After my previous post of BLR 5.5%' , I have another idea to share .... Like I said , right now the BLR is reduced to 5.50 or 5.55% ( confirm with your bank ). Those of us who bought properties > 2 yrs ago , our conventional fluctuate loan deal most likely was BLR + 1 , BLR - 0.5 or something within this range , that translate into 5% to 6.5%. The best way to tackle this is , after the locking period, call the bank loan department, ask if the bank could do you a favor , for rewarding a loyal customer, help you to reduce the loan interest rates. Whenever my locking period expire, and if I don't have intention to fully settle the loan, I'll call the bank and ask them to reduce, so far so good, the bank will entertain, the only drawback is that , bank will enforce another new locking period ( 3 to 5 years ). For those who opted the fixed or islamic loan, the rate is fixed for the whole tenure , say if it was set at 7%, it would be 7% for the whole tenure... Time like this , sometimes is good to review, re-calculate the penalty cost, and survey the refinance package , if the new bank can give you a better deal , which resulted huge savings in interets, then by all mean, do the refinancing ...
For those of you who need a loan calculator , one which is easy to use, can dump in any amout of loan any time , and still be able to show you how much interests paid .... ping me - email me , I'll send over to you :)
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