“You have to buy our MRTA to enjoy a lower rate.”
“It’s just a minimum of 5 years anyway, and not the full home loan amount. Super cheap.”
“MRTA is compulsory.”
“You have to lock-in a fixed deposit with us for a lower rate.”
Sounds familiar? Truth is, these are only the bankers’ sales tactics. The above requirements are NOT compulsory by law. Those who don’t give in to their tactics are those who are either property or financial savvy. Let us reveal the reasons why bankers use these tactics!
1) To get more sales of course!
Image credit: Economists
2) They have a monthly scorecard to fulfill. They’ll need to bundle the home loan with MRTA, credit card, savings account or fixed deposit to achieve the target. If they fail to meet the target for any category, their commission % will be greatly reduced.
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3) They are just lazy. The loan rate offered can always be appealed to the bank manager for a better rate.
Image credit: Yourstory
Here are a few tips in dealing with bankers to get the lowest home loan rate with no conditions at all!
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