Today will go down as a historical day for us....insyaAllah, today we are going to settle the bank loan for our house, alhamdulillah. In an unstable economy at this moment, it is a relief to have finally settle our loan. Initially we signed in a contract of 30 years for the loan. If we were to follow the schedule, we will end up paying a total of almost 300,000 for a loan of 115,000! Not taking account on possible increase of interest in this economic crisis. So, what we did was pay off almost 30,000 from our saving, KWSP and money from my late dad, and increase the monthly payment by almost 100%. We managed to shorten our payment to 10 years. In total we paid 150,000 instead of 300,000! I am not a financial planner, but I think this is quite a lot of saving. So now we are now loan free....opps....almost forgot about the car loan. If we did not buy a new car as what we have planned before, we would be loan free and free to enjoy our monthly income! He he he.....lesson learnt! But we enjoy the car tremendously and that's the price to pay.
Update: Finally settled with the bank. We are now waiting for the bank to settle with our appointed lawyer for the discharge of the house grant. Apparently the lawyer fee for CIMB is higher than other banks since it has changed its name twice...but oklah still affordable, alhamdulillah...
ONLY TO YOU WE WORSHIP, AND ONLY TO YOU WE ASK FOR HELP (1:7)
