We have
discussed about the impact on the profit rate charged by banks is normally
lower for higher loan amount and vice versa. Before we further, let us see what
are available withdrawal types for housing loan so that nothing is missed out
in our discussion here.
- Withdrawal to reduce or settle outstanding housing loan
- Withdrawal for buying house
- Withdrawal for monthly installment on housing loan
- Withdrawal for flexible housing loan
Again
as highlighted earlier, withdrawal to reduce or settle outstanding housing loan
will be the best option based on criteria for less hassles and for better
profit rate on our financing products. Withdrawal for buying house is very
common for the first time purchaser because of the down-payment issue if can
get something attractive deal from the developer or owner.
The next
one is on monthly installment on housing loan where our monthly installment will
be paid via our money from account two (2) in EPF based on total amount
available when submitting our application. Let me illustrate from monetary
value, say we have RM 12,000 in our account two (2) and our installment is RM
800, then EPF will pay on standing instruction by depositing into our
saving/current account so that can be paid to our housing loan account. This is
how it takes place on withdrawal for monthly installment.
Last
but not least on withdrawal for flexible housing loan where this is almost
similar to previous to pay on monthly basis and it has very tedious procedures
and not all banks offering through this scheme. Since there is not much benefit
from this withdrawal, no further discussion I want to highlight here.
In
conclusion, I may say that the best option could be withdrawal to reduce or
settle outstanding loan based on all the justifications we have seen earlier.
You may judge accordingly and choose whichever the best suit with your need.
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