Thursday, February 25, 2016

3 Jenis Loan Dalam Market

Jika anda belum tahu, sebenarnya terdapat 3 jenis loan yang utama dalam market. Dan anda boleh pilih yang mana satu sesuai dengan anda bergantung kepada amoun loan anda : 

1. Term Loan
2. Semi Flexi
3. Full Flexi

Yang mana satu pilihan loan anda bergantung kepada strategi yang anda ingin gunakan.

Senjata perang haruslah sesuai dengan medan perang.

Yang mana memberikan keuntungan maksima dengan interest rate yang rendah ?

Yang mana membolehkan kita memecut laju dalam pelaburan hartanah?

Basic Term Loan

A term loan is a loan with a fixed repayment schedule. Back then, all property loans in Malaysia were basic term loans. It was not easy for a borrower to make additional payments to their loans. They had to write in to the bank explicitly to request for such an arrangement to be made possible.
Some borrowers made the mistake of making additional payments to their loans without explicitly requesting such an arrangement, thinking it would reduce the principal amount owed. It didn’t. The money just sat there in the bank (as Pre-Payment), neither earning an interest as a deposit, nor saving them interest on the loan amount.
Additionally, back then, any additional money paid to these term loan accounts in most cases could not be easily taken out in the case of an emergency. So borrowers had to be absolutely certain before they made any additional payments that it was not money they would need.
There were 2 reasons for such arrangements then:

  1. Banks were reluctant to let their customers reduce their principal amounts as they pleased because they earned money on interest payments.
  2. Banking systems and processes then were not as advanced as today.

Semi-Flexi Loan

Semi-Flexi loans are a natural evolution from the basic term loan. Not too long ago, banks in Malaysia started lowering the barriers for borrowers to make additional payments to reduce the principal amount owed. There was no longer any need to write in explicitly to request for such an arrangement. Additional payments made did not go in as Pre-Payment, but went to work immediately, reducing the loan amount.
Additionally, banks also made it possible for customers to withdraw any additional money paid ahead of schedule to the loan. However, this would incur some processing time, as well as a processing fee usually in the range of RM50 to RM100 per withdrawal from the loan account.
While not entirely liquid (meaning you could withdraw money as you please), the money still remains accessible in case of an emergency. Different banks have different procedures for withdrawing this money. Some still require the customer to write in, while others have made it accessible via their Internet Banking portals.
Today, all property Term Loans offered by the major commercial banks are Semi-Flexi by default.

Flexi Loan

At its basic, a fully Flexi loan is one that allows a customer to take out and put in money to the loan account as and when the customer pleases without incurring any additional charges or procedures. This is achieved by tying a Current Account to the loan. Every month, the installment amount is deducted from the Current Account as scheduled. But any additional money parked inside the current account will go towards reducing the principal amount owed.
So if a customer has taken a full Flexi property loan of RM500k with a bank and the customer has RM400k in cash parked inside the linked current account, interest calculations will only be based on RM500k – RM400k, saving the borrower RM400k in interest.
However, it should be noted that there 2 disadvantages to fully flexi loans:

  1. Typically, most banks charge a monthly fee for the maintenance of the current account, ranging from RM5 – RM10 a month.
  2. Between Term Loans and Full-Flexi Loans, some banks offer a better interest rate for a Term Loan.
Today, not all banks offer Full Flexi property loan options.

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