Home Loan

Sumber:http://forum.lowyat.net/index.php?showtopic=559259&st=0&p=14239555&#entry14239555
I'm currently searching for homeloan now,
here's my list of common questions on loan,
if there's more, please feel free to post/comment

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1. BLR cap
2. charges & setup fee (month fee, account setup)
3. Application processing fee
4. Capital prepayment
- withdrawal of prepayment charges
- charges / notice of prepayment
- amount of prepayment (not exceed annual installment?)
- the minimum amount of outstanding loan principle that must be maintained till the end of lock-in period
5. installment calculation / tables
6. insurance
- mrta/mlta
- finance into loan amount?
- compulsory / optional?
- mrta will gone if refinance
7. locking period
- 5 years from final disbursement or first disbursement?
- normally 3% penalty
8. installment starts when
- on loan agreement
- on first disbursement
- on final disbursement
9. loan person involve
- snp 2 names, loan requires 1 or 2 names?
10. loan statement
- available online?
- printed statement? (charging fee)
11. package?
- zero moving cost? (zmc) - include what fees.
- non zero moving cost? (nzmc)

1. BLR cap
> BLR now is around 6.75%.
> Now it depends on how much discount the bank is willing to offer to offset the BLR.
> If you are afraid that BLR would go up in the future, fixed rate is the way to go.

2. charges & setup fee (month fee, account setup)
> Charges would be the administration fee and lawyer fees.
> Don't understand your concern on account setup.
> But for flexi loan, there would be a more in depth look into account setup and payment offset on interest portion.

3. Application processing fee
> No processing fee, but admin charges as mentioned in point 2.

4. Capital prepayment
- withdrawal of prepayment charges
- charges / notice of prepayment
- amount of prepayment (not exceed annual installment?)
- the minimum amount of outstanding loan principle that must be maintained till the end of lock-in period
> Seems you're focusing on flexi loan. Different bank would have different rules and procedures. HSBC and SCB charges monthly RM10 for maintenance of account. But withdrawal can be done anytime with ATM as long as the balance in the account is more on top of the current mortgage payment.
> Most other banks that offer flexi loan might operate in a way that you'll need to notify the bank if you wanted to withdraw money. Than charges would be based either on the amount withdrawn or per transaction. No monthly charges for this case.
> For flexi loan, one doesn't need to notify the bank on prepayment. Because any excess would offset the balance and interest calculation would be after offsetting the balance.
> For conventional loan, usually one needs to notify the bank on prepayment as the bank needs to re-calculate the interest charged and adjust either the loan tenor or the monthly mortgage repayment amount.
> Don't understand the bold part but guessing again you're asking on flexi loan. So if flexi loan, than there's no minimum amount of outstanding balance to maintain. You can basically "pay" all your outstanding balance; but you DO NOT REDEEM the property until the lock in period is over.

5. installment calculation / tables
> You can use PMT function to calculate the amortised monthly repayment.
> I've attached a stimulation table for you to play with. (Enter value into those highlighted in green)
> You'll get to know how much is the principal and interest charged per month.
> Total Loan Amount - Total want to borrow
> CMV - Value of the property
> TL% - put 100% if no OD to borrow
> Interest TL - Interest quoted i.e. BLR - x%
> Interest OD - if there's any borrowing in OD.
> Tenure - Years of borrowing
> PI Period - For OD (Leave all OD cell 0 if no OD)

6. insurance
- mrta/mlta
- finance into loan amount?
- compulsory / optional?
- mrta will gone if refinance
> I would never advise the insurance amount to be included into financing package. Reason being it could be a small premium, but after added into mortgage and amortise it for 30 years....than imagine the amount grew.
> MRTA or MLTA depends. For me, I took MLTA privately renewable every year.
> Reason why I took MLTA is because I paid lesser amount of premium when my loan reduced and since I'm not conventionally paying for the full 30years tenor (plan to settle everything within the time frame of 10 years), so MRTA doesn't appeal to me as I would be obliged to pay more.

7. locking period
- 5 years from final disbursement or first disbursement?
- normally 3% penalty
> Always starts from the final disbursement.
> penalty charges would varies between banks and the point of redemption.

8. installment starts when
- on loan agreement
- on first disbursement
- on final disbursement
> usually upon first disbursement. It's known as progressive payment as the initial amount of loan repayment would be by stages depending on how much money the bank had released.

9. loan person involve
- snp 2 names, loan requires 1 or 2 names?
> Not too sure, if SNP 2 names, I think the bank would want 2 names in the loan agreement. Logically thinking is if there's problem with loan re-payment, the bank still have the right to caveat the property or sell off the property in auctions. But if one name in the loan, the bank technically cannot confiscates the property as the other name didn't loan it from the bank and holds 'half' of the property. But it's better to confirm with the bank. I'm just guessing

10. loan statement
- available online?
- printed statement? (charging fee)
> some banks give monthly statement, some gives quarterly, some half yearly or even yearly. So depending on bank. Fees also need to ask.
> for eg, flexi account with HSBC and SCB would give monthly statement and the additional charge on top of the monthly repayment is RM10.

11. package?
- zero moving cost? (zmc) - include what fees.
- non zero moving cost? (nzmc)
> It's just marketing tactics.
> ZMC, all the lawyer fees are borne by the bank and armotised into your loan. So they gave slightly lower interest rate because they would be earning more in totality.
> I don't usually advise consumer to take up ZMC which the same logic and advise on MRTA included into loan financing.