Tried to search through some keywords but I am getting too many hits so am starting a quick topic. I currently have a housing loan with Maybank that I am looking to pay off as I have sufficient cash to do so. Need advice on what should I do to initiate the process? Is a lawyer needed?

what kind of solution you found for it?

What?

Just go to the bank and see the Loan Officer.

I thought need a lawyer to redeem the geran? For car loan, it is very straight forward now. But for house loan, I didnt know whether got "e-pindah milik" or not. Wish to know too.

No solution that's why ask here.

Do I need to go to the branch I took my loan or any branch will do? Just trying to get all these information before I go holland.

js paid the principle thru online bank or something...

you all set and done.

Go to a branch near you and the loan officer will advise accordingly. Different bank may have different procedures for their mortgage products.
Me no agent.

That's what I was planning to do....just transfer the bulk of the money into the loan account and let it deduct for now then figure out how to redeem/settle it.

Thanks.

Just go to the bank where to took the loan from and tell them you want to clear all the loan. That's it.

The rest will be handled between your lawyer and bank lawyer.

The good thing is that your payment will be on the principle, no interest basically.

Even if you do online, you still need to go to the bank to sign documents. and get your house grant.

if the value is a lot, put this sum into EPF, and have monthly withdrawal to settle monthly install. the EPF interest will outgrow the loan interest.

Just call to the branch that handle your housing loan, they will sort it out for you.

yah...just go to the branch which you applied your loan..talk to them say i mau settle...

then give u a redemption letter and all...bank will know what to do la

Thought of this but my loan Interest is at 4.55% so I won't really gain much from EPF. Assuming can put in 100k of self contribution for the year and difference is about 0.6 to 1% in interest for next years EPF dividend, that 100k will get me max 1k Rm for the year maybe?

go to the bank. all problem will be resolve.
let the professional to handle

Settle the outstanding amount in full. Then, engage lawyer to discharge of charge.

Paying off the loan is different from redemption ya.

U can pay off the loan by a call or a write in which most banks required. This part U don't need a lawyer.

U can choose not to redeem even after paying off the loan and let the bank safe keep ur docs. No lawyer required if no redemption is done.

If u hav a RM u can ask RM to send u the form best in pdf n print to sign. Some banks allow docs by email. Yes I did mine with few banks tis way so far so good.

Yes I oso stil keep.some.of my docs under banks safekeeping. Yes I did redeem some as well.

In case u wanna redeem then clear the loan first then pass the final statement to lawyer will do. They ll ask u to sign few set of.letters to commence the redemption process.

Just pay in full to your loan account. The bank will issue you a notice of the law firm handling the discharge.

Take that notice to the law firm, with your latest cukai tanah, cukai pintu resit. Check with the lawyer, fee how much? If its joint name ownership, both gotta sign when docs are ready for signing.

Then wait for a notice to collect your geran from the law firm.

If your mrta still have balance years, get the refund.

This post has been edited by jojolicia: Feb 26 2024, 09:52 PM

Small potato not qualified to have RM.
I do a simple way. Check the latest outstanding amount online, then transfer full amount to loan account.
Since this is for own stay, I engage lawyer to discharge the charge.
If for investment, can consider safekeeping with bank until sell off to save some legal fees.