me and dad bought a house at 2 years ago at jb. recently recieved a call from standxxx charterxx bank regarding refinance my current housing loan. they offered quite an attractive package.
my current package with alliaxxx bank
loan amount : 170k
tenture: 15 years
lock in tenture: 3 years, penalty 3% of original loan amount
interest rate: BLR + 0.25% for first 3 years
BLR - 1.35% for remaining years
total repayment: $256,667.45
standxxx charterxx bank offer
loan amount : 170k + 6k (penalty cost for exiting previous package)
tenture: 15 years
lock in tenture: 5 years, penalty 3% of original loan amount
interest rate: BLR - 1.65% for first 5 years
BLR - 2.05% for remaining years
total repayment: $249,100.52
current BLR is 6.75%. there is a 7k difference between 2 packages, quite worthed it. but the problem is only 1 standxxx charterxx bank at jb and not so convenient to reach there. i am thinking of asking public bank to offer me, but could not find any contact.
or should i refinance after 3 years (after lock in period) anyone can advise?
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