If you plan to buy a house, you’ll most probably need a home loan. However, getting a good home loan is actually pretty challenging. You’ll need to determine the kind of loan you need, and you’ll have to find out the interest rates so you can make comparison. Traditionally, that means visiting or calling up all the banks.
In Malaysia, there are generally two types of home loan – flexi, and non-flexi (or “conventional”). Flexi loans give you the freedom to reduce your loan interest with additional income, whilst non-flexi loans are more rigid and have the same repayment instalment throughout the loan period. Depending on what you need, you can opt for either. Personally, I believe flexi loan to be more beneficial.
In 2013, Bank Negara introduced a new regulation, which limits home loan period in Malaysia to a maximum of 35 years. If you are planning to purchase a more expensive home by stretching your loan period to 45 years or beyond, you should take note that you can’t do that now.
Priority banking is a preferential treatment service granted to a select group of customers in a bank usually to high net worth personal. They are usually invited to enjoy this service based on amount of deposits, investments or housing loan with the bank.
Refer to table in the later section of this post to see the minimum deposit to be eligible.
Some of the benefits offer by Priority Banking are;
Standard Chartered Preferred Banking is a banking facility targeted to mass affluent market. Mass affluent refer to those with monthly income of more than RM6,000 or those with investible assets between RM72,000 and RM250,000. Currently, there are roughly two million mass affluent Malaysians.
Preferred Banking offers points for customers who use the Preferred Banking credit card, and rewards them with more points if they make online transactions, or have an investment, or a deposit account. They can redeem prizes with these points. Customers also will be served by relationship managers.
Below are the benefits of Standard Chartered Preferred Banking
Fixed Deposit is known to be one of the most secure investment but with a lower return. If you like to invest your money in fixed deposit you may choose from the list below to maximize your return.
Since July 2010, fixed deposit rate does not change very much because Bank Negara maintain the OPR at 2.75% since then. However, banks do make some adjustment to their rate.
The table below are the latest conventional fixed deposit rate as of December 2010.
You may look at this page for the most up to date rates. Alternatively you may want to look at Islamic Fixed Deposit or General Investment Account (GIA-i) rates.
Yesterday, we look at conventional fixed deposit rate for September 2010. However, if you prefer to deposit in Islamic Fixed Deposit Account or commonly known as General Investment Account (GIA-i) instead of conventional fixed deposit account, the rates are shown in the table below.
Kindly note that, the rate showed in the table below are only indicative. It means that, the rates may changes according to agreed profit sharing ratio. Alternatively you may want to look at this page.