I had a property under joint ownership and still servicing the loan. The loan is also under the joint name as well.

Question
1. If I were to get one of the owner to transfer out the ownership to me, what are the procedure?

2. What are the cost effective way if this has to involve the joint loan? Refinancing?

Thanks

it has to involve the joint loan. the cost effective way would be refinancing,

1 - transfer the house to new owner
2.- the 'new owner' take a loan to refinance the house

Got it!
step 1 - transfer to new owner
step 2 - refinance

Any duration/timeframe for to execute both or it has to happened at the same time?

can be done simultaneously but of course you will be billed for 2 transactions as they're considered 2 separate transactions.

Do you need SPA to transfer out? In this case, on MOT what would be the value looked at?

if no SPA, then based on current market value which JPPH will do their own valuation when you submit for stamp duty payment.