Swordie Bloggie

Many things need be done this month. Whenever January comes, all kind of bills and statement will appear. And this is the time money is the most sought after raw material… 😛

Income tax letter received… need time to fill the online income tax from now… annual housing loan statements received… time to renew the mortgage life insurance… time to renew all the other insurance too… including car insurance… road tax… everything needs money!!!

The only good things this month is getting statements from the PNB for the Amanah Saham… and the other unit trust fund managers… how I wish I don’t have to pay anything… just getting my salary every month… 😛

When borrowing money or taking loans from the bank, each bank has their own approval rules and regulations. Some bank can give loan easily and some are very strict on the borrower credit standing.

When I applied for my car loan, following the sales person advice, I applied my car loan from the bank he selected. There is only one reason for selecting the particular bank, the bank is not very strict on issuing loan. In fact, while processing my car loan, they bank offered me personal loans since my car loan is less than $100K.

To prevent any problem in the future, banks should check borrower’s current credit standings thoroughly. If there is a need, the bank should advice borrower to take secured loans. Secured loan is a loan where borrower must provide a security for the loan such as house. This type of loan is often referred to as a homeowner loan or a secured personal loan, and because of its secured nature it is only available to homeowners.

For the past few weeks, the papers have two things in common… two types of related advertisement. One is about new housing projects and one is about bank’s loans or mortgage.

But the news from the national bank is not favorable. The interest rates are rising, which is weird since the world share market is considered good at the moment. Is our country economic inside a ‘bubble’? Will there be any ‘bubble burst’ soon? If that comes true, we will be in big trouble… inflation will hit us all.

Some bank’s Basic Lending Rate or BLR has hit almost 8%. The biggest looser in this case would be the borrower… you and me who have loans or mortgages. Worse will be those who are borrowing large amount like the housing loans.

For those who are already committed to their mortgage and feels they had a poor credit remortgage, you should talk to an experienced mortgage advisor to compare mortgages available in the market and to have a better solutions.

One thing that everyone must aware is the security of their mortgages. When you commit to any mortgages, you must take mortgage protection. Mortgage protection will cover you just incase you lose your job unexpectedly, or if you fell ill or had an accident or any other reason which preventing you to pay your mortgages. Always think security first even if you are a risk taker.