disbursed amount by bank?

RHB and Hong Leong Bank both offer this service, but I'm sure many others do as well.

No, I just pay whether interest that is factored in, and it is fixed in the contract according to the prevailing BLR, and this is the key part that is different from flexi account. Which is why the potential saving on interest can outweigh the small costs. I feel that if you really want to save on interest, then you should just loan a smaller amount instead of parking the cash in the bank.

 

[sgcount]

Reading reports like these still sends a little fear to my heart. What is so uncomfortable is that even the police there did not side with the victim.

When more residential units have finished building in the Medini area, I wonder if the thugs and robbers will move slowly over there to target at their victims.

Stay safe for now!

https://sg.news.yahoo.com/singaporean-family-tricked-road-accident-050653438.html

 

[FHBH12]

Reading reports like these still sends a little fear to my heart. What is so uncomfortable is that even the police there did not side with the victim.

When more residential units have finished building in the Medini area, I wonder if the thugs and robbers will move slowly over there to target at their victims.

Stay safe for now!

https://sg.news.yahoo.com/singaporean-family-tricked-road-accident-050653438.html

The account seems a bit too detailed such as the precise age of the boy, super clear photos etc.

 

[PuteriWorld]

If I am the polis, I will summon the Singaporeans driver for RM 300. This is the standard procedure. This bugger was reversing out of his parking lot. Regardless of what, he is at fault should there be an accident because he did not observe the traffic. I also find it amusing that they need to go to the police report to make a report. Just stay at Bukit Indah Jusco where there are plentiful of security and ask the police to come. This is the standard procedure in Singapore and Malaysia as well.

This Alan looks like one of the car accessories shop owner in Nusa Bestari though.

Reading reports like these still sends a little fear to my heart. What is so uncomfortable is that even the police there did not side with the victim.

When more residential units have finished building in the Medini area, I wonder if the thugs and robbers will move slowly over there to target at their victims.

Stay safe for now!

https://sg.news.yahoo.com/singaporean-family-tricked-road-accident-050653438.html

 

[gooddebt]

The account seems a bit too detailed such as the precise age of the boy, super clear photos etc.

yup, seldom will a person have such good recall when under stress .

 

[westman]

Found this wonderful youtube about Medini development.

Enjoyed.

https://m.youtube.com/watch?v=Udkz4GS8V74

 

[comfy]

Thanks Westman san!!

Found this wonderful youtube about Medini development.

Enjoyed.

https://m.youtube.com/watch?v=Udkz4GS8V74

 

[Rocker]

Last Saturday, I drove pass 1 Medini and gotten to know there are still some residents units available which is above the shop lots. Thinking to book but it is only 99 years, not like those surrounding units which is 129 years. I wish seek some advice from brothers and sisters here whether it is worth to consider for investment?

 

[westman]

Went to the site yesterday during noon time.
The site is very active as I saw many construction workers trooping out from the site for lunch break.

Went to the main gate and have a look at the site. Noticed it is building level 1 now. Saw alot steel works and I think they are preparing the crane base too..

Spoke to a local chinese foreman. He said generally the foundation and level 1 take the longest to build.. once done, the progress will be very fast.

 

[sgcount]

Thanks for the update! Sounds good....

I wish the developer continued to post the construction update pictures. They stopped in Feb 2014. :(

 

[westman]

Thanks for the update! Sounds good....

I wish the developer continued to post the construction update pictures. They stopped in Feb 2014. :(

I think there is not significantly different beside more steel work for level 1. I think they will update when the progress reached level 3 or 4 ...i have checked on 1Tebrau and there is a new update recently..

 

[comfy]

Westman-san, I saw quite recently the developer still advertising for Iskandar Residences on newspaper? Is it true that developer will start building work only upon a percentage sell out, eg 90%...?

Went to the site yesterday during noon time.
The site is very active as I saw many construction workers trooping out from the site for lunch break.

Went to the main gate and have a look at the site. Noticed it is building level 1 now. Saw alot steel works and I think they are preparing the crane base too..

Spoke to a local chinese foreman. He said generally the foundation and level 1 take the longest to build.. once done, the progress will be very fast.