I have brought my A.M, Lim to Aman Heights showhouse since he is interested when i told him about the unit i have bought. We didn't expect to meet up with anyone since it was closed at 5pm. But we managed to meet up with the salesperson, Sam Chew. So he brought Lim to the showhouse and show him around...Bla..bla..bla...
Lim is interested with higher floors. Lim is interested with the condo designed, the facilities and for sure,the price. He is interested to buy a Phase I unit and as told by Sam, 2units left but there will be no extra carpark given away but Phase II still offers. He said he would need to bring his gf to see the unit again on this saturday. His explain for not taking Phase II is, "Who knows what is gonna happen next year?"...i wasn't sure was he mentioning about their relationship or so...also, he was worrying whether there will be people moving in for next few months.Well, it is all up to him to decide.A-13-5 or A-21-6.
Btw, I have asked Sam about the installation of grill outside and he said it is ok. Also, i received call from the AH2 Legal Lawyer, Peggy (03-79873296) asking about my loan approval and so. She told me that i should sign the SPA within 14days. And so i checked with Sam and he said he already extend another 14days for me. From the day i booked the unit, it was already almost 4 weeks away. i guess it is almost time already. Gonna be fast on the loan.
So, the count still continues.
Wednesday, September 30, 2009
Tuesday, September 29, 2009
New Furniture
Bought a new book shelf from Carrefour last weekend. For...our new house. Still kept in FP's room now,wrapped...Wow, countdown to May 2010 is 8mths away...
The count continues...
The count continues...
HSBC Home Loan
Received HSBC quotation from Jennifer Chee.HSBC offers HomeSmart Flexi Loan.
HomeSmart:
1. Loan amount of RM205,920 with BLR - 2.2% = 3.35%
2. Monthly Repayment = RM908 for 30yrs (BLR=5.55%)
3. Total Interest Paid = RM120,789, Total Installment = RM326,709
4. 7 yrs lock in period
5. Flexi Plan with current account, ATM, Cheque book, Phone and internet Banking.
6. Redraw of money with no notice, no charges incurred, and no limit of amount but within facility limit.
HomeSmart:
1. Loan amount of RM205,920 with BLR - 2.2% = 3.35%
2. Monthly Repayment = RM908 for 30yrs (BLR=5.55%)
3. Total Interest Paid = RM120,789, Total Installment = RM326,709
4. 7 yrs lock in period
5. Flexi Plan with current account, ATM, Cheque book, Phone and internet Banking.
6. Redraw of money with no notice, no charges incurred, and no limit of amount but within facility limit.
CIMB Home Loan
FP's friend, Chloe met us last thursday to explain to us about the CIMB Islamic Flexi housing loan for our AH2..The important parts are:
1. Lock in period of 5 years - means only after 5years from 1st disbursement only the property can be sold else a penalty will be charged (3% of loan)..
2. Max BLR is 10.xx% which equal to 7xxk.
3. Repayment for 1-36months after loan approval is RM6xx which is the interest only while from 37 onwards will be 98x.
4. BLR-2.0%
For Mortgage Term Assurance, still yet to be decided. But this is optional...
1. Lock in period of 5 years - means only after 5years from 1st disbursement only the property can be sold else a penalty will be charged (3% of loan)..
2. Max BLR is 10.xx% which equal to 7xxk.
3. Repayment for 1-36months after loan approval is RM6xx which is the interest only while from 37 onwards will be 98x.
4. BLR-2.0%
For Mortgage Term Assurance, still yet to be decided. But this is optional...
Friday, September 18, 2009
MLTA vs MRTA
Mortgage Reducing Term Assurance (MRTA) or Mortgage Decreasing Term Assurance (MDTA)
MRTA or MDTA is a reducing term life assurance specially designed to protect a loan borrower against death or TPD (total permanent disability) due to natural or accidental causes. Some lenders will allow you to finance and add the premium to your home loan (up to a certain percentage of your loan amount).MRTA or MDTA is a simple insurance policy and has become a common and acceptable policy taken up by the borrower whenever he takes up a mortgage loan. The premium is paid upfront in one lump sum. Some lenders will finance and add the premium to your loan. The borrower can choose the amount and tenure of the coverage and the amount of premium will be determined by these factors as well as his age and gender. Banks normally encourage the borrower to take up this policy by giving better pricing on their interest rates if the borrower signs up a MRTA or MDTA policy.To the borrower this is relatively a hassle free, affordable and necessary policy as their mortgages are covered in the event of any unfortunate incident that may caused death or TPD.
Mortgage Level Term Assurance (MLTA)
MLTA is a slight variation from MRTA or MDTA and offers an alternative for a borrower who is looking for a life insurance which offers protection plus savings and in some policies returns on the premium.Premium is paid on a monthly, quarterly, half yearly or yearly basis and the policy holder can choose to have a wider coverage other than death and TPD. The amount of the premium will be determined by the usual factors and the scope of additional coverage.
Comparison and Features of MDTA and MLTALife
-MLTA
1. TransferableThis policy is transferable whenever the borrower buys a new property or refinances his loan with another bank.Example: Transfer this policy, adjust the sum assured to match the new loan, as many times as you need.
2. Insurability is GuaranteedYou purchase only once, with the same sum assured, there is no need to prove your health condition again.
3. With Savings or Returns (Cash Value)Premium paid will be accumulated either as savings or savings plus returns. The cash value can be used to reduce or pays off your mortgage.
-MRTA
1. Not TransferableIn most cases, new MDTA policy has to be taken up whenever a borrower changes his properties or refinances his loan with another bankExample: 5 yrs later, refinancing at the older age, for same tenure of same loan amount, the MDTA cost is higher.
2. Insurability is not GuaranteedMost of the time every time you finance your property, you have to prove that you are healthy to purchase MDTA.
3. No Cash ValueIt is an expense with zero cash value at end of the mortgage tenure.
For example : The applicant name is Ken. He's a 24 male and bought a property for 230k but he only take 100k loan.
MRTA scenario
So if he purchase RM100k for 30 years MRTA the premium will be RM2165 and the surrender value from time to time is less and less. So, if anything happen to Ken at 5th year, the benefit he get from insurance com will be RM95299 while 10th year will be RM87319. So at the end, the value will be zero at 30th year.
MLTA scenario
If he purchase same RM100k and 30 years MLTA, he needs to pay RM61 every month and gets the level protection. He can choose to pay monthly, quarterly, semi-annually or annually. If Ken is TPD and can't make a source to pay for monthly installment, the benefits he get is RM100k no matter at which year. If Accidental death it would be X 2, the benefits will be RM200k. This is consider savings and you get the level benefits no matter 1st year or 18th or 30th year. Because the surrender value is high and higher. If Ken have nothing happen at 30th year, he can get back the value he prepaid. This is the benefit you get from MLTA. And, Ken is only 24, if he buy a better property, he can bring this MLTA over to that property and extend it.
Info taken from http://forum.lowyat.net
MRTA or MDTA is a reducing term life assurance specially designed to protect a loan borrower against death or TPD (total permanent disability) due to natural or accidental causes. Some lenders will allow you to finance and add the premium to your home loan (up to a certain percentage of your loan amount).MRTA or MDTA is a simple insurance policy and has become a common and acceptable policy taken up by the borrower whenever he takes up a mortgage loan. The premium is paid upfront in one lump sum. Some lenders will finance and add the premium to your loan. The borrower can choose the amount and tenure of the coverage and the amount of premium will be determined by these factors as well as his age and gender. Banks normally encourage the borrower to take up this policy by giving better pricing on their interest rates if the borrower signs up a MRTA or MDTA policy.To the borrower this is relatively a hassle free, affordable and necessary policy as their mortgages are covered in the event of any unfortunate incident that may caused death or TPD.
Mortgage Level Term Assurance (MLTA)
MLTA is a slight variation from MRTA or MDTA and offers an alternative for a borrower who is looking for a life insurance which offers protection plus savings and in some policies returns on the premium.Premium is paid on a monthly, quarterly, half yearly or yearly basis and the policy holder can choose to have a wider coverage other than death and TPD. The amount of the premium will be determined by the usual factors and the scope of additional coverage.
Comparison and Features of MDTA and MLTALife
-MLTA
1. TransferableThis policy is transferable whenever the borrower buys a new property or refinances his loan with another bank.Example: Transfer this policy, adjust the sum assured to match the new loan, as many times as you need.
2. Insurability is GuaranteedYou purchase only once, with the same sum assured, there is no need to prove your health condition again.
3. With Savings or Returns (Cash Value)Premium paid will be accumulated either as savings or savings plus returns. The cash value can be used to reduce or pays off your mortgage.
-MRTA
1. Not TransferableIn most cases, new MDTA policy has to be taken up whenever a borrower changes his properties or refinances his loan with another bankExample: 5 yrs later, refinancing at the older age, for same tenure of same loan amount, the MDTA cost is higher.
2. Insurability is not GuaranteedMost of the time every time you finance your property, you have to prove that you are healthy to purchase MDTA.
3. No Cash ValueIt is an expense with zero cash value at end of the mortgage tenure.
For example : The applicant name is Ken. He's a 24 male and bought a property for 230k but he only take 100k loan.
MRTA scenario
So if he purchase RM100k for 30 years MRTA the premium will be RM2165 and the surrender value from time to time is less and less. So, if anything happen to Ken at 5th year, the benefit he get from insurance com will be RM95299 while 10th year will be RM87319. So at the end, the value will be zero at 30th year.
MLTA scenario
If he purchase same RM100k and 30 years MLTA, he needs to pay RM61 every month and gets the level protection. He can choose to pay monthly, quarterly, semi-annually or annually. If Ken is TPD and can't make a source to pay for monthly installment, the benefits he get is RM100k no matter at which year. If Accidental death it would be X 2, the benefits will be RM200k. This is consider savings and you get the level benefits no matter 1st year or 18th or 30th year. Because the surrender value is high and higher. If Ken have nothing happen at 30th year, he can get back the value he prepaid. This is the benefit you get from MLTA. And, Ken is only 24, if he buy a better property, he can bring this MLTA over to that property and extend it.
Info taken from http://forum.lowyat.net
OCBC Ms Lai
Aptment with OCBC Ms Lai regarding Mortgage Loan ytrday. She promised to sms me her hp but didn't. I have tried everything, called the no displayed when she called me on Wed but that was the office and the lady answer saids she doesn't work directly with OCBC. Then call the Yee Yin on the OCBC Brochure taken from AH2. No tone. Just when i started to give up and wanted to try my luck driving to McD Petronas Sg Besi, she called. I wanted to confirm which McD with her but she stays in Puchong and she is not familiar with the area. I was sure that she has told me she wanted to meet me up at Mobil McD Mint Hotel. Well, i asked to meet at McD Petronas Sg Besi.
Aptment at 12pm and she was quite late. I was sitting inside McD and wondering who will i be meeting with. I had a look at every OL look female that passed by or enter McD. Could her be this Auntie, or that young lady, and so time flies. Almost half an hr i had been sitting there. luckily i had ordered my lunch and i was just taking my time.
Finally, she called and she told me that she was at Mobil McD. I taught her hw to get to here although it is just 2km away. Gosh,she is so not familiar with this area. Finally she showed her face in a Red blouse and Black skit, and of course,high heel. Heavy make up also but i'm pretty sure that she is just ard my age. After passing her the docs she wants, she tried to explain to me whats the difference between Mortgage Reducing Term Assurance (MRTA) and Mortgage Level Term Assurance (MLTA).
She is actually an outsourced agent which means she doesn't represent OCBC directly. Anyhow, she told me that once you have signed the S&P (Sales and Puchase) agreement, you will need to decide which bank and loan you have chosen within 2 weeks time. Her advice is, don't sign the S&P yet. OCBC offers semi-flexi housing loan which differs from total flexi loan. Semi does'nt offer current account and cheque book and ATM. One who wish to withdraw $$ from the account would need to give OCBC 3 working days to process. Full flexi will be the other way round, with cheque book,ATM and current acc.
Well, our aptment ended ard 1pm and i was already late for my work.
Aptment at 12pm and she was quite late. I was sitting inside McD and wondering who will i be meeting with. I had a look at every OL look female that passed by or enter McD. Could her be this Auntie, or that young lady, and so time flies. Almost half an hr i had been sitting there. luckily i had ordered my lunch and i was just taking my time.
Finally, she called and she told me that she was at Mobil McD. I taught her hw to get to here although it is just 2km away. Gosh,she is so not familiar with this area. Finally she showed her face in a Red blouse and Black skit, and of course,high heel. Heavy make up also but i'm pretty sure that she is just ard my age. After passing her the docs she wants, she tried to explain to me whats the difference between Mortgage Reducing Term Assurance (MRTA) and Mortgage Level Term Assurance (MLTA).
She is actually an outsourced agent which means she doesn't represent OCBC directly. Anyhow, she told me that once you have signed the S&P (Sales and Puchase) agreement, you will need to decide which bank and loan you have chosen within 2 weeks time. Her advice is, don't sign the S&P yet. OCBC offers semi-flexi housing loan which differs from total flexi loan. Semi does'nt offer current account and cheque book and ATM. One who wish to withdraw $$ from the account would need to give OCBC 3 working days to process. Full flexi will be the other way round, with cheque book,ATM and current acc.
Well, our aptment ended ard 1pm and i was already late for my work.
Wednesday, September 16, 2009
OCBC Housing Loan
OCBC Ms Lai called up today. Sam faxed our information to her and the documents she received are not clear. She requests to meet up tomorrow to pass her another copy of photostated IC and EA form. She also asked for more supporting document such as fixed deposit or bank account to show that i'm 'rich'. haha. So i will meet her up 12pm at McD tmr which i have forgotten izzit the McD Mint Hotel or Petronas. She said will send me her contact no but till now i haven't received any sms from her.
Haven't brought my family to see the show house yet. Hmm...i'm not a fillial son.
Haven't brought my family to see the show house yet. Hmm...i'm not a fillial son.
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