Adding MOT amount into Housing loan?, Is it possible?
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 Apr 6 2019, 11:58 AM, updated 7y ago
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#1
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Senior Member
1,850 posts Joined: Nov 2005  
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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 |
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Apr 6 2019, 05:28 PM
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#2
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Senior Member
1,850 posts Joined: Nov 2005
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QUOTE(AskarPerang @ Apr 6 2019, 03:06 PM) 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? |
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Apr 8 2019, 10:55 PM
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#3
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Senior Member
1,850 posts Joined: Nov 2005
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QUOTE(hanhanhan @ Apr 7 2019, 06:49 PM) can inform the MOT/MOC lawyer that you want bank to sign on ur behalf. 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 they'll invoke the Power of Attorney to sign, pay & transfer the title on your behalf and bill it to your housing loan account.  |
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