I'm not very well verse on how top up loan work. Is there any example?

example, your house value at 500k, outstanding loan is 250k. Hence, Margin of finance is 90% which is 450k.
450k-250=200k

So you can apply top up loan for 200k. Subject to your house value and your income and commitment.

I see. well i need to check with my mortgage bank and see if they offer such instrument. thanks for your explanation.

Ya, u can check with ur existing bank for the top up loan.

Hi Sifus,

1. can refinance done on same bank? eg current loan PBB, refinance PBB
2. What is the maximum tenure refinance can offer? 35 years?
3. If refinance a fully paid property, what is the maximum tenure refinance can offer? 35 years?

Thanks.

1. you can try apply internal refinance with the same bank. Subject the bank fpr approval.
2. Refinance tenure is up to 35 years or age 70
3. tenure is up to 35 years or age 70

Hi TS. Is it advisable to get refinance/top up loan to purchase another property? Current property value is 400k, currently serving outstanding loan of 190k with 3.1% interest.

[quote=shetty,Mar 26 2021, 09:30 PM]
Hi TS. Is it advisable to get refinance/top up loan to purchase another property? Current property value is 400k, currently serving outstanding loan of 190k with 3.1% interest.

[/quoyou may straight away apply for housing loan instead of apply refinance or top up loan.

for those who would like to know more about refinance, feel free to drop your comment here.

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Hi do you serve Sarawak based customer?

Hi, I serve klang valley client at this moment.

Hi,

I have an existing term loan with BLR - 2%.
Would like to ask for a better rate from the bank example to get - 2.x% ..
is the above request considered as refinance? My aim is just to have a lower interest rate only. And is the above request to reduce rate something normal to do?

Thanks for the advice from any sifus.

Your current interest rate will adjust according to market prevailing rate but is wont be similar to current promotion rate offered to new borrower.

If you want the new promo rate, you have to refinance.

There will be legal fees, stamp duty, valuation fee and mrta payable. Refinacing amount may be less than current outstanding loan depending on market value of the property and borrower have to settle the difference. Monthly repayment may also increase due to shorter tenure.

Hi, happy new year to everyone. If you are looking for home loan refinance may contact me or discuss here.

i got fully pay house right now i have debt problem dsr burst can use the house to refinance for debt consolidation?

Sure. Is depend on your current property market value. For example, your current home loan value at 200k, you can cash out 100k, maybe using it to settle other commitment like credit card or personal loan even car loan. Hence, your commitment will be combine into 1 loan account.

Hi, i have a question for mrtt. Once i refinance my loan, what will happen to my previous loan's mrtt? Will the surrender value be returned to me?

if your previous MRTT still got cash value. You still can get refund from the insurance company.

is refinancing interest higher than the conventional financing ?
a banker told me so..