hi sifu, wanna check with anybody who has experienced selling of property. i just recieved the redemption sum from my bank, however the amount is about 8k higher than the account loan balance. is there a reason for this? normal?

not stated in the offer letter i think. thanks for the replies tho. gonna contact the bank and demand for explanation tomorrow.

will share here if something that could learn

made the call to the bank branch. the mortgage personnel can only explain in general the items covered under the redemption sum is the loan balance, forecast of the interest up to the final date of the redemption statement, and contingencies fees 3000-5000 based on loan amount which basically to cover for the variation in the blr and others. the excess to be refunded to borrower.

asking my lawyer to write to the bank to get the detailed breakdown of the claimed amount. and committment on the refund since none if these matters are stated in the redemption statement letter. the letter is pretty much one sided towards the bank.

i think bank shud just be transparent at first place and provide these infos in the first letter of the redemp statement and save all the hassle and uneasiness feeling of borrower. otherwise ppl will easily speculate that there are hidden charges etc

hi tumpang thread. i got query regarding redemption sum also. the sum also higher than the outstanding balance.

The bank charge me for 4 items:
1. Add profit to be earned
2. contingency fee
3. Service charge
4. GST

So can this charges be waived ?????. From what I know, i still pay the bank the installment. Also since they earn from interest, why need to charge for contingency fee. My loan is islamic bank and i believe there is no lock in period.

Furthermore, GST is calculated from service charge only, so i dont think they deserve to charge me extra for "profit" and contingency fee