Finally I fully settled my housing loan with Al Rajhi bank on 20th September 2023. I took the loan in April, 2010 with tenure of 35 years. At the time I want very low monthly installment that why I have very long tenure.
I started to reduce the principal slowly in May, 2021 then fully settled it by September 2023.
Details of My Housing Loan
Loan Amount: RM115,600
Average Interest: 4.25%
Tenure: 35 years
Start: 30th April 2010
End: 20th September 2023
My loan duration before full settlement: 4892 days / 13 years, 4 months, 22
Total prepayment: RM89,948.88
Paid Interest: RM57,659.82
Total interest: RM106,716.69
Interest saved :RM49,056.87 (RM106,716.69-RM57,659.82)
% interest paid: 54% (RM57k/RM106k)
Principal paid during my loan payment: RM25.651.12 (RM115,600 – RM89,948)
For 13 years per month only paid principal = RM25,651 / 161 months = RM159
Total payment during 161 months: RM85,169 (RM529 x 161 months)
Monthly payment: RM529.33
Conclusion:
First 13 years, I paid 70% interest! Only 30% towards principal.
