hi guys, I have a serious question here. I buy my house 10 years ago with a mortgage loan of 150k. due to a lot of late payment and interest charge, after 10 years I still own the bank 179 k now. During the 10 years I already pay like 100k of interest. I am planning to sell my house now. Question is is there anyway I can ask the bank to lower the balance I own them? Or any sifu here can teach me what to do? Thanks.

Wah! after 10 years of paying, you still haven't start to pay the principal amount Not only did the amount didn't grow less but added with more interest to the principal amount. Still can't understand how it came to this. I don't know how bank works but on my first house, my loan was attached to an OD facility. After renting the house out, the rental can't cover the installments and when I am in difficulty the OD will top up the instalments. After 15 years of paying (the tenure of the loan), I still owe the bank almost 60K from the 100K loan I took. After finishing I have to transfer the title to my daughter and take another term of loan for 10 years to settle the amount. We are always paying to banks no matter how careful we are.

This post has been edited by etigge: Apr 4 2011, 02:04 PM

woah...

RM150,000 - RM100,000 = RM179,000

ok, I know I didnt include the interest but still

original loan = 150k

after 10 year, now still owe 179k

so all these while, in 10 years time, how much have you paid

isn't it if we loan 150K, the expected payment (after 25/30years) is like 300K..

so, if after 10 years you already pay 150k.. that means you're left with around 150K balance.. When you're trying to pay the loan early, then they'll redo the calculation.. gives rebates etc.

Actually, i don't know much about this loan calculation.. but I know that after including interest, the loan is roughly double the original amount..

dup of dispute user and this account had been permanently suspended!
https://forum.lowyat.net/topic/1647817