Oct 17 2008, 12:59 AM
QUOTE(hahaha85 @ Oct 15 2008, 09:18 PM)
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
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?
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