May I know is it possible to add in the amount from MOT into my existing housing loan, somekind of refinance?

I have been dragging my Memorandum of Transfer fee for a quite a few years, as it is quite a big amount for us, and there is no option where we can pay installment.. I am wondering if it is still possible to add in the rm15-20k MOT into my existing housing loan and stretch it into the 30 years repayment?

Pls advice. Thanks

Technically refinance/top up loan to the house current bank valuation, excess cash you will be able to cash out and you can use that to pay for MOT, etc. Is up to you what to do with the extra cash.

Thanks. So what I am trying to do, is actually a refinance/top up? It actually doesn't matter if it is for MOT, the fact is that, it is use to get extra cash. Am I right?

If u refinance to alliance bank is allow u to deduct the mot fees from ur cash out amount.u can contact me if u interested to know more about refinance.

This post has been edited by Pac Lease: Apr 6 2019, 10:53 PM

can inform the MOT/MOC lawyer that you want bank to sign on ur behalf.

they'll invoke the Power of Attorney to sign, pay & transfer the title on your behalf and bill it to your housing loan account.

Is that a common practice? Does that mean it will be consider as a refinancing? Mind explain to me a bit more... really appreciate your guide on that. Thanks

no it's not refinancing.

its common practice for bank to invoke the power of attorney and transfer the title to the owner + gadai to the bank if the owner neglect / delay to do that for long time.

but less common for owner to request the bank to do so.