When I purchased my house in Nov 2004, I was not eligible to make the mortgage with my own company due to ‘immaturity age of service’, you know la my service is still baby , yet to reach 5 years. With no other best options, I choose M******.
Oct 2007 was the month that I’m qualified to switch may loan to my own co. So, in July 07 I started gathering all information that I need especially on the new monthly repayment, the forms and related documents and also lists of the panel lawyers. I choose a lawyer that is very near to my office, so that I won’t be wasting my time, cost and energy. The lawyers did give good service and also discount. I shall recommend them.
For the past 20 months I’ve made a total of around 18K to the bank. Most of it paid just for the Interest!! You know la. So when we (lawyers & me) requested for the redemption statement for transferring the balance of loan to T*, the balance is only RM167K. Just imagine that out of the total loan of RM170K, I paid about 15K of interest. Note that I can used this money for the renovation for our car porch which I dreamed too together with the kitchen renovation: D
So now let see the real benefits. This is just a simple and direct calculation. Pls refer the figure tabulated below: Can you see there was RM82K variance by the time I finish the mortgage. Waoh..this amount is equivalent to a Vios / Honda City today, but not in 25 years time taking into consideration of inflation rate in annual basis. in 25 yeras time, maybe it's equivalent to Saga BLM/Viva/Myvi.
The above calculation is based on the following deliverables:
In addition, I also get the refund from the bank for the months when my co. settled the total loan with bank. In my case, the refund is for 3 months.
Hope this entry helps you.Make the comparison now. Take action today for our financial. freedom tomorrow : D