Before you plan to change the NEW mortgage plan, please make sure your log-in period with the bank is already exist, if not, an average of 3% penalty charge will be apply. If your loan time flame already exist thier min require, which is normally 3 or 5 years subject to your loan agreement, then you can plan to swap to lowest interest plan.

Bare in mind that you no need to pay any single cent or dollar to enquiry the new mortgage plan. If the banker ask you to pay this and pay that, please double check with others officer as well as others bank. The existing bank that you are using, may and may not give you discount rate. Either their will continue your existint BLR++ plan with just lower another 1%. Compare to BLR–, you still not save a lot although you get a discount. Also, the bank may charge you new contract fees.  This happen to some of my clients, they feel that they been cheated by bank.

List to check before swap new plan:

1. Timeflame of the log-in period with bank

2. Loan interest from the existing bank

3. The value of the property (Base on bank valuer)

Point to know upon apply Refinancing

1. Legal fees and MRTA to be waive

2. Flexi Plan (Allow to settle bill early)

3. BLR– (Range between -1.5 to -2.3 subject to the value of borrow)

4. Processing time (depends on the Least Hold or Free Hold of the property)

5.  Always ask the banker till you understand all the term and condition

Please take note, if your balance of year is left to 10 years, just apply the remain 10 years. This is to help you to save your mortgage interest, and not to extend or increase your finance burden.

This is not a business plan, just to share with those owner who did not know their RIGHT to KNOW and how to UTILISE it.

Feel free to share and drop your comment and let everybody become a smart owner.