Looking for a housing loan

eazycookie · PJNet Newbie Joined: Mar 09, 2009 Posts: 6

Hi, on one hand i would have to agree that BNM will be forced to reduce the OPR if the Malaysian economy deteorates further. However, i personally feel that benchmarking the low interest rate regime faced by Japan to our local economy may not be absolutely accurate. For a simple fact, Japan is a developed country with a matured economy. We can hardly say the same for Malaysia. But, you will never know !

thedavidtan · Posted: Sun Mar 29, 2009 11:31 pm Post subject:

Japan Banks and industry has reached a point of self funded/sustainable very well. they dun need the ppls money. thats why banks dont need you to deposit with them to lend to industries..

Malaysia's version IMO is that the Gov need us to continue spending to keep our GDP up.. so they reduce what they can Smile

leyaw · PJNet Starter Joined: Jun 14, 2006 Posts: 22

Exactly. You will never know what will happen in the future. Even the economist can argue for months on end and can't be sure what will happen or what the govt can do. They once said that if u put 10 economist together for a discussion to look for a solution, you will get 11 different hypothesis.

leyaw · PJNet Starter Joined: Jun 14, 2006 Posts: 22

Exactly. You will never know what will happen in the future. Even the economist can argue for months on end and can't be sure what will happen or what the govt can do. They once said that if u put 10 economist together for a discussion to look for a solution, you will get 11 different hypothesis.

So, who are we to predict what will happen?

Cheers!

adrian_1981 · PJNet Starter Joined: Jul 06, 2008 Posts: 104

From what i've seen, OCBC offer the best rate (i've got BLR - 2.05) , somemore it's zero costs ..
if u r interested i can give u the agent number

cindyC · PJNet Newbie Joined: Mar 23, 2009 Posts: 8

Nice discussion / sharing here.

I'm in the midst of purchasing a new home with my other half.

We will go for Full Flexi Loan and will dump in our additional money when we have spares.

As we are into tight budget, I wonder if it's a good idea to get a ZEC or a non-ZEC (may need to borrow money from parents/relatives).

Can anyone share the expected Entry Cost for a second hand 300K+ condo unit? And if it's wise to take ZEC or non-ZEC?

leyaw · PJNet Starter Joined: Jun 14, 2006 Posts: 22

If I'm not mistaken it will cost u anything from 8-10K. 1% for stamp duty, another 1% for lawyer, that would already cost u at least 6K. Then u have to pay other fees as well.

ZEC will cost u a slightly higher interest cost but it would not be significantly more in total cost compared to non-ZEC. But if you are willing to pay the entry cost, u should also consider those loan offered by insurance companies. Easycookie mentioned that they are now offering rates of 4+%. Though it may still be higher than the rates offered by banks, but their rates is for the whole tenure. I am one who believe that banks will rush to increase the BLR once the economy improves.

thedavidtan · Posted: Fri May 08, 2009 2:50 pm Post subject:

leyaw · PJNet Starter Joined: Jun 14, 2006 Posts: 22

Thanks for the correction. Haha...seems like CindyC would need to prepare more than 10K for ZEC.

thedavidtan · Posted: Fri May 08, 2009 4:58 pm Post subject:

raymondha · PJNet Starter Joined: May 10, 2007 Posts: 131

i just signed my offer letter from Standchar... i think it is good . BLR-2.2 for whole tenure, 90% loan, lock 5 years. ZEC

cindy99 · Posted: Sun Dec 20, 2009 9:35 pm Post subject:

For those who are looking for rates better than BLR-1.8% for new purchase or refinance, please PM me.

h2o · PJNet Senior Joined: May 28, 2007 Posts: 1336