Home Loan Calculator

There are many home loan calculators that are available on the Internet. However, I've shortlisted 3 of these home loan calculators that i found useful and used quite frequently:

1. Multi-tier loan calculator with no amortization table: This calculator is good if you have a multi-tier home loan package with different rates. For example, you might have a home loan package with the rate of 2.88% for first year, BLR - 1.8% for year 2 - 5, and BLR - 2.2% thereafter. Most of the online calculators cant calculate for these kind of tiered interests. This calculator will only show monthly repayment amount, total repayment and total interests.
2. Two-tier loan calculator with amortization table: This calculator is good if you have a two-tier home loan package, for example, 4.88% for first 5 years, and BLR - 2.0% thereafter. Another plus point is that this calculator can display the amortization of the loan package.
3. Flexi calculator: This is a quite powerful home loan calculator that you can use to calculate extra payment/interest rate adjustment to the loan payment. Amortization table is also available with this calculator.

If you do find some other home loan calculators that are useful, do let me know!

Maybank reduced BLR to 5.55%

I was wrong, and I'm glad I was wrong on this case. My previous post mentioned that the BLR for most commercial banks in Malaysia will most likely to be reduced to 5.65 - 5.7%. Yesterday, Maybank started the ball rolling by reducing their BLR rate to 5.55%. It wasn't the same margin of 0.5% reduction of OPR as announced by Bank Negara, but at least it's much better than my guesstimates.

I would expect most major commercial banks in Malaysia will follow this Maybank taikor, except those smaller banks that might want to squeeze a bit more reduction to 5.5%, based on past BLR reduction precedence.

So, for those who wants to refinance, DO IT NOW!!! Those attrative refinancing rates of up to BLR - 2.4% are NOT going to last forever, since the BLR is at the historical low level now.