I have a question and wish to ask opinion from all of lowyat fellows. Let say my current house price is RM350000. I am eligible for house loan for only RM200000(staff loan from my company). I am eligible to pay downpayment Rm50000. Then the remaining RM100k can I call my sis to borrow another RM100k from other bank to cover it up? And one more thing is the house under whose control? Thanks

House ownership is different with mortgagor if in your case you can get your sis to get a joint loan with you and you can be the sole owner of the house. if there is any further queries kindly pm me coz i seldom be in this section.

The thing is that banks wont agree to share the charge of your property(unless price more than 5mil) with your company as if anything happens who will bare the cost to lelong the house & how to split remaining monies...

once a house is tied to a financial institution, it stays with it wihout any sharing of ownership until you fully pay off...


-Whats the staff rate your getting? if your working in Banks then i know roughly how much coz im a banker as well...
- Your position in the company... the higher your rank are... the lower your rates gona be...


So what i will suggest is
i.e

lets say your rate will be at COF... lets put it as 4% in your case...
- Good rate <| 4%, down payment 50k, shortfall 100k
- staff loan canot join borrowing unless joint borrower is family & working in same company...(most unlikely)

Conventional loan
- for your SPA price... can get 4.75%, can place 10% down payment enough lo... why pay more when there's better use for the extra 15k u have
- can join up with ur sister to get all the loan u need... eurika !!!

pm me if you have further Q... im more to girls forum looking for products

but me male lah.. dont misunderstand...

In Malaysia or most countries the only form of mortgage loan is known as 1st mortgage loan i.e. one loan per one property.
Unlike US which offers 2nd mortgage whereby 1 property can have 2 loans. So no, your sis can't borrow money with the house as collateral while the house is already a collateral for another loan. However, she can always or you can alway go for personal loan. But than again doubted that any bank would loan up to RM100k without any collateral.

The house would be under the name of yours but legally owned by those that offered the loan. If not, if you don't pay; who do you think lose the money?

i think what boon mentioned about whats happening in US is called 'consolidate' ?