Revise your home loan interest rates!

Feeling the pinch of rising costs of living, I contacted my bank (Direct Access,CIMB) for a reduction of loan interest rates from a high of 6.85% per annum that I am paying over the past 2 years. After calling the call centre, I got the number for the officer in charge of my account. He was nice enough to propose an adjustment to his bank so that I could have a more reasonable rate. Mommy was telling me that other banks were already offering 5.5% per annum with free transfer. Within a week, I received a reply through the telephone that they have reduced the rate to BLR-1.0% (Base lending rate).

I suppose any reduction is welcomed but I would have to see the terms. Meanwhile, I would have to see whether the other banks are offering better rates. Hopefully this would mean less stress on $$$ for the family.

Links of interest:
Loan Calculator
Budget Calculator
Bank Negara: Factors to consider when you get a housing loan
Checklist for obtaining a housing loan
Financial Planning Tools
Making a complaint about a bank