No Comments

Saving RM 100,000 in RUMAWIP Purchase!

The majority of RUMAWIP buyers choose for 100% financing, known as SKJP, with Maybank and RHB as the leading players. I’m going to tell you how to save money by making larger monthly payments. Mortgages can be taken out for up to 35 years or until the borrower reaches the age of 70. To achieve this, we will use a RHB package with 4.55% interest rates and 35 years tenure as an example.

First google for a amortization calculator or simply click THIS

Step 1: Key in loan amount RM 300,000

Step 2: Key in the interest rates 4.55%

Step 3: Key in the tenure 35 years is you are age 35 and below (if you are above 35, use this formula 70 – your age = max tenure)

Step 4: Key in the extra amount of monthly payment you can afford to pay.

After entering your information, you can plainly see how much money you can save if you pay an extra RM 257.15. There are no precise methods for calculating this as interest rates fluctuates (Unless you have one of those hard-to-find fixed-rate mortgages). Iif you wish to aim higher say RM 150,000 of interest savings, just repeat the steps above.

Now as we use RHB as a model here, please take note that RHB Conventional is Full Flexi (A flexi loan allows borrowers to not only make advance payments to reduce their mortgage interest, but also to withdraw the extra payments whenever they need them) & RHB Islamic is Semi Flexi ( allow to make advance payment to save on profit rate but unable to withdraw the extra payments).

As for Maybank it is a Term Loan but slightly Flexi. You can make advance payment to save on interest but you have to inform the bank via phone call to branch or walk in after the payment is made. MBSB offers SKJP financing; advance payment to principal requires you to notify bank 1 month in advance.

Elijah is an esteemed real estate agent who has dedicated his expertise to the RUMAWIP program since 2018. With a reputation for unwavering honesty, he navigates the real estate landscape with straightforwardness and analytical insight. Alongside his role as a real estate agent, Elijah shines as a marketing consultant collaborating closely with RUMAWIP developers. His dual perspective and commitment to affordability make him a trusted figure in the industry, consistently guiding clients and stakeholders toward informed decisions and successful outcomes.

Disclaimer: Information provided on this website is general in nature and does not constitute financial advice. I will endeavour to update the website as needed. However, information can change without notice and we do not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time. Whilst every effort has been made to ensure that the information provided is accurate, individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial planner or your bank to take into account your particular financial situation and individual needs. I do not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, I do not accept any liability for any error or omission on this web site or for any resulting loss or damage suffered by the recipient or any other person. on this site. I assume no liability for any mistake or omission on this website, or for any subsequent loss or damage experienced by the receiver or any other person, save to the extent that liability under legislation cannot be avoided.

Comments (0)

error: Content is protected !!