Debt consolidation Plan

[GreenAvocado]

Oh.. no worries.. I will PM you instead.

Thanks alot buddy

 

[idoitboy]

Hi bro,

Can share how refinance works? Usually there will be a penalty imposed on early redemption of DCP right? Did BOC cover that as well?

Thanks in advance.

Hi.

Refinance is just like applying for the DCP but I think the only “trouble” I got was to get my current outstanding because Maybank pre-calculated the whole sum ( inclu. Interest ) for the DCP period to show it on my CBS reportt.

So in the end I have to keep calling Maybank and write to them for them to give me a DCP outstanding balance to refer (DCP early settlement fee + DCP remaining principal loan amount - Accrued Interest.)

Yup there was an early redemption and BOC cover it balance on the statement you submit from the current DCP Bank.

 

[Obscurity]

It will affect if your application is with a bank which you are constantly having late payments with.

If your BTI does not hit 12x, then charging extra to make it over 12x is possible, but at you own risk. Because you may or may not get approval.

Now I feel abit scared cos seems like DCP is difficult to get approved

 

[liondomo]

Yes but the early redemption fee would be lower than the total interest you’d be paying. He probably got DCP when the interests were still high and DCP was still in its infancy. Now that more banks come on board DCP, they decide to lower the interest rates to attract more consumers.

Hi bro Jojodespo,

Thanks for the info, I have just sent my enquiries about refinancing to HSBC and waiting their call back next week.

Currently with Maybank on a 8 year tenure and having paid close to 10 months.
Hope can shorten the tenure and interest rates.

Cheers!

 

[Jojodespo]

DCP is definitely not easy to get approved. There are so many ways in which the banks can decline an application.

But there are plenty of success stories to prove that perseverance counts!!

I myself failed 5 times with 4 banks. Before being approved with SCB.

Now I feel abit scared cos seems like DCP is difficult to get approved

 

[Kenkel]

Hi all bros and sister,

First time posting here. I am on citi 5 years tenure. And really find hard to cope as there is new commitment. Thinking of re-financing to either Maybank or BOC. Can you guys advise which bank will have better chance , Maybank EIR 8.48% no processing fee. BOC 7.78% with 2 % processing fee.

 

[SalmonSushi]

Hi all bros and sister,

First time posting here. I am on citi 5 years tenure. And really find hard to cope as there is new commitment. Thinking of re-financing to either Maybank or BOC. Can you guys advise which bank will have better chance , Maybank EIR 8.48% no processing fee. BOC 7.78% with 2 % processing fee.

You need to take into consideration for the amount of early repayment/redemption fee (if there is any) for your current DCP with Citi before refinancing to other banks as the amount could be substantial. From my understanding, applying from a bank that you have facility with would stand a higher chance but not guaranteed though.

 

[Kenkel]

Thanks for the advise. Have tried getting the early redemption letter from Citi, but failed. According to their customer service that they have stop giving out early redemtion letter. Anyone encounter that as well.

 

[SalmonSushi]

Thanks for the advise. Have tried getting the early redemption letter from Citi, but failed. According to their customer service that they have stop giving out early redemtion letter. Anyone encounter that as well.

No problem. From my understanding, Citi do allow customer to do early redemption regardless is it personal loan or DCP. You might want to contact the person that handled your DCP application instead.

 

[Youandme8888]

Hi all bros and sister,

First time posting here. I am on citi 5 years tenure. And really find hard to cope as there is new commitment. Thinking of re-financing to either Maybank or BOC. Can you guys advise which bank will have better chance , Maybank EIR 8.48% no processing fee. BOC 7.78% with 2 % processing fee.

Bro mind sharing with me on your credit rating when Citibank approved your dcp?

 

[sgman88]

Hi all bros and sister,

First time posting here. I am on citi 5 years tenure. And really find hard to cope as there is new commitment. Thinking of re-financing to either Maybank or BOC. Can you guys advise which bank will have better chance , Maybank EIR 8.48% no processing fee. BOC 7.78% with 2 % processing fee.

Since 5 years is too tight for you, y not apply to extend the repayment period instead of getting a new application? The longest I read is some goes for 10 years?

 

[Kenkel]

Credit rating CC when citibank approve my application

 

[Kenkel]

Since 5 years is too tight for you, y not apply to extend the repayment period instead of getting a new application? The longest I read is some goes for 10 years?

I have tried requesting for extension from citibank and is pending till now. Almost a month already. The CSO told me, none of them got approved for requesting extension .

 

[lork44]

Sending in the documents to confirm on the IPA. Still pending.

Just an update here for those whom might be considering to get home loan. I had managed to get IPA from OCBC with the loan amount.

The loan amount is good enough for me to purchase the property that i'm looking for and within my budget.

So it is possible with some banks to offer home loan while you are on DCP.

I had checked with DBS and UOB they both reject immediately upon hearing that you are on DCP.

Hope this helps.

 

[Jojodespo]

Awesome! That gives me some hope to apply reno loan with ocbc... one of their staff reject me straight up when I said I was on dcp tho.

Just an update here for those whom might be considering to get home loan. I had managed to get IPA from OCBC with the loan amount.

The loan amount is good enough for me to purchase the property that i'm looking for and within my budget.

So it is possible with some banks to offer home loan while you are on DCP.

I had checked with DBS and UOB they both reject immediately upon hearing that you are on DCP.

Hope this helps.

 

[lork44]

Awesome! That gives me some hope to apply reno loan with ocbc... one of their staff reject me straight up when I said I was on dcp tho.

Reno loan is unsecured loan. Maybe that's why they are slightly more resistance.

 

[dailymoi]

Reno loan is unsecured loan. Maybe that's why they are slightly more resistance.

can you pm me on the home loan contact? Many thanks!

 

[GreenAvocado]

Got rejected by Citibank.
Wah really thought that they would be more accepting since i have been with them since 2009.

Oh well. Hope MBB will be nicer to me.

 

[Jojodespo]

Not exactly; it falls under the secured loans category on CBS.

Reno loan is unsecured loan. Maybe that's why they are slightly more resistance.

 

[Icedcoke]

Hi all bros,

Just wondering if can you apply for dcp and reno loan at the same time?