which finance package

[joepow]

Im using ambank, obviously their panel.
I-regency subside my interest until VC.
They also gimme free % for 2nd car park instalment.

[LP]

How is it that IR can subsidize your bank loan interest?

[joepow]

Each month, ambank will charge me interest. I will pay ambank and claim it back from IR.

I haven't done so.. I have collected over 2k of payment receipt already.
IR advised me to claim twice yearly or so , to save my trip there monthly.

[Bryan]

I am taking CIMB loan. BLR-1.9% flat. I don't need to pay the interest as long as I save same amount of money in their current account.

How come Ideal Homes only subside my interest after 1 year from loan agreement date.

Do you all let me know when you bought the unit with how much per sf? I get it with RM240 per sf last Dec'07.

[joepow]

1st year 2.5%
2nd & 3rd year -0.3% BLR
Thereafteris BLR +0%

From my calculation, mine was $245/sqft Feb07(bank offer letter)

[joepow]

I am taking CIMB loan. BLR-1.9% flat. I don't need to pay the interest as long as I save same amount of money in their current account.

How come Ideal Homes only subside my interest after 1 year from loan agreement date.

Do you all let me know when you bought the unit with how much per sf? I get it with RM240 per sf last Dec'07.

So you have until dec this year for the reimbursement?.. Interest pretty high.. Current closing balance 147k, interest is about $640 !

[Bryan]

Yes. the interest is very high, but for long run, still cheaper. I can actually start to pay my installment or put additional cash in the loan account.

[joepow]

If i'm not mistaken, u have to pay for lawyer fees?
Mine was 0 in everything and I actually ask the sales to do a comparison.
She said save not much.
Afterall I'm going to change finance company after 5 yrs.

[Bryan]

Changing bank every 5 yrs is a good idea. But for me, it is different story. I need the flexibility.

[LP]

Did you guys book your units much earlier? I booked mine earlier this year and IR will only subsidize the loan interest after 2 years if the place is not completed.

[IP_1]

i got mine for without IR subsidy for 1 year, thereafter IR subsidize the loan interest. guess IR sales gets commission thru not subsidizing urs LP..

[JR]

I also got mine without IR subsidy for 1 year, and after that IR will subsidize the loan interest. Since mine is in the higher floor, still paying bout 100 per month as the interest ..... expected to increase very soon.... This type of packages seems good as we do not need to pay a lump sum payment for legal fee which might cost more than 5K!

[LP]

Just rechecked the purchase letter and found that I was mistaken. Interest is subsidized for the 2nd year but it will only be sometime next year for me as I only purchased it this year. Thanks for all the feedback.

[joepow]

Oh, i was told my IR that my package is special.. only mine got subside interest from beginning.....

Hmm.. something fishy..

Oh guys, dont forget to keep the official statement send from bank, else claiming the subside interest will problem. I printed my statement and show it to them, but Michelle said need official statement.

You guys car park also paying instalment ?
Mine car park and down payment also paying instalment, 0%..
so syiok... somemore can pay by credit card.. !

[LP]

By the way, how does the car park instalment payment work? I have yet to purchase my 2nd car park. Was thinking about purchasing it at the end of this year. Will they put up a separate agreement for it?