Monday, June 30, 2008

Appeal To Reduce Interest Rate

I spent 1 hour at one of the branch to fill in the form asking for reduction on housing loan interest rate due to the current package offered by the bank herself as well as other local banks.

I waited for another 2 weeks before i lost my patient again and called the Customer Service asking for the status of my appeal and she promised to look into it by sending the request again.

The next day, HQ sent out the "Offer Letter" and i received it 2 days later.

Total of days required:
17 days.

The Result:
I am able to revise my interest rate from BLR + 0.35% to BLR - 1.25%. Great? I can save more money (or settle the loan in shorter time). Why not? Only an hour and less than RM 1 to call. Of course some processing fee (my case RM50).


Conclusion:
for those housing loan package that more than 2 - 3 years where the package is still with BLR + something, i am advising you to appeal to your bank to reduce the package, you might not able to obtain the best rate, but you will definitely get what you can get in the same bank. Unless you refinance ....... after the lock-in period!

2 comments:

饼干及面包 said...

sim, which bank u borrow?
recently i also did my revision of my house loan.
Only from BLR+0.6% change to BLR+0.25%. :(

KEAN HONG said...

Patrick, I AM THE BANK.