refinancing your property

REFINANCING YOUR PROPERTY

Dear all friends and members,

Currently I am refinancing my Casa Prima Condo at the interest rate BLR – 2 %
under Zero Moving Cost (Legal fees and Disbursement Fees including stamp duty,
valuation fee etc all bared by the Bank), some bank might given better rate eg.
BLR – 2.1% for whole tenure.

My current loan with existing bank:-

The Existing Loan of RM 178,000-00 for 25 years at the rate of BLR – 0.50 % =
5.05 %
Interest payable at the end of 25 years totalling RM 135,729-00
Monthly instalment amount of RM 1,045-00

Refinancing with new Bank:-

The loan amount of RM 178,000-00 for 25 years at the rate of BLR – 2.00% = 3.55
%
Interest payable at the end of 25 years totalling RM 90,767-00
Monthly instalment amount of RM 895-00

You save RM 44,962-00 at the end of 25 years if you no need to pay penalty
charges under Lock in Period and you save RM 39,962-00 if you need to pay
estimated penalty fine at RM 5,000-00 (different bank different calculation,
please refer to your Letter of Offer).

If you remain the same monthly instalment amount of RM 1,045-00 meaning that you
have pay extra of RM 150-00 (RM 1045-00 minus RM 895-00) to your principal,
prepayments in the amount of RM 150-00 will result in a reduction of total
interest by RM 20,877-00. The term of the loan will be reduced by 5 years and 2
months. The total interest saveable compare with original loan is RM 44,962-00 +
RM 20,877-00 = RM 76,705-00 or RM 60,839-00 if with penalty fine.

The above stated is for reference only. Refinancing not only can save on
interest payable, shorten the tenure of loan, if you take higher loan amount
(subject your property value is increase compare with your original purchase
price), you can have extra cash on hand.

If you need further clarification, kindly contact me anytime. I have most of the
bank's contact and will fit your requirement.

Thank you for your time.

Regards,

Jodie Tan
017-2093608
Chenxiuling82@hotmail.com