Hi,
Need advice for a property purchased 4 years back, on govt loan for 30 years, with 2300 installment. Property valued at 420k during the time of purchase, by agent from developer. Now got possession of property last year and can rent for 1100 partially furnished. And property value devaled to 340k (or actually property value was bloated by agent in the first place).

As can see, rental is quite lower than bank monthly payment. What's best advice to deal with this situation? Specially, looking at recession and prosperity market slowdown. Continue as is, rent property? Or sell . If later, have to taje the loss ? Any better approach to get out of this ?
It's condo in bangi - southville city savanna executive suite ~900 sq ft 3 rooms without balcony. Original intent is investment.
Thanks.

This post has been edited by techman007: Jan 26 2023, 11:44 PM

It's a condo. Completed in 2-3 years, that's where i meant, i got possession, to live or rent. Bought directly from developer, but at a later stage, and i think at a higher then market price/value. Didn't do proper check before agreeing with agent involved from developer.

Original intention is to get rental and pay bank installment through it and eventually own it .

Thanks everyone for your valuable advice. Paying 2300 per month isn't an issue but thinking in terms of recurring loss, as in imbalance of rental vs payments and all those initial years of payment, i heard is fully interest payments and not principal. One more question on settlement to be sure. If we sell it now, for 340k, meaning find a buyer for 340k , we need to give difference 80k out of our pocket to settle bank to settle loan, right? Or some more impact of ibank interest ? Have to pay whole 420k as all 4 years installment will be considered interest payments?

It's Savanna Executive suite 3 rooms 2 bath ~900 sq ft without balcony.