Hi all....

i have some question regarding the Mortgage Property. I hope some expert outside will clearr my doubt...

Let say...i have a property and i want to mortgage it for RM 400K. The property of course is valued more than that.

When the mortgage is approved by the bank, can i use the 400k for other purpose such as injecting into own company to increase it capital? or the amount 400k must goes into property?

down to bottom, i want to know whether i can use the 400k for other purpose.

Thanks for all advice...

Denise.

The money is yours, thus obviously you can use it however you may want. Thus a lot of ppl refinance their property when they really need large amount of money.
But bare in mind that you still have to pay the monthly installment.

Ya, just like b00n said, the money is all yours and up to you to use it for whatever purpose.

And personally i think Flexi loan is most suitable loan for people like you.
As, you might not used up all the money in one shoot, the bank will only charge the interest using the amount you've used. Just like Overdraft, but the rate is alot lower.

The different here is OD installment will base on the amount you've used, Flexi loan will have fixed monthly installment base on total loan amount no matter you've used the money or not. But the interest for flexi loan will still count by amount of money you've used.

And when you have the money back, just put back in the flexi loan and the bank wouldn't charge you any interest at all. (beside RM10 monthly fee)

yes, u can give the money to genting and then let bank take over your house and you live on the street .... its possible

you want loan total rm400k, then wana ask you, do your property loan still got outstanding, or oledi clear? if clear, then ok la, you can use it..

email me at sanny_03@hotmail.com if you need refinance your property..i am mortgage broker too
dealing various of banks including foreign banks.

good luck
regards
sanny sin

Engage in debt until you die.