dear all, need advise, i'm wondering can i sell of my house with installment still to pay? i took 20 years loan, still around RM80k yet to settle. Is it that i have to pay off extra RM80k in order to let go the house? having financial issue now.

thx.

This post has been edited by RottyDog: Nov 28 2013, 11:53 AM

Har? How much are u selling ur house for?

havent check yet coz that time bought around RM240k, last time ask bank's staff, they say cannot sell within 5 years time, if not have to pay penalty. so wondering if after 5 years d, duno can sell off or not even with installment to go.

Can sell off one.. the buyer's financier will pay off ur bank loan and you'll get the difference. But if it's done within 5 years then you have to pay a lil penalty. Mine is 3.4% of loan amount, which is negligible if I can sell off my property for much more money

It is called lock-up perioud.
Depends what loan you are taking
U can pay all as advance payment and they didn't charge any interest.

icic, thats the problem, i canot pay advance payment/settle remaining loan amount, thats y i'm worrying whether can sell off the house with stil installment to go. last time bought coz wanted to have own property, then can cari bini for future use, but now bini takda, barang , petrol all naik pula. Sei lor.

then i know car loan, u will have to settle off the remain loan in order to sell off. So i tot housing loan is the same, so i assumed its the same.

Thx again guys.

bini for 'future use'

nononononno, mean next time cari bini liau then the house itself for 'future use', me and bini 'use' the house, i'm a good boy.

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You may want to consider Refinance instead of selling the house. Selling a house takes a long time. Besides, your property value may have increase and so you can get more cash when doin refinancing.

Yeappers, refinancing is another way.

But TS, u still gotto pay penalty, make sure your new bank or existing bank can offer u higher amount for your house and with better rates and not forgetting, with a higher loan, you will have to pay higher mortgage monthly.

Oh ya, and if your bank still havent finish releasing money to the developer (usually is the last 2.5% because strata title not out yet), u will have to settle that 1st be4 the developer will let you off the hook. PLus got lawyer fees if u are refinancing with a Non-zero moving loan, and also got soma admin charges and etc. Make sure u do all the homework needed 1st be4 refinancing.

icic thx guys, really appreciate all ur advises. learn new thing today- 'refinancing'.