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 Adding MOT amount into Housing loan?, Is it possible?

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hanhanhan
post Apr 7 2019, 06:49 PM

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From: Kuala Lumpur
QUOTE(clivengu @ Apr 6 2019, 11:58 AM)
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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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.
hanhanhan
post Apr 9 2019, 03:09 PM

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From: Kuala Lumpur
QUOTE(clivengu @ Apr 8 2019, 10:55 PM)
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 notworthy.gif
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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.
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