Checklist before refinance

My loan with Maybank is rm198,000 for 30yrs (7.5%) SNP-19 May 2003
The current market price is rm250,000(from my own estimation,but may be more..I`m not very sure about this)
I think the current balance is around rm185,000
I just want to refinance the balance rm185,000 cause I want to shorten the tenure from 24years to 10years.
My current budget is the payment should be less then 2000/per month
I would like to clarify few things:


House Refinance
1.Islamic VS Conventional- I prefer Islamic flexi Loan
2.Reducing balance VS Flat rate--I prefer Reducing balance
4.Daily Rest VS Monthly Rest--I Prefer daily rest (cause I want to pay biweekly)
5.MRTA vs MLTA--What is the cost?
6.Non Zero Entry Cost VS Zero Entry Cost----so this loan is NZEC or ZEC ?
7. lock in period---how many years?
9.the legal and valuation fees? is it free? or bank will absorb legal fee & valuation fees up to 1.5% of loan amount

REPLY:
1.If you looking for flexi islamic loan, Alliance Bank might provide you attrative rate:
198000 loan, margin below 80% of current market price:
Non-zero/ Fec: BLR-2.15% whole tenure
Your monthly installment will be RM1949.
(Zero cost applicable to minimum loan 200k only)

The reason i proposed Alliance Bank:
- Islamic loan, capping ceiling rate at 9.99%
- Fully flexi, no setup fee, no monthly maintainance fee
- Provide cheque book and atm card, able to make prepayment and redrawal anytime.
- 0.05% dividen for extra money you dump in current account as prepayment to the loan. (You pay, you earn as well)


2.Eon Bank

First 6 years: BFR-1.6%, instalment 1868.64
thereafter BFR-2.2%, instalment 1846.50
so this lawyer fee and valuation fees r inlcluded in this quotation?
bank will absorb legal fee & valuation fees up to 1.5% of loan amount



I would like to clarify few things

House Refinance
1.Islamic VS Conventional- I prefer Islamic yeah it's islamic BBA


2.Reducing balance VS Flat rate--I prefer Reducing balance reducing
4.Daily Rest VS Monthly Rest--I Prefer daily rest (cause I want to pay biweekly) daily rest

5.MRTA vs MLTA--What is the cost? For Islamic BBA is Takaful (optional)
6.Non Zero Entry Cost VS Zero Entry Cost----so this loan is NZEC or ZEC


7. lock in period---how many years? 6 years
9.the lawyer fee? is it free? bank will absorb legal fee & valuation fees up to 1.5% of loan amount