Bahija is in the midst of re-compiling her finances .... since I'm self-employed now, no EPF , no medical ...everything on my own , suddenly missing a huge chunk of '$$$' ....thus, I need to spend wisely, save more for the rainy days ......
I have the privilege to be a housing loan customer, it started with high BLR, it was like 9%, 7% back then ...my loan started with 13.3% , gradually dropped to 7.3% , then 6.8% ....
1998 - 13.3%, 9.05%
1999 - 8.25%, 7.8%
2000 - 7.8%, 7.7%
2001 - 7.7%, 7.3%
2002 - 7.30%
2003 - 7.30%
2004 - 7.30%
2005 - 7.30%
2006 - 6.80 %
2007 - 6.80 %
2008 - 6.80 %
2009 - 6.80 %
Right now, for a new housing loan, the offer is BLR - 2.4%, BLR is revised to 5.55% , so that means a new housing loan is only 3.15% ONLY !!
How much is FD rate now ? it's only 2% , inflation rate is 4 to 5 % ...
So, what am I trying to say here ? Haa, I also dunno yet :) , wish I am a smart investor ... however, looking at the simple math, it's better to get a housing loan for 3.15% own a property , than to keep money in FD, may be ? hmmm
For those of you who are thinking to apply a housing loan, check out HLB new loan - it's similar with Standard Chartered flexi loan too, combine the current or saving accounts, daily rest and the money u put in saving/current - actually help in reducing a lot of the interests ( at the end of the tenure ) ...worth to consider. Banks are very creative theseday, keeps lauching new and better programs, and if one listen carefully, understand and abide well, it does help in the total interests amount paid
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I wrote to ING to reduce my loan and they rejected me! So I am going to calculate how much is the penalty and then see if I could gain more from another bank and write in again to tell them of my displeasure.. so LCLY!
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