Hi Sifu,
I joint name with my brother to get a housing loan due to his income unable to get 90% loan. However, the house is under his name. May I know when can I opts out from the housing loan and he will get his wife to take up the loan. How much is the fees?

Thanks.

This post has been edited by twentyfour24: Jan 3 2018, 11:02 PM

your brother and his wife need to apply a loan, by way of refinancing to settle off your current loan, that will get u out of the loan.

Thanks. Can we do it during the loan lock-in period?

you cannot "opt out".

To remove yourself form this, the current mortgage need to be settled (either paid off or re-finance the house).

In this case, we just can do it after serving the loan lock-in period?

If there is such a period then yes.

Otherwise you pay the penalty.

Or u can get the new owner to apply new loan from the same bank that u are currently servicing the house loan. Most cases, the same bank will forgo the penalty for breaching the lock in period as long as the new loan is from the same bank. Been there and done that with Maybank.

Great info! Thanks a lot.

Yesterday I call to bank and they say I can opt out from the loan and need to pay 2% penalty fees. Can any sifu advise me do I need to engaged a lawyer or just do it at bank counter? Thanks.