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      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

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      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

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      GuidesBuying a Home8 practical tips when buying a home
      • Introduction 1

        • Lecture1.1
          Summary
      • 8 Practical tips when buying a home 8

        • Lecture2.1
          Buy a home you can afford
        • Lecture2.2
          Don’t rush into buying a home
        • Lecture2.3
          Figure out your loan amount
        • Lecture2.4
          Choose the type of loan that suits you
        • Lecture2.5
          Shop around for the best terms for your home loan
        • Lecture2.6
          Ask the banks these 6 questions
        • Lecture2.7
          Negotiate for better interest rates
        • Lecture2.8
          Double check the loan amount once the loan is approved

        Ask the banks these 6 questions

        Don’t be shy, and feel free to print this out if it’s useful for you.

         

        1. Will you be able to pay the loan valuation and legal fees or mortgage insurance upfront?

        If not, will the bank include these in your loan package? Many banks will include these costs in your loan package provided they don’t exceed 5% of the initial loan amount.


        1. What is the tenure of your loan?

        The maximum duration or ‘tenure’ for a loan is typically 35 years or until you reach 70 years of age, whichever comes first. However, some banks may only allow a maximum of 30 years. Taking a longer tenure reduces your monthly repayment burden but it does increase your interest cost in the long run. Ideally, you want to take a longer loan tenure but have the option of settling the loan early without a penalty.


        1. Is there a lock-in period? How much is the penalty?

        Not all loans have lock-in periods. For those that do, typical lock-in periods are 3-5 years. During the lock-in period, you’ll be penalised for settling the loan early. It is best to check with your bank on the terms and conditions of the lock-in period.


        1. After the lock-in period, can you easily make extra payments? Do the extra repayments immediately lead to a reduction in your outstanding loan amount (interest payments)?

        Some banks require you to make a special application and get their banks approval. Some will also charge you processing fees.


        1. Is there a monthly fee to maintain your loan account?

        This is typically applicable to full flexi loans only.


        1. Can you withdraw (‘redraw’) any early repayments you have made into your loan account? Will there be a withdrawal fee, and how long will the withdrawal process take?

        For semi and full flexi loans, you can redraw (withdraw) the excess money you have paid. For semi-flexi loans, unlike full flexi loans, there will usually be a fee. For the processing time of withdrawals, it is best to check with your bank.

        Prev Shop around for the best terms for your home loan
        Next Negotiate for better interest rates

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