Home Loan Strategy
En. Hakiem
Property Value: RM700,000
Existing Loan Balance: RM450,000
Objective: To reduce monthly repayments and save on interest costs.
Challenges
Had been paying off his home loan for several years but noticed that interest rates had dropped.
Wanted to reduce financial burden and free up cash flow for his family.
Unsure about the refinancing process and potential savings.Home Loan Refinancing Strategy
Evaluated his existing loan and identified an opportunity to refinance at a lower rate.
Secured a new home loan at 3.8%, down from his previous 4.55% interest rate.
Structured the loan to lower monthly installments by RM300, improving cash flow.
Calculated total savings of approximately RM90,000 in interest over the loan tenure.Outcome & Benefits
Lower monthly repayment, reducing financial stress.
Significant interest savings, freeing up funds for future needs.
Extra cash available to plan for his 8-year-old daughter's education fees.
Achieved financial flexibility while maintaining homeownership security.Conclusion
En. Hakiem successfully reduced his loan costs and improved his financial well-being, allowing him to invest in his family's future.
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- Related Insight
