A few weeks ago, I reviewed the status of my liabilities: housing loan and education loan here. My next action was to go to the bank and find out more on the housing loan. My goal is to shorten the loan tenure.
Actually I took the leave on 16 Mar to volunteer at my daughter's school to give out coffee breaks to the students when they finish their SPM papers. However, during the 1st week of SPM, some students shown symptoms of COVID 19 and when tested, about 60+ were positive. As a preventive measure, the school decided not to allow outsiders i.e parents/volunteers to enter the school. I was supposed to come in the 2nd week but well, not my rezeki I guess....
Instead, I went to Maybank Serdang to ask about my housing loan. I wanted to ask about what happens when I put down cash to off set against my principal whether it will affect my monthly instalment. The answer is NO. The instalment is as agreed as per contract. It would only change when there's a change in Base Rate (BR). Although I see my instalment has reduced from RM1,300 to RM1,150, it is because the BR rate is now lower. The instalment may stay RM1,150 for the next 4-5 years.
So I asked how can I reduce my monthly instalment. The staff said I can't because it has been pre-agreed. Unless I restructure the loan but that would stretch the tenure longer.
Or I can use my EPF withdrawal to settle the loan when I'm 55.
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| I used online calculator to estimate the loan |
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