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Thread: If you yet to refinance your loan yet...

  1. #61
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    Quote Originally Posted by mummy View Post
    I refinanced my equity loan with my mortgage loan with Maybank...
    Does the MAS rules on LTV apply? As it is not a Housing Loan, are they more lax in granting it as it doesn't fall into the framework?

  2. #62
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    Quote Originally Posted by wildfaye29 View Post
    Does the MAS rules on LTV apply? As it is not a Housing Loan, are they more lax in granting it as it doesn't fall into the framework?
    Yes, I think they still apply as had to pay valuation fees...

  3. #63
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    Quote Originally Posted by mummy View Post
    Yes, I think they still apply as had to pay valuation fees...
    Hi, I tried to PM to get more info, but your PM box is full.

  4. #64
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    Sorry, not sure how to use this new interface, dunno how to clear my messages. You can askme here. I dun mind sharing.

  5. #65
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    Quote Originally Posted by mummy View Post
    Sorry, not sure how to use this new interface, dunno how to clear my messages. You can askme here. I dun mind sharing.
    Oh Ok, if you dun mind.

    1) Your existing property is mortgaged (actual housing loan) to Maybank and the Term loan is also with Maybank?

    2) You have only 1 property?

    3) Did you use CPF for the repayment of the actual housing loan?

    4) When did you first obtain the term loan? Was it before or after the LTV cooling measure on 2nd property?

    5) How did Maybank compute the Term loan amount that they grant to you? Was it:

    i) Valuation price less CPF(include accrued interest) x their specific LTV?
    Eg: (1M - 400K) x 60%? = 360K

    ii)Valuation price x their specific LTV less CPF(include accrued interest)
    Eg: (1M x 60%) - 400K = 200K?

    If not the above, may I know their basis of computing the loan they grant to you?

    6) For the granting of the Term Loan, did the bank compute the LTV based on the revised LTV for 2nd/subsequent property?

    Sorry for the many questions, because the banks that I have asked are all giving me different answer and very mind boogling.

    Valuation fee must be paid because they wan to determine the street value of the property in order to compute the maximum Term Loan that can be granted to you.

    Hope to hear from you soon.

    Cheers!

  6. #66
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    I have 3 properties. Main one which I live in is a terrace house bought for 1.1 mil, loan 550k left with uob, this terrace so far all paid in cash, no cpf used. Another is a MM 1 bedder condo using cpf, with ocbc mortgage. So term loan was with uob when terrace valuation in 2013 was 2 million. If I remember correctly, they used 60 percent of 2mil, minus 600k outstanding loan of terrace then minus about 200k we used in cpf for our MM to give us 400k equity loan which we then used to buy a jb semid. We refinanced our terrace loan and equity loan with uob to Maybank recently.

  7. #67
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    Quote Originally Posted by mummy View Post
    I have 3 properties. Main one which I live in is a terrace house bought for 1.1 mil, loan 550k left with uob, this terrace so far all paid in cash, no cpf used. Another is a MM 1 bedder condo using cpf, with ocbc mortgage. So term loan was with uob when terrace valuation in 2013 was 2 million. If I remember correctly, they used 60 percent of 2mil, minus 600k outstanding loan of terrace then minus about 200k we used in cpf for our MM to give us 400k equity loan which we then used to buy a jb semid. We refinanced our terrace loan and equity loan with uob to Maybank recently.
    Thanks for the info! Appreciate it!

    Its strange the bank considered the other pty's CPF usage, I thought since its separate pty, the CPF usage will be disregarded.

    Now my quest is to get a bank to grant a term loan!

  8. #68
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    But take note that we r not allowed to use equity term loan to purchase local property though unsure how strict they r about this rule.

  9. #69
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    Just curious, is a term loan cheaper than an outright loan on a single property?

  10. #70
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    Quote Originally Posted by mummy View Post
    But take note that we r not allowed to use equity term loan to purchase local property though unsure how strict they r about this rule.
    buy car can? cheaper than car loan. lol

  11. #71
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    I think buy car should be ok...

  12. #72
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    Quote Originally Posted by mummy View Post
    I have 3 properties. Main one which I live in is a terrace house bought for 1.1 mil, loan 550k left with uob, this terrace so far all paid in cash, no cpf used. Another is a MM 1 bedder condo using cpf, with ocbc mortgage. So term loan was with uob when terrace valuation in 2013 was 2 million. If I remember correctly, they used 60 percent of 2mil, minus 600k outstanding loan of terrace then minus about 200k we used in cpf for our MM to give us 400k equity loan which we then used to buy a jb semid. We refinanced our terrace loan and equity loan with uob to Maybank recently.

  13. #73
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    No. It's the same usually.
    term loan in this case, it's because your property value increase higher, you're able to cash-out from it. Which means that let's say you bought a property at 1M.
    you took up a 80% loan at 800k.
    In the case that you did not utilise cpf to fund this purchase.

    After maybe 5 years later, your outstanding loan is left with 700K, the valuation of your property increased to 1.2M.

    You can cash-out on it meaning taking up a higher loan.
    80% of 1.2M = 960K
    960K minus away your outstanding loan of 700k, you have 260K cash in hand.

    And your new outstanding loan amount will be 960k.
    note that if you have utilised cpf, you have to deduct accordingly for the cpf amount you have withdrawn.

  14. #74
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    Yes you can! That's what most people do!

  15. #75
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    Buy asset or liability with cash out got to do the sum right, otherwise when the property value drop Bank might hello hello you.

  16. #76
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    Unless is a drastic drop, otherwise bank will only call for a margin call if you have a history of not servicing your monthly instalment on time.

  17. #77
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    Did u rent out your jb semi D ? Can cover interest?

  18. #78
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    Yes, renting it out soon. Tenants moving in next mth. Rm2500 so about $950. Definitely can cover interest though not the full mortgage cause 100% loan.

  19. #79
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    After mourning for a week for our dear founding father Mr Lee Kuan Yew, its time to hedge yourself against the fast rising interest.
    Standard package of 3M SIBOR/SOR soared to 1% high by the end of 1st quarter in 2015, instead of end of 2015 as forecast by many economist and bankers.
    If you're still in any of this package, start to do your calculation and assess what's your protection plan to keep your family and you safe from unbearable high interest charge.
    You wouldn't want to leave your family in heavy debt should any unforeseen or unfortunate event falls upon you.
    Insurance package ranging from Universal Life for high net worth portfolio individual should start to be part of your plan, securing your loved ones a future.
    Financing can be as high as 100% from banks and you don't even need to fort out money to protect yourself, no need to worry about loan tenor being shorten when you are ageing on.
    How does it works? PM me for more information on how it can help you then for a detailed explanation!
    Glad to be sharing another column here with fellow forum members!

  20. #80
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    Quote Originally Posted by MortgageGuru View Post
    After mourning for a week for our dear founding father Mr Lee Kuan Yew, its time to hedge yourself against the fast rising interest.
    Standard package of 3M SIBOR/SOR soared to 1% high by the end of 1st quarter in 2015, instead of end of 2015 as forecast by many economist and bankers.
    If you're still in any of this package, start to do your calculation and assess what's your protection plan to keep your family and you safe from unbearable high interest charge.
    You wouldn't want to leave your family in heavy debt should any unforeseen or unfortunate event falls upon you.
    Insurance package ranging from Universal Life for high net worth portfolio individual should start to be part of your plan, securing your loved ones a future.
    Financing can be as high as 100% from banks and you don't even need to fort out money to protect yourself, no need to worry about loan tenor being shorten when you are ageing on.
    How does it works? PM me for more information on how it can help you then for a detailed explanation!
    Glad to be sharing another column here with fellow forum members!

    i have warned of rising interest rates for a few months already ....

    just like i have reasoned why i feel some cooling measures may be lifted, sooner than many anticipate ...

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