Hi TS,

Is that possible to refinance my dad's property under my name which the property doesn't not have my name in it ?

Yes it is possible. If your dad doesn't want to transfer you by way of MOT (transfer the title completely to you), then we have to do it through 3rd party loan application.

Your dad will be a joint-applicant with you, but income is derived only from yourself. There WILL NOT be any changes to the actual owner of the property, the only documents that need to be signed are the Letter Offer from the bank and Loan Agreement, which is an agreement between you+father and the bank. This is doable. Please let me know if you need help with this arrangement.

This post has been edited by wild_card_my: Apr 24 2017, 01:51 AM

thanks for the reply, is there any different or disadvantage of joint-applicant with parent than having name under the property ? as the property already over 10 years old and yet to receive individual title, something which i think the developer delaying.

Bit if you're confidences to get or to earn more than the loan rate. I don't see refinancing is a bad move.

Ha ha...1% loan from the bank? Do you know how banks work of not? Ignorant.

Err.... How sure are you if refinance loan at 1%?

And I look around me, I doesn't feel like I'm in USA?

Btw.

USA = America.


Are you in the wrong section? This isn't k/

Ha ha. So because it is very safe, then banks must loan to you at 1% interest only? So, if I pledge a RM1mil FD to you (which means it is 100% safe to you), will you lend me RM1mil at 1% per annum? Can ah? Bodoh!

Do not twist and turn talking about inflation, BLR, macroeconomics and Zimbabwe.

there are a few banks that allow the financing of properties over 10 years, but without title. If you were PURCHASING the property, I would tell you to walk away as per the article in my signature. But since you already have the property and would like to unleash its value, we can look into refinancing it with the right banks for this situation.

1. The disadvantage in your setup would be that you PARENT (the owner/chargor) of the property would have the finance facility in his CCRIS. But look at it in the bright side, assuming that your PARENT is NOT applying for any loans soon.. then YOU would have this finance facility as JOINT LOAN. Going forward, in the future when you are applying for a loan you would have the commitment for this particular facility HALVED. Good for you then.

2. yes, developers DO delay the sub-division at times due to multiple reasons. not much you can do about that other than making noise

This post has been edited by wild_card_my: Apr 24 2017, 07:48 PM

Hi TS,

Can we refinance/repawn a fully paid-off property but the property is lease hold that remain less than 30 years.

A client of mine who is a Finance Director with a company refinance his home to purchase another property in Australia, as the interest rate here is lower

That's smart. As per one of my earliest points​, you refinance your property to unlock its value - cash. With this cash you can reinvest in an investment vehicle that gives higer returns than the interest rates for the mortgage.

Let say i own a house fully paid with my parents..can i refinance it and what is the procedure?

Let say i got 2 houses still under finance and wanna refinance my own fully paid house (3rd house), will it fall under 3rd financing rule? Meaning only can get 70% max.

Yes, for every financing application, the bank will look at your current CCRIS. when they see at least 2 residential housing loans on your CCRIS, the next application will be default to 70%

My posts are being reported for spam, in threads that I created myself. Please have a "balanced life" la dear competition... You will never be able to catch up to me if you keep chasing my shadow

D. Refinancing will take into your account for your current commitment although it's on loan consolidation.

AIA fixed rate loan will not consider your existing loan as part of commitment in loan consolidation with 35 years cash out calculation compared to normal banks @ 10 years calculation for the cash out

Therefore you are able to loan out a higher portion as well as consolidating your debt into 1 loan

Not possible la ... haha

Yes you can, we can do it under the love and affection transfer which means your father SPA can be changed to you and the loan can be refinanced and put under your name instead.

Yes you can but you will need to renew the lease prior to the refinancing as your current 1 is less than 30 years already

Yes you can refinance, firstly you need to establish, do you intend to transfer the SPA from your parents to your name, if yes, then you can save some fee by using the love and affection transfer.

Procedure is similar to applying for a new loan.

You'll need to submit the ful, document such as
IC
3 months payslip and bank statement
EPF Statement
EA Form
SNP and Title of the property

Yes, this will fall under the 3rd financing rule meaning your cash out amount or refinancing amount is restricted to 70% of the current market value.

E.g valued @ 1 mil, you can only refinance 700k.

please elaborate more the bold statement please, property is fully own by parents no loan with bank & still pending individual title.

what is the different in term of fee if spa still under my parents name and or join name or my name ?

This post has been edited by aoisky: Apr 29 2017, 12:48 PM

Meaning when you apply for love and affection transfer, meaning transfer of property from parents to children, you save on the stamp duty and pay a smaller fee for the SNP portion

If your parents decided to hand over you the property, you can refinance the property under your name. And the money goes to your parents.

If using transfer through love and affection below are the scenario

In contrast, pursuant to the Stamp Duty (Exemption) (No. 10) Order 2007, the law provides for stamp duty exemption for a transfer of property between family members by way of love and affection as follows:

Transferor Transferee Exemption Rate
Husband Wife 100%
Wife Husband 100%
Mother and/or father Child 50%
Child Mother and/or father 50%


Note that ‘Child’ means a legitimate child, a step child or child adopted in accordance with any law. Also, stamp duty is typically paid by the transferee, unless agreed otherwise by parties.
http://www.mahwengkwai.com/transfers-famil...s-tax-exposure/

Whereas if you want to cut and transfer your name via the usual snp procedure then it will be the full snp fee.

This post has been edited by lifebalance: Apr 29 2017, 12:59 PM

thanks for the info, if the property remain unchanged under my parents' name, still can apply for refinance right ?