Property in Malaysia for sale and rent | Buy, Rent and sell real estate and homes

The previous topic that i posted was not working, post it again here

Dear all,

I would like to have some advices. Currently I have a mortgage loan of 220k with OCBC, 20 years tenure, BLR-1.25. As I have the semi-flex term, so it is lock-in for 5 years (due in 2013). I would like to reduce the monthly installment from currently 1540 to less, I checked with OCBC and they said nothing they can do as the lock-in is 5 years, I can't even change the term from 20 to 30 years. So I am considering to refinance/ get a new mortgage with another bank with offer fully flexi, which I will have to pay the 5% penalty. My property is with commercial title, service apartment, completed built in April with CF, currently renting out (I am not very sure if I have the individual title yet, how can I know this?)

Can anyone please advice if it is worth to refinance and what bank offer better terms, service and anything that I need to consider before choosing another bank? Thanks.

To decide, you have to calculate how much is the balance interest to be paid for the existing loan and compare with how much total interest to pay if you refinance with a lower loan rate, says BLR-2.2%.
Attached for you the details calculation in an MS excel file.
Please visit this website to download the Bank Loan Calculator:
propertyprofitcalculator.yolasite.com

Thanks for the useful website link, i will do some home work first then.

after ur rough calculation if u thik it's better for u to have a refinancing..feel free to call me..i can do various banks refinancing

Hi Phil,

Are u still looking for options in reducing your mortgage loan?

My company can help reduce your existing interest rates without paying the penalties.

Please pm.


Thank you.


Rick

hi,

Pls let me know how much is your balance and the amount tat the bank penalty u.I will let you know how much you can save after u do refinance.Pls sms me ur email address thanks.

Bosco