Recently my friend and my brother in law come and ask me on how to choose a home loan. This is because I have go through it. I really have a mild depression when I decided to buy a house and in search for the best home loan. You can find a lot of information on buying house on this website:
http://www.money3.com.my/
I would like to suggest to money3 to do a comparison something like this:
http://www.dpreview.com/reviews/sidebyside.asp
What I want to introduce are flexi home loan. I will use Q & A to help you.
What is so special about this type of loan?
You can put in money whatever and whenever you want to reduce interest of your loan. Home loan interest will kill you and normally if you borrow 100k, at the end you actually pay 200k.( the other 100k is interest) It normally have 2 account, 1 is home loan and the other is your current account which link both together.
Key features?
No notice is required on extra payment to reduce your loan
Who is suitable or target applicants?
For those have extra saving of money. RM 100 also can.
How it work?
Example:
Loans: 100 k
Extra Saving: 5 k
Principal: 95k
Interest calculation is based on 95k instead of 100k.
Save 5 k of interest.
Which bank offer are the BEST?
Alliance Bank Savelink (RM100k to RM300k)
BLR-2.20% (Yr1-2), BLR-2.00% (There After)
Other bank offer this type of loan:
1) Hong Leong Bank
2) AmBank
3) CIMB Bank (Definately out cos their service suck)
4) All the foreign Bank (Loan amount only 85%)
2 comments
Thank you for your feedback. It's useful for us. We will implement your suggestion for improvement to money3.com.my soon.
Living in a nuclear family is the trend of today. And I was too tired of living in the same house with my in-laws since my marriage. I was desperately looking for my own separate home. But then I didn't have any clue as to how to apply for home loans for buying a new home, and I also had several other related queries in my mind. Thankfully I got all my answers when I found this site: http://www.lenoxhomeloans.com/