10 Questions to Ask Before Refinancing Home Loan in Malaysia
If you are thinking of saving money from home loan, when is the best time to start? To get the answer, ask yourself few questions as below before refinance your existing home loan. The 10 key questions are important to help you to understand your current home loan before consider to get a new financial package for its advantages.
Q1: What is my purpose of home loan refinancing?
- For lower interest rate, better cash flow, more savings or investment purpose?
- To restructure few home loan accounts into 1 bank 1 account for better property management purposes?
Q2: What does my chosen bank package offer?
- Type of home loan package: flexi, conventional, Islamic home loan?
- Home loan interest rate?
- Base Lending Rates, BLR?
- Lock in period?
Q3: What is my property market value?
- Sales & Purchase Agreement price (if you bought from property developer) or purchase price (if you bought from previous home owner, sub-sales)?
- Current market price?
Q4: What is my remaining home loan tenure?
Q5: What is my current home loan interest rate?
- Lower or higher than current market home loan interest rates?
Q6: What is my current home loan lock in period?
- 3 years? 5 years?
- Current home loan still within the lock in period?
Q7: What is my penalty if I opt to refinance?
- % based on total loan amount?
- % based on outstanding loan amount?
Q8: Did my current home loan incorporate with MRTA?
- Can I redeem the surrender value?
Q9: What is my current outstanding home loan?
Q10: What is my property current land title status?
- In the midst of changing strata title?
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Refinance with Citibank Home Loan Free Bali Holidays & Flying Lesson
Fantastic Citibank Home Loan promotion! Do you knows when you refinance your home loan with Citibank with minimum loan amount of RM150,000 and above, Citibank will rewards you for free Phuket or Bali holidays, Free Flying lesson and many others as shown on below. The most wonderful part is, all the five rewards are guaranteed! That’s cool right!
Do you fear of flying? Then, you better get prepared for the once-in-a-lifetime chance to pilot a plane! Now you have the chance to experience becoming a pilot via Citibank home loan? WTF, that’s too great!
Guaranteed Gifts (all 5 below):
- Free Flying Lesson worth RM750
- Free 5 Days 4 Nights stay for 2 (Bali or Phuket) worth RM4500
- Free 3 Days 2 Nights stay for 2 at a local holiday destination of your choice worth RM1500
- Kipling vouchers worth RM100
- 50% off Kenny Hoo Good Feng Shui consultation services
Besides, you will be entitled for 10 entries upon approval of your new home loan to participate Citibank Big 50 Contest to win another extra 50 gifts! Don’t you think that is an excellent mortgage refinance package offered by Citibank?
Some highlights of Citibank Home Loans features:
- Flexibility in Repayment
- Daily Interest Calculation
- Free Moving Cost
Make extra payments of any amount, at any time
No notice required
No fees charged
Interest is reduced as soon as the extra payment is made
No legal fee
No stamp duty
No valuation fee
No discharge fee
No processing fee
The Citibank home refinance offers are valid for loan submission between 1 July and 30 September 2009, and loans accepted by 31 October 2009. Terms and Conditions apply. For more information, please log on www.citibank.com.my or Citibank Call Center at 1300 13 8800
Tags: bali holidays, becoming a pilot, citibank big 50 contest, citibank call center, citibank guaranteed gifts, citibank home loan, citibank refinance package, free flying lesson, mortgage refinance, phuket holidays, Refinance, refinance home loan
Review on Supex Mortgage Reduction Seminar – Are They Liar?
How to save up Mortgage Interest? How to shorten up Mortgage Period? How to payoff your Mortgage Loan before retirement? How to payoff your Mortgage Loans before children higher education?
Mortgage Reduction Specialist in Asia
All the questions abovementioned come across my mind after I receive a leaflet from a mortgage reduction agent at a financial event. Therefore, I had decided to attend their seminar at The Summit Hotel USJ with a minimum investment of RM50 and 4 hours only (RM40 each for 2 & above), which I feel no harm to explore myself there. Some more, they claimed the seminar will be conducted by the FIRST Knowledge-Creating & Number 1 Mortgage Reduction Specialist in Asia, Mr. David Wong. On top of that, all participants are entitled to enjoy a FREE Mortgage Diagnostic from their consultants. Then, why not to attend? Please be reminded to bring along your mortgage loan agreement and other relevant documents for more precise analysis outcome. Else, you may arrange another appointment to meet one of their consultants for the analysis either at your place or their office.
Negative Feedback From Public
In fact, I have google some info about Supex Mortgage Reduction before I attend the seminar on last Monday, 6 April 2009. Surprisingly, most of the info I found were cons to Supex Mortgage Reduction (M) Sdn Bhd. Perhaps I should say almost 100% are negative feedback. Majority of the complaints state that Supex Mortgage Reduction is doing illegal thing, misleading public, unreasonable charges fees and etc. But, I did read many articles published in the Money Compass Magazine and The Edge written by them since the past few years ago.
Prepayment
According to their articles, obviously they are keeping emphasize on how to maximize the reduction of your mortgage loans through right ways to do the right PREPAYMENT. Frankly speaking, its sound makes sense for me. I feel interesting and curious to find out the answer regard the complaints raised on them at online property forum. Are they liar? Are their services illegal? Therefore, I attended their seminar.
During the seminar, David Wong has highlighted few ‘tricky’ clauses stated in our mortgage loans agreement; especially in prepayment and account statement parts. Its sound interesting and make sense. REMINDER: Please never believe ‘blindly’ on the answer or explanation replied by your mortgage loan agent or officer! I had ‘experiment’ it to my mortgage loan consultant. I ask her a simple question, “Is it my current monthly installment payment started to pay off partially of the principal loan amount or just solely for interest only (the loan still haven’t fully disbursed by bank to developer). Eventually, she gave me a WTF reply said that, “Don’t worry Mr.Lim, since your first monthly installment payment the partially of your payment are paid for principal loan amount.” So, be caution of that!
I will update you guys more on dollar sign wise how much could I save through their services next week after I meet up with their consultant.
P/S: Please keep the yellow ticket because it will enables you to re-attend the similar ‘Supex Mortgage Reduction Seminar’ for FOC.
Tags: children higher education, money compass magazine, monthly installment payment, mortgage loans, mortgage reduction seminar, mortgage reduction specialist, mortgage refinance, prepayment, the edge
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