Friday, July 11, 2008

Interest Rate Backdated

My bank has backdated the housing interest rate to 1st July 2008 at 5.5% from 7.1%. Based on my rough estimation, i am saving ~RM 150/mth of interest! It is also means that i can settle the loan in shorter time.

When our finance minister II asked banks to study the installment to
extend to longer period in order to reduce the monthly installment, actually banks are welcome that what (i think la) as the bank will earn more interest in longer period provided that the bank have enough money for rolling. I am not sure, i am not financial guy, but i want to settle faster if i can, pay less interest!

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