hi all,
been actively looking out for my reno loan (now tat whatever cash I have had been thrown into the **** COV), and here's what i gathered so far;
1. as heard from RHB, there is only slight $ difference between flat and variable / monthly rest. However, if you are consider early repayment, or partial payment now and there, adopt a variable / monthly rest package. if dutifully paying over the tenure period, adopt the flat rate package
2. looking at interest wise, yes my humble research shows that RHB and OCBC offer the best interest rate, in fact, OCBC actually offer better interest rate than RHB... There is still the gd old Hitachi credit which i read up frm old threads in forums. A quick check with them recently via the phone, they are offering 3% flat rate and if I'm not wrong, no admin fees involved if you wanna do early repayment of full payment. However, due to past incidents, they are only tying up with some IDs and contractors if you wanna use them.
3. comparing the 2 again, OCBC mentioned that their monthly rest int rate is fixed at 6.18% for 3 yrs repayment and 5.98% for 5 years. However, RHB's interest rate 6.25% for both repayment periods are subjected to change i.e i mentioned RHB is monthly rest but variable. RHB mentioned over the phone though that the int rate hardly change for the past 3 years.
4. so rightfully, the final research boils down to find which bank among the 2 allows me to save more on interest.. and this is where i'm stuck. cause I asked for a breakdown for the interest I'm paying each year frm both banks (which they mentioned is by apportionment i.e u pay more on yr capital but interest gets lower (mthly installment amt remains the same though), but the figure just doesnt seem right. I dont wanna go through the maths here but really hope someone gd with figures can share with us here
hope my above make sense to some and tat we get the best lon out there for our reno eh
