Time to Look at Your Housing Loan Package
In a short space of few months, Bank Negara has lowered the overnight policy rate (OPR) 3 times, with a total reduction of 150 basic points. To those with home morgage, that directly translate to lower BLR which is currently stands at 5.55% (average). My home loan repayment is RM243 lesser now.
Though expert generally believed that there are still rooms for Bank Negara to further rate cut, this is a good time to re-evaluate your hosing loan package. In coming months, we are likely to see banks becoming more aggressive in selling thier housing loan packages to cushion the expected raised of NPLs.
I recently called the bank asking for my housing loan status and was rather pleasantly surprised by the frank advice given. Well, I was askling how can I lower my interest rate though I am still in the bonding period. The reply was write to the bank and most likely the bank will consider my request. However, there is usually a “penalty” comes together with the new offer, and the trick is, write to the bank again and the bank may gives a discount on the amount of the “penalty”.
The key takeaway is that banks generally do not tell you what they can do for you! You have to ask. Pending on your record, and how desperate the bank want to keep you (It is a shopper market now), you may get what you asked for. No harm isn’t it?
Not sure where to start looking? Click the latest housing loan package info below.
