Sunday, February 24, 2008

My home refinancing

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

Helpful tool:
Refinancing calculator

12 comments:

mamselle said... Reply To This Comment

in my case, i'd say the real independence = to eliminate as many as strings attached to the Co. :) mana la tau, in case ur changing lanes.

kalau amik loan bank is ok, but some finance planning kene buat to reduce the term as soon as possible. can saves u lot!

Anonymous said... Reply To This Comment

my pov - depend la kat co loan sampaila decide nak kuar.. sbb mebbe masa decide nak kuar tu kite dah byk duit, tade hal nak refinance.. hihi.. opposite dgn huda..

-julie

Farra said... Reply To This Comment

thks Huda..biasanya loan bank mmg interest tinggi, sebab tu la depa boleh survive

i agree with u julie..whatever benefits that we may gain now, use it! I'll withdraw my a/c 2 EPF every 3 yrs to reduce the monthly settlement ASAP (the last time I withdraw was last yr)...by the time I plan to retire/VSS from the Co. perhaps we have settle all connection with the Co :D

sikulat said... Reply To This Comment

hehe... kite pun agree ngan julie & farra.. use all the benefits while can. Even kalau dah kluar dr. Co pun, kita boleh maintainkan loan rumah tuh.. at 9% from balance.. which ends up.. same jek kalau refinance kat luar (& maybe with more stability and less kot).. nih kite tgk dalam surat berhenti kerje kakak kat opis nih.. hehehhee..

Fitri & Nazihah said... Reply To This Comment

Farrah, bank loan memang membebankan. Alhamdulillah ogy keje kerajaan & dari awal beli rumah dah layak buat loan kerajaan... Interest serendah 4% sahaja...

yatipruzz said... Reply To This Comment

yeay im on my way to the co's loan as well...mmg byk savings compared to bank luar :)

Farra said... Reply To This Comment

ogy, now my interest pon 4%-biasele sykt punyer lg untung

yati, entry ni mmg nak motivate ko buat cecepat sket ;)

ummi said... Reply To This Comment

betul. we save like RM600 for the house and RM100 for my car. thanks T*.

aida said... Reply To This Comment

tapi skrg kan ambank tgh nego nak naikkan interest loan TM..
anyway, loan TM by bulan 7 ni ambank takeover.. so ended up 2 kemungkinan ambank cadangkan:

1) loan tambah berapa tahun dari biasa
contoh: amik loan rumah 20 tahun dgn TM, nanti ngan ambank maybe kena bayar 25 tahun ke

2) interest rate sama ngan bank-bank lain

maklumat ni dpt from HR people yang jaga loan.. sekian terima kasih

p/s: sape nak lenjan loan TM cepat2 le amik, kot-kotlah ambank terbukak hati nak bagi dgn rate yang sedia ada ni la

Farra said... Reply To This Comment

ye ker aida..tak penah dgr plak citer ni

yatipruzz said... Reply To This Comment

huish kalo betul rumour tuh tak mengamuk ke staff eh?

Farra said... Reply To This Comment

protest protestt