The Best Advice You Can Hear About Applying For Home Loan

#HomeLoanTips

1. APPLY AND GET YOUR HOME LOAN APPROVED FROM 2-3 BANKS
Apply home loan application with a few banks. You are allowed to do so. It’s your right.

2. COMPARE YOUR LETTER OFFER
After loan approval, compare your Bank’s letter offer. Everyone wants to get a good deal so comparing is the best thing you can do.

3. COMPARE YOUR LOAN AMOUNT
You should compare your approved loan amount. Some bank gives you a good interest rates but only approved margin of 80%. This means you have to top up more downpayment. For some borrower, this can be challenging. If so, then this offer may not be as good as you think.

4. COMPARE YOUR INTEREST RATES
Compare your interest rate is something that everyone will do. You want to get the lowest interest rates because we been taught the lowest interest rates the more saving you’ll get.
Hence, the interest rate is not the only thing you should compare.
You should also look at the value of the product and services and ask the bank a few simple questions.

a. How’s the housing loan product works? Does it have more flexibility to save more?
b. How’s the customer service by the bank? If I need assistance is this just a call away or I have to wait long for a simple request?
c. How’s the internet banking? Can I access my account easily?
d. How’s the penalty fees if I sell or fully settled the loan within the next three years?
e. What happens if I forget to pay on time? How much the bank’s will charged my late interest?
f. What happens if I didn’t pay for three months, will the bank revised my interest rates?
So, these are a few questions you should ask your bank. All these answers will have added value to the product or services you buy.

5. COMPARE YOUR INSURANCE ( MRTA)
Mortgage Reducing Term Insurance (MRTA) is quite common nowadays. Some banks will ask you to buy and some don’t. In certain cases, you might need to get it, in order to have better interest rates.
While MRTA is never a compulsory product. If you need it, you buy it. If not, you can let go of the product.
There is a price for every MRTA and it’s can be an additional burden upfront to some but it’s also protection to some. Depending on how you view it.

6. COMPARE YOUR COST
Compare the cost that involves when getting the loan. The cost that might be incurred is like legal fees, valuation fees, processing fees, and other maintenance fees.
Know your cost with the bank before proceeding, you might save RM1-2k upfront.

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