Could someone enlighten me on refinancing.

For example, If existing house loan is RM250K, and market value now is an estimated RM400K.

How does refinancing work with margin of 80%-90% for zero moving cost and non zero moving cost package? The remaining 10-20% is for legal fees etc if taking up non zero moving cost package?

Do enlighten me as I am a nobod at this refinancing discussion

I have a existing mortgage loan with RHB which is a Fixed type.

If I want to refinance it to flexible type, is it advisable to switch to other like MBB ? the reason is because I am not happy with RHB loan service (need to go to domicile branch, etc)

Is this your first property? If you happen to buy another property chances are both will not qualify since both name will register under 2nd home purchase.

Suggest you to take bank loan under a single name instead. You can always have 2 names in the SPA.

It isis not impossible to have only one name for the loan while the SPA has 2 names but I reckon that most banks have didiscouraged such practice.

Hi anyone can advice me the chances I could successfully get my house refinance. I owned 2 houses with 1 just newly bought by cash without loan. However, I'm planning to refinance the new bought house to get some capital for start up a business. The current market price for that house is at least Rm200k and I would like to apply for Rm150k and repayment period 15yr.

Below are my financial details

1) Basic salary gross Rm4.5k
2) Fixed allowance Rm900
3) Rental collected Rm1.2k
4) Commitment
- Car A Rm1350
- Car B Rm300
- House Rm1405
5) Credit card - 2 cards with total around Rm6k outstanding per months

This post has been edited by Shyawn: Jun 8 2015, 09:02 PM

SPA 2 names but Loan only one name why no good?
in this case, it is better to buy MRTA?

Maybank.

HLB not accept

It's only good for purchasers not the bank.
It's common that the bank will try to tie up all the purchasers to show their commitments towards the property purchased. In the event of default, the bank can chase after all the borrowers instead of only one borrowers.

i applied MBB, HLB, BSN & OCBC

only MBB said can third party

form here, MRTA no need buy

Not unexpected as this is not sth really favoured by the bank.

Correct, MRTA doesn't really address the concern of third party loan ie default by the borrower which is still alive.

from my understanding
SPA = A + B

Loan = A

incase A got anything happend, B still need to pay installment, or else bank will lelong

Yes, the bank should have the rights to do the foreclosure and auction on the charged property. Legally the non borrower (B in your example) has no obligation owing to the bank and the bank cannot take action against him / her. If the proceeds from the auction cannot recover the loan and all the fees incurred, the bank cannot chase after B.

The best solution for the bank is to get the money back with prompt repayment and not through the hassle of foreclosure/legal suit.

Hi all,
Can we refinance our house 90% from MV even we got another two 90% housing loan ongoing?

Anybody can suggest me bank that offer 100% loan for 1st home buyer?

Thanks.

This post has been edited by zyde: Jun 9 2015, 11:12 AM

means only mbb accept third party? does husband and wife is third party?
I know PBB allow for spouse

3rd party here in this context means SPA names diff from borrowers - it doesn't really mean a party which has no blood / spouse in relation.

if spa 2 name but loan 1 name.
which bank you know can do?

SPA 2 name & loan 1 name is common practice for married couple.

If I'm not wrong, all banks do it with condition clause of right to auction on behalf of both SPA parties

Add in RHB as well, they allow 3rd party. In my case at least