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 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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shaeshi
post Jul 25 2016, 08:33 PM

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96 posts

Joined: Jan 2008



Dear Friends,
I would like to refinance my landed house which i bought 4 years ago, when I purchased price will be 430K and now market price will be around 600k. Any suggestion or advice? how to go about it.
shaeshi
post Jul 25 2016, 08:45 PM

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QUOTE(lifebalance @ Jul 25 2016, 08:37 PM)
Refinancing step is simple, need to make sure the value is at 600k,

Next would be, what's the purpose you want to refinance ?

How much cash out would you be looking at ?

Are you eligible to loan that much ?

Feel free to provide me these info

Age
Gross pay
Nett pay
Rental income
ASB
Bonus 2 years total

Commitment
House
Car
Credit Card outstanding
Personal Loan
PTPTN

Any late payment in the past 12 months for all ur bank facilities ?
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Thanks for the advice, will send PM u the details u requested
shaeshi
post Jul 26 2016, 04:33 PM

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96 posts

Joined: Jan 2008



QUOTE(kengyan @ Jul 26 2016, 01:01 PM)
So you are going to sell your house to your self.
Market value is just for shouting, need to ask the bank's panel of valuer to check the actual value first.
If you insist to sell it to your self, do consider how much interest you already paid, assuming you already used up the 50% of stamp duty quota, you need to prepare rm30k of cash minimum, just for SPA legal fees and bank's SPA legal fees. If you never pump in more money to reduce the principle by 20-30% within 4 years period, it will be about rm39*k of balance.
If your current bank loan's lock in period is 5 years, 1-2% of the principle as penalty.
After deducting everything, you should be getting rm50-90k of cash.
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Thanks for the advice.. As i check locking period ended last year.

 

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