Changing banker for housing loan.

[gunnerzz]

EPF withdrawal after getting the loan? Last time when I bought my unit some time ago, I applied for EPF maximum withdrawal, then cover with bank loan for the balance....:hmmmm:

U r an uncle already....since i start work las time,no such method anymore.
Now epf a bit smart to prevent people from withrawing saving easily.Then again a bit smart only.
Fake offer letter and s&p oso can withdraw.They seldom check.
If ac 2 has less than 10% then can withdraw all.if not there is a formula to calculate but i forgot already.

if u apply forst then only apply loan,there is no guarantee your loan is approved so u will loss your deposit or initial sum and epf will loss fund to buy crony this and that.

Then there is a way to get monthly withdrawal credited into your saving account if your balance is enough for 6 month payment.Each month they will credit the same amount as your installment into your saving ac after deducting from your epf ac.some epf officer will teach u this but most just kept quiet.

juhn unai,
u can google about how daily interest work and lear how paying twice a month will save u on interest.paying twice is not paying your installment twice but splitting the amount.then again u must understand how the bank's system work.different bank have different system and treatment to extra or advance payment

 

[vr2turbo]

U r an uncle already....since i start work las time,no such method anymore.
Now epf a bit smart to prevent people from withrawing saving easily.Then again a bit smart only.
Fake offer letter and s&p oso can withdraw.They seldom check.
If ac 2 has less than 10% then can withdraw all.if not there is a formula to calculate but i forgot already.

if u apply forst then only apply loan,there is no guarantee your loan is approved so u will loss your deposit or initial sum and epf will loss fund to buy crony this and that.

Then there is a way to get monthly withdrawal credited into your saving account if your balance is enough for 6 month payment.Each month they will credit the same amount as your installment into your saving ac after deducting from your epf ac.some epf officer will teach u this but most just kept quiet.

juhn unai,
u can google about how daily interest work and lear how paying twice a month will save u on interest.paying twice is not paying your installment twice but splitting the amount.then again u must understand how the bank's system work.different bank have different system and treatment to extra or advance payment

Ya, ya, unker dy. My system long ago...

Now got new system like withdraw to lower the loan amount, right?

Yah! the twice payment method on the long run can save quite a lot. This is really good advice.....

 

[john_unai]

the daily loan is like flexi loan ar? the hsbc bank explain to me bout the reducing interest base on how much you have in ur account. in d end it save like 10 months worth of our installment. for example, let say our loan is 360, we can finish finish the installment within 350 months. dunno about d twice payment a month though, will google it. I noob in this banking thing. hehe

 

[gunnerzz]

Flexi loan in geral is a loan ac which behave like a current ac.
Good if u have gazzilion amount of cash under your bed.
Most of the time businessman opt for this type of loan/financing.

For extra payment some bank treat yr extra payment as advance payment which in return wont benifit u at all for reducing interest.they sort of float the amount extra payment and only deduct from the amount when u default payment.
Ask your banker about paying more than the installment.

Some bank require u to write a letter 1 month in advance.some just dont care as long as u pay but different code is used to credit the payment.dun worry the code part is for the bank to worry.

In order to save,the payment u made must reduce your loan principle.

 

[john_unai]

Ok..ok..the banker never mention this kind of thing. look like i have to meet and ask him again.

 

[gunnerzz]

Ask everything....
Anything,nonmatter if it sound stupid