Hi all expert there,

I have a stupid question to ask. If I paid up (or almost paid up, left a few ringgits) my housing loan, what am I suppose to do next to get back my house from bank? Do I need to engage lawyer? Thanks.

go to ur bank and ask for release letter kuar ..dont knew lah no money to pay the house loan fully ..................u damn lucky

Ya man, it's like your car la, when you finish your payments bank will give you release letter and deed to the property.

I used almost 8 years to do that, is that lucky? OMG... I paid 10s of k in interest to the bank...

goto engage a lawyer (normally the loan lawyer last time you engange) than ask for it. It is call... "Discharge of Charge"
Discharge = release your loan
Charge = u loan it from bank
Haha hope you understand, And get back your ORIGINAL House Title (Geran)
Hope it help you thanks

now you're making us felt like "loser"

a typical us here will be spending the next 20yrs++ to settle our house loan, and the accomulated interest will be 5x more than yours at least.

You should hold a party of some sort to celebrate your success

This post has been edited by alanyuppie: Nov 10 2008, 10:36 AM

Most people take >20 years to settle house loan mate.

Oh, release letter, noted, perhaps it help after 30 years.

Oic, any idea what's the range of charge? 1% of house value? Thanks.

The standard discharge is about rm 300 charged , if I have not mistaken.

can find out more from your banker.

Thanks everyone, will go and find out with them when I have time.

congratulation.

bro, if you settle early within 5 years stuff ( which I heard ) is there are 5k fine ka ?

& if settle early, let's say within 5 years, Will we loose out on the MRTA stuff ?

If happen to loose out the MRTA (20 years of MRTA) What should we do ?
Buy others insurance ka ? What insurance recommended to replace the MRTA or any
recommendations on better ones.

Sorry ask too much, I am blur .

Yeah, most lock-in periods is 5 years, but not sure bout the amount of fine though, Still got banks offered a shorter lock in period, but you may lose out in other areas of the loan.

MRTA is a "insurance" in case "accidents" happen to your before your housa loan is fully settled. If you settled your house loan early, MRTA will be irrevelant anymore.

Thanks...
One less liabilities... Still a lot to go

And always read the terms and conditions of the MRTA document - some MRTAs give refunds if the loan is fully discharge before the end of the period.

Wow. I still have 20+ years before I finish paying off my mortgage

wooo, bros thanks for the reply ...

If settle early then NO MARTA, if shits happens then "kau peh" man.

If no more MARTA, what is recommended if shits happen ?