Hi all,

Currently my SPA got 2 names, bank loan also 2 same name, but now since i'm applying for singapore citizenship and plan to buy property there, i would like to remove my name from SPA, i won't mind if remain my name in bank loan, but not SPA.

I asked lawyer, they said i need to refinance again, and the cost is about RM20k.

property bank loan balance is about RM400k, but market price now is only Rm350k, if refinance and let's say 90% is approved, i need to pay 35k(deposit) +50K(price different) +20k(lawyer) up front, which is really a huge amount of money.

May i know is there any alternative way of doing this? Can i remove my name from SPA without refinancing, or replace my name to my parent/sibling? Bank is HLB.

Thanks in advance.

This post has been edited by meee: Apr 15 2023, 12:07 AM

Not much options you have...

Bank Loan is tagged with 2 names and that is because Bank believe you and the other person own the House. IF the Installment not pay, they can lelong the unit. Whatever not enough, they will claim from you.
That is why, there is no way to remove your name while you still tag with a bank loan. You signed bank loan with a so-called pajak legal doc to Bank with the SPA. in this case, 2 names are tied, in SPA with the Loan.

HOwever, for Refinance you may find those with Zero moving to reduce some damage on your pocket... refinance usually only need Loan Legal FEE + Loan Stamping. these can be fully absorb by Zero moving. excluded valuation fee/

But you seems to wanting to remove your name from SPA too.
then you need to pay extra Legal fee for SPA and Stamping for SPA. This you need to pay extra..

Current good Zero moving package are offered by MAybank and RHB...tht is what I had compare in the market so far.
My research did not include SCB, Bank Muamalat, Ambank. You can try ask

This post has been edited by taitianhin: Apr 15 2023, 01:06 AM

no, need to refinance or settle the bank loan with cash then only transfer.