Are you planning to buy a property such as The Como at Bukit Jalil? If you are interested, you can always go to The Como Sales Gallery to find out more. Whether it is for own stay or investment purpose, it is still important to look for available loan in the market. However, it gets confusing when you are looking for the loans available. There are many different baking terms that you do not understand, such as Flexi Loan and Non-Flexi Loan. Fret not, this article will guide you through the difference between Flexi Loan and Non-Flexi Loan.
In addition, additional money that were paid to the term loan accounts were not easily withdrawn out in case of any emergency events. Hence, extra caution was put in whenever the borrowers made additional payments. The reasons that the banks place such strict rules were because the banks were unwilling to allow the borrowers to reduce the principal amounts as they like due to extra money earned from the interest payments. In addition, the banking systems were not advance as compared to the banking systems today.
Moreover, additional money that were paid to the loan account is now possible for withdrawal. However, it incurs some processing time and processing fee of approximately RM50 to RM100, per withdrawal. Although you cannot withdraw the money anytime as you like, the additional money is still accessible in case of any emergency events. Do bear in mind that different banks will have different procedures in withdrawing the additional money. Some banks might require the borrowers to still write in, whereas some might make it accessible via the Internet Banking Portal. As of today, all loans offered by major banks in Malaysia are Semi-Flexi Loan by default.
It is recommended to go with a full Flexi Loan if you have the extra money that you could use to make advance payment and reduce the outstanding balance. In addition, your cash balance in your account is excluded from outstanding balance for the interest calculation. This will then give you more flexibility and you will be saving on your interest payable as you will be paying for lesser interest when you opt for a full Flexi Loan. However, do bear in mind that there are disadvantages that come with a full Flexi Loan. Most banks have a monthly fee charged for maintenance of your current account, normally ranging between RM5 to RM10, per month. In addition, the interest rate for a Flexi Loan is not as good as the interest rate offered by a Basic Term Loan. In conclusion, although there are benefits that come with a full flexi home loan, it is perfectly fine to opt for a Non-Flexi Loan if you are tight on your cash or you do not have any intention of putting your money into the loan to reduce interest payable. Furthermore, you might also be able to get better interest rate if you opt for a Non-Flexi Loan. Make sure you make a housing loan comparison from different banks before you decide on which loan service to engage with. If not, engage with a banker to seek for professional advises.
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