Interest/Profit Rate Reduction - hope it's not too late

It has been quite a long time after being advised by my banker neighbour to refinance my home or to ask bank for interest reduction on home loan. Since the market price of the surrounding properties in my housing area has picked up to RM300K - RM400K, it is actually a great opportunity to reap. But then, thinking of serving the loan for an extended period is not my choice, I would rather write a letter to the bank asking for interest rate reduction. But, the problem is always in writing.. hu hu hu. Probably due to the fact that my home loan is subsidised by my company that reduce the sense of urgency in changing the thing.



However, last week I managed to send a letter by hand to my banker as follows:


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BORROWER BIN NO LOAN
No #, Sweet Pineapple Road,
Beautiful Village Garden,
10000 Rock Caves
_____________________________________

Date: ## February 2010


BANK BERHAD
50050 WP Kuala Lumpur

Dear Bank Berhad,

Re: Housing Loan Account Number XXXXXXXX

I am writing this letter to request a reduction in my current interest rate of #.##% to a more reasonable rate of #.##% (BLR-#.#%) so it is more in line with the rate currently offered by Bank.

It has come to my attention that my interest rate is also higher compared to the market rates. I have visited the websites of several banks and notice that they are offering an interest rate much lower than what I am currently receiving.

I have been a solid, long-standing customer with your bank for many years and would appreciate your consideration of a lower rate on my account. I feel my current rate is unfair considering my long-standing history. You will find that I maintain not only a good credit history in general but I have an excellent history of payment with your bank.

I would appreciate your consideration of a lowered rate at this time. I would like to remain a loyal customer with your bank. If you can not extend a reduction offer, please advise as soon as possible, as I am considering accepting several offers from other banks who are offering much lower interest rates as well as refinancing options.

Thank you.


Sincerely,

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Now waiting for a favourable response from the bank so that I will have a little bit extra cash inflow for the next months.