Many people fail to take advantage of refinancing to ease their monthly burden. Surprisingly, most try to shoulder on and bear their huge instalment payment until the end, which unfortunately can lead to a foreclosure of their home. By then, it is too late.
But there is an easier and more savvy way of easing that financial constraint. What is more interesting is that with Bank Rakyat’s refinancing package, borrowers can easily avoid an untoward ending for their property.
In addition, this package is available for both the primary and secondary property markets. Offering a much higher margin of financing than most banks, the package gives up to a 90% margin of financing and an additional 5% for the Mortgage Reducing Term Takaful (MRTT) component.
Bank Rakyat does not impose a limit on the financing amount as this will depend on the applicant’s financial standing. Similarly to the first package, applicants can opt for a financing tenure of up to 35 years or 70 years of age, whichever is earlier. A longer tenure means that borrowers can ease the amount that they would need to pay each month.
Another good news is that applicants can refinance their existing home financing with a cash pay-out option to consolidate other financial commitments under one account. They can also opt for a cash pay-out option for renovation or personal use. As a result, the refinancing package with Bank Rakyat can provide significant relief and this package offers that much-needed lifeline.
For the ease of borrowers, the financing will be consolidated under one account, so it will be easier to keep track of the redemption and excess payments. With Bank Rakyat’s Refinancing package, borrowers will be able to consolidate their financial commitments; settle their debts faster and enable them to achieve financial freedom. More information is obtainable here.