Mar 13 2023, 10:08 AM
QUOTE(munak991 @ Mar 13 2023, 08:21 AM)
Hi all,
Asking for family member.
Currently they have try to ask around for buyer, no buyer interest.
There's multiple unit on bank lelong and also many units sells below market price.
This just example
The leasehold property initial price is 1 mil. Loan at 900k
Bank lelong around the area unfurnish 800k, online property price tag around 800-850k.
Urgently need to dispose this property. Due to not able to coop with it.
Few question,
1) if the property sell at loss, how does the offset amount been paid? The bank will still give another loan for that offset?
2) it's RPGT still in effect if sell at a loss?
Appreciate the answer
No RPGT if seller sell the property at loss since there is no profit. Asking for family member.
Currently they have try to ask around for buyer, no buyer interest.
There's multiple unit on bank lelong and also many units sells below market price.
This just example
The leasehold property initial price is 1 mil. Loan at 900k
Bank lelong around the area unfurnish 800k, online property price tag around 800-850k.
Urgently need to dispose this property. Due to not able to coop with it.
Few question,
1) if the property sell at loss, how does the offset amount been paid? The bank will still give another loan for that offset?
2) it's RPGT still in effect if sell at a loss?
Appreciate the answer
If the selling price is less than the seller's existing bank loan, then seller has to pay the difference to the bank in order to complete the transaction. Except for personal loan, I don't think bank will give any loan to seller to pay for the difference as there is no security / collateral
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