15.11.2010 Finalize My housing loan.

Have you guys bought your first house already?

well i think most people who has already in my age could of already bought a house... but do we really know about the real value of our house and the real condition of our housing loan....

yes of course all of us wants a reasonable house price and the lowest housing loan interest in town.. however are we actually going to get that? now i just finalize my housing loan and bought an apartment nearby where i stay now.. the price is RM 154575.00 and due to the banks requirement i will have to pay 10% out of the house price which means RM 15575.00 in total i will only get 90% financing on my house.

getting the loan was so troublesome.. i went to three (3) local banks and one (1) international bank..so how was my approval ? i thought i will get the lowest interest in town but yet.. in act of desperateness i had to choose the better offer from banks rather than follow my demands its because all of these banks will not give me my rate and they have really strict approval guidelines..

so lets have a look at what i was offer:
bare in mind the BLR rate is 6.4%

HSBC offer me 80% financing with -2.2% BLR
Public Bank offer me 85% financing with -2.0 BLR with guarantor
Maybank offer me 90% financing with with -1.6% BLR with RM 8k of fixed deposits.
Bank Islam rejected me upon application.

you see if i take HSBC and Public Bank i would need RM 30-40 k of cash to pay my 10% deposit.If i take maybank i would need RM 23K for my 10% deposit and RM 8k of FD.

In the end i had a good relationship with Maybank they waived me the 8K FD and at last i choose them.

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