One of my friend just brought a new town house. The developer managed to deliver the property on time. Now is under the property inspection and acceptance phase. She was so lucky that there is already potential tenant approached her for rent. She was excited as there is people (the tenant) helping her to pay her housing loan installment every month. Which release her from cash out big portion of her monthly salary income for other usage instead of installment.
As this is the first time become landlord, she is bit nervous. As a friend of her I shared my landlord experience with her. Oh dear, suddenly I realized that I haven’t document down the knowledge I have gathered!
Here some tips as a landlord.
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Popularity: 4% [?]
Once a while, you may hear that this home loan product is on monthly rest and another is on daily rest. You hear people saying that daily rest loans are cheaper while someone else says they prefer to have a monthly rest housing loan. If you do not know what this means to your housing loan product, you really need to understand how it works.
But what do they mean? Here are some brief explanation.
Interest charges are sometimes presented base on the following:
1. Daily rest; interest is accrued daily on the principal sum outstanding.
2. Monthly rest; interest is computed on a month to month basis.
3. Year rest; interest is computed at the beginning of the year.
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Popularity: 8% [?]
Most banks offer home loan facilities for their customers to purchase or refinance their properties. A typical housing loan requires a customer to pay a fixed monthly installment on a fixed due date. This is assuming there are no changes in interest rates, otherwise the installment amount and loan period could change.
Prepayment
When a customer wants to pay in excess of the fixed monthly installment, the
excess amount is termed as “prepayment”. Generally, there are two types of prepayment:
a) Partial Prepayment
It is when the customer make prepayment in the form of a lump sum but
does not fully settle or repay the entire outstanding loan.
b) Full prepayment
Prepayment which fully settles the outstanding housing loan amount.
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Popularity: 4% [?]
Below info shows the Malaysia Base Lending Rate (BLR) for January of each year from year 1989 to year 2009, 2010
Year 2010 – BLR 5.55
|
Year
|
BLR
|
Remarks
|
|
2009
|
6.50
|
|
|
2008
|
6.75
|
|
|
2007
|
6.75
|
|
|
2006
|
6.00
|
|
|
2005
|
6.00
|
|
|
2004
|
6.00
|
|
|
2003
|
6.50
|
|
|
2002
|
6.50
|
|
|
2001
|
6.75
|
|
|
2000
|
6.75
|
|
|
1999
|
8.00
|
|
|
1998
|
10.50
|
12.27%
|
|
1997
|
9.25
|
|
|
1996
|
8.50
|
|
|
1995
|
6.60
|
|
|
1994
|
8.25
|
|
|
1993
|
9.50
|
|
|
1992
|
9.00
|
|
|
1991
|
7.50
|
|
|
1990
|
7.00
|
|
|
1989
|
7.00
|
|
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Popularity: 45% [?]
