Feb 2 2016, 02:18 PM
QUOTE(Madgeniusfigo @ Feb 1 2016, 01:21 PM)
Dear echoesian,
CASH OUT
1. is to withdraw money from your property due to price appreaciation.
Example.
2011 bought Property RM500K, 90% Loan Rm450k
2016 Property price RM800K, 90% loan is RM720K
2016 you still owe the bank of outstanding balance of RM400K
Cash out amount is RM 720K-RM400K = RM320K
You can cash out max RM320K from the property.
2. Cash out usually comes from refinance, when you remortgage from Bank A to Bank B, you can opt for cash out to withdraw the cash for own use.
3. The purpose of cash out is for emergency use, investment, or renovation. etc etc
What about cash out via mortgage top up method? I understand the same bank will create a separate account for the mortgage top up. CASH OUT
1. is to withdraw money from your property due to price appreaciation.
Example.
2011 bought Property RM500K, 90% Loan Rm450k
2016 Property price RM800K, 90% loan is RM720K
2016 you still owe the bank of outstanding balance of RM400K
Cash out amount is RM 720K-RM400K = RM320K
You can cash out max RM320K from the property.
2. Cash out usually comes from refinance, when you remortgage from Bank A to Bank B, you can opt for cash out to withdraw the cash for own use.
3. The purpose of cash out is for emergency use, investment, or renovation. etc etc
Can I reduce the outstanding in the mortgage top up account using EPF account 2?
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