Are you interested in making more money via refinancing your home loan? Case study shown on below will explain how it can help you to have better cash flow.
Case Study
Customer: Mr. ABC
Property Purchase Price: RM240,000
Current Home Loan: RM216,000 (90% of RM240,000)
Current Property Market Value: RM350,000
Refinance Home Loan Amount: RM315,000 (90% of RM350,000)
Refinance Home Loan Tenure: 29 years
Comparison: Before Refinancing VS. After Refinancing
- Current Installment has been reduced to RM1,415 instead of RM3,041
- Extra positive cash flow of RM1,626 every month
- The entire loan has been consolidated into one single facility
- Home loan tenure remains 29 years after refinancing
- Extra cash after refinancing: RM315,000 – (RM212,960 + RM6,480) = RM95,560
- Other outstanding loans (credit card, hire purchase, personal loan and other loans) = RM41,480
- Extra cash after consolidation: RM95,560 – RM41,480 = RM54,080
{ 2 comments… read them below or add one }
I believe re-financing was also another way to generate cash back then in 1998 and 2000…
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You can do that with refinancing? Raise the amount of the home loan? Within the same bank or new bank?
Thanks for info. Newbie here.