I want to buy my dad house.
He's moving to Perak and don't want to stay in Shah Alam.
His house habis bayar already.
So he want me to refinance.

House prices is RM900k.
My question is, can I refinance only rm100k?
Sorry. I don't know much about bank etc.
Thanks

You don't refinance when the entire house is already paid for.

You want to buy your dad's home.
Just agree a price with your dad and take a loan for the amount la.

Hopefully your dad sells to you below market price otherwise kesian.

Can walk into public bank with your father. Bring all the docs. Demand refinancing

which one offer better interest rate, help me sifu

kalau refinance konsep sama mcm housing loan on the insurance part ker?

let say i ask my dad refinance his house, he take money then i pay monthly installment on behalf.

then my dad passed away, does it cover with insurance?

This post has been edited by aPiT_OxyMoxy: Jan 26 2023, 09:09 AM

Sohai go bank ask lah

Refinance 900k, immediately pay back 800k to deduct principal, so you left with 100k loan balance.

* some banks have limit for overpayment, like 70%, so better check with bank.

This post has been edited by poweredbydiscuz: Jan 26 2023, 09:09 AM

That's not refinancing already.

It's father being seller.
Son being the buyer.
Son needs to apply a loan to buy over the house and get the deed.

I reckon op is doing it to get that extra 100k from the refinance. The issue is him coming here asking over a loan that's 900k makes me abit iffy

House pay off d no need refinance. You want him sell to you is it?

Ask your lawyer/ bank for cheapest way to do so.

sabar bang, pagi2 nak emo ni kenapa, kasi la member to chance

cannot, later kena inheritance tax 50%

And also lock period. I rmbr some banks/loan packages don't allow you finish the loan within a lock period.

Stop using the word refinance, it usually means you have an existing home loan that you want to alter the structure. There is no homeloan here.

You want to buy your dad's house.
Decide on the price. Let's say 100k.
Go to any bank and say you want to take a home loan for 100k and ask for interest rates.

After that is he going to transfer ownership to you?
If yes, you need an S&P with a lawyer to account for the home loan.

As of now theres no tax on inheritance but the government has been mulling this for a while.

My advise to you both is not so do this as the house is under him and you pay the loan. I have seen family issues fathers give the house to other wife or siblings or whatever. Don't do this.

Till date there's no inheritance tax. Correct me if I'm wrong guys

Weird question. Full paid house still need to pay the bank? It's between your father & you. Your father should hold the grant just need to change name.

Good advice. Taking a loan without ownership of the property is rather sticky.


My understanding too.

Means my dad want to sell to me for rm100k.
So I just walk to any bank and ask for rm100k housing loan?

You need a lawyer.

Got house in Perak worth 900k meh?

Sounds fishy

I have a fully paid house too. When I said to the banker I want to refinance, she said, not refinance ni remortgage...

for your case TS it` s easy....


1. Go change your father`s house to your name at Pejabat Tanah

2. After the house is under your name, go to bank to remortage. Ask for RM110k. 10k was for my service to you now

3. Give your father the RM100k

This post has been edited by omaigad: Jan 26 2023, 09:33 AM

change name

house is shah alam, dad moving back to perak ...
dad sell his house in shah alam la tu

lol comprehension problem. read again

I think TS want $100K cash.. Can your dad borrow $100K with the house as collateral?

apa lanjiao buta pagi lu cakap? oredi done pay the house then mat chart to refinance?

Yes.. Still no that kind of tax yet.. My father transfer rm 1 million house to me..

So sgshuhu is aPiT_OxyMoxy

I think so..

Can't do that else those tanah pusaka people will rage

Why want 100k cash. Ts may all in genting Ka. That's the more interesting question.



This post has been edited by Knnbuccb: Jan 26 2023, 09:39 AM

Maybe he wanna need that money for marrige..

Kahwin pun kena loan meh... Omg.

If me I just book 10 table je less than 30k settle.

Buy crypto better. Genting manyak jam these days. Cannot one. Raining somemore. So dangerous

I think I guessing what TS father wants is

1. House adi paid off. No loan d. Worth 900k
2. Ask son to buy take loan and refinance so that get cash on hand to give dad. While the refinanced loan son continue pay.
3. Retire with the cash at perak.

I guess so?

I thought there is a new re-mortgage loan where you just pledged your property and get the money.

Isn't that what the ang moh refer to when they say tke out a mortgage on the house

Just sell the house to you for rm100k.

your father get rm100k, you pay instalment rm100k

Bear in mind whatever price you buy the property from, the stamp office will access the property based on market value and your stamp duty for the transfer of the property will be based on market value

Another consideration is when you sell the property later, what is your acquisition price.

If your acquisition price is RM100K, then unless you hold the property for more than 6 years and assuming there is no RPGT, you could end up paying such higher rpgt

If your dad is willing to take a hit and sell you for 100K,why not just transfer it to you and you pay for the legal fees and associated stamp duty

Selling you for 100K, less 800 from market price I got a feeling will attract queries. That's 800K less of stamp duty govt earns from this transaction

Just do a name transfer. Then you take a personal loan and pay your dad.

If you do the normal selling process need to pay a lot of fees, lawyer, SNP, stamp duty etc

this.

discuss with your father. or just do hibah .

yup. transfer name , if ayah to anak got discount summore on legal fees.

if you subscribe for MRTA

but usually if elder refinance or loan for house ..tenure will be very short and unlikely can approve (especially if no more working)

so..in the end ..either your dad get low amount of housing loan [maybe 20% of loan] + high monthly installment (which in the end cause you unable to pay that every month)

This post has been edited by fantasy1989: Jan 26 2023, 10:08 AM

Other issues:
Stamp duty: RM21,000 unless "Love and Affection" transfer.
Valuation Report for loan: your house worth RM900k, doesn't matter you want to borrow RM100k or RM800k. You can't get the valuer to value the property at RM200k.
Loan documents: same price if you borrow RM1, RM100k or RM1mil.
Legal fee and loan stamp duty: subject to loan amount.

actually no need sell also ..just ask lawyer to do something like inheritance. [unless TS dad want some cash then different story]

lepas siap semua ..ts baru use his own property to do refinance

This

Do ownership transfer under my dad loves me, gift.

Then, you charge to bank for a 100k loan (not mortgage loan). Give your dad the cash (if i understand correctly, your dad wants 100k cash)

This post has been edited by jojolicia: Jan 26 2023, 10:20 AM

He cannot afford to pay RM100K cash. So he wants to go to bank for housing loan for that RM100K.

If you omit all the complexities,

TS wants to buy a house for RM100K direct from a private seller and asks for procedures. From what i know, ask bank for housing loan, then find lawyer that manages this.

You can borrow 100k cash from me

Dm if interested

Dp

This post has been edited by jojolicia: Jan 26 2023, 10:13 AM

This is more of a tax question than bank loan question.

If your dad transfer name. You need to pay stamp duty. 900k house will cost you about 30k.

Your dad sell house your dad will kena RPGT tax. Tax based on 900k.

Only way to avoid this is ask your dad put in will. When he die no inheritance tax. In the mean time you finance him up to 100k from your own pocket. This is the only way to pay as little as possible.

Father bring paper refinance la.

Son pay that 100k loan on father behalf

This post has been edited by tikaram: Jan 26 2023, 11:07 AM

Bank will say thanks for extra money... Sort out internally or the son is cannot be trusted...

If not mistaken, it should be "mortgage", using the house title as loan collateral.

The house title could still be under your father's name. And you help to pay the monthly installments.

If you want to transfer the house title to your name, you could first go to Jabatan Harta Pusaka Kecil and ask them about the legal fees in his gifting the house to you. It could saves some legal fees by doing it yourself at the Jabatan.

Jabatan Harta Pusaka Kecil - this option will only work if his father has passed on right? i think this is for landlord who has passed on and do not have a will.

This unit is under the Land Office (pejabat tanah) and has the authority to approve any application in transferring the house title to another person or persons.

(It deal with total assets under RM 2 million.)

Not too sure about the 'gifting' process, hence the suggestion to make queries first. (Not able to find more info online.)

It is possible to take up loan without transfer of property. That becomes a collateralised loan where dad acts as a guarantor pledging house as collateral. Issue is such loans attract higher interest. If housing loan like those proposed earlier, it's cheaper rates but involves title transfer.

the father alao think house will worth more in future
sell to son so son own the house can stay now and can resell in future for profit