Hi fellow members,

I purchased a house with my partner about 4 years ago via a joint financing Islamic loan from Hong Leong.

To cut it short, things have since gone sour and we've gone our separate ways.

The agreement made is that i would takeover all the loans and financing issues for the property and that the other party will sign over her part of the house/loan to me.

The banker mentioned the only way to do this is via a loan refinancing, but i understand that there are a lot of costs involved as well. Is there any other ways of doing this? via a legal letter for transfer of ownership instead? is there such a thing?

Looking forward to your assistance

if you want to take over the financing itself the refinance is the only way to go...

Refinance, look for bank's best offer which may reduce your cost. Previously done with bank offer for your reference:

1) Standard Chartered (Zero moving) (2022)
2) MBB with up to 25K cover of moving cost

You need to check with all the banks to find out the info if they still or have such offer and also their t&c. Some with minimum loan amount such as 500K.

Do not be penny wise pound foolish. If want to keep the property, Clear cut is refinancing and buy out his/her shares (if share name in SPA).

Of course if can sell will be better to minimize the cost

Clean cut the best.

Refinance is the fastest, least hassle, and less complicated to transfer ownership+loan since there's an existing loan.

The other options, time involved and complicated process is NOT worth the effort, especially if your relationship parted on bad terms.

Personally...

Just Refinance route is best for your current situation...

refinance is the way to resolve your problem. legal fees and valuation fees may finance into loan amount. i do some divorsed case and refinance home.