i am in the 4th year of loan for my house now

thinking of selling it coz i rarely stay in it....always gone work outstation...thinking of going sg to work again....

i hear fren and relatives say must at least 5 year or so only can sell coz mine is new house/loan required at least certain year.....

is it true or how can we detrermine it?

thanks

i dun think so...u can sell immediately i think...
ur relative maybe telling u about the loan...yeah, the loan got certain lockedperiod to avoid u to refinance or change bank.... maybe need to pay some penalty only....5% perhaps

my loan is for 30year.....5% of my loan?

tads quite alot.....

u gotta call your finance bank to check out if there's any lockdown period

if there is any, might as well u finish off the lockdown period and sold your house after that

I try before the bank lepas me from penalty despite the lock-up period because I sold the property.
The manager say if i refinance then they will make u pay penalty

One more issue, since it is a medium cost house, strictly speaking, the land title is classified as low cost.
There may be a restriction on sale of property subject to consent of state authority before it can be sold.
Most states uses a policy of not considering any application for sub sale if the buyer has not held the property for 5 yrs or more.

icic......think shud check wif my finance(cimb) b4 put it up for sale.....

i think if not wrong shud be 5 year......

mine is located in melaka

Last time there's a "property gain tax", where you have to pay government tax if you sell a new house which you bought under 5 years. I believe the tax has been abolished.

u were just misguided for the information. u can sell the property anytime u wantprovided u have a buyer to meet ur asking price.

the criterials of selling new house-

1. most bank, such as public bank had a LOCKED-IN PERIOD for 5 years.
2. if u sell the property within 5 years time, you were be charged 3% penalty for the remaining loan. example, u purchased the house at 300k, downpayment 100k, took 200k loan. after 3 years of servicing loan, your balance loan is 170k, thus the bank will charge you 3 % on 170k.

3. the 3% penallty on the other hand can be waived, IF YOU CAN PERSUADE THE NEW BUYER TO GET A NEW LOAN FOR THAT PARTICULAR HOUSE FROM THE SAME BANK, SAME BRANCE, AND PREFERABLE FROM THE SAME LOAN OFFICER.

Thanks

Well, even if the "property gain tax" is still here, it doesn't apply to your first property.

what is said above is correct, you can sell anytime, its just a matter of whether you are making a profit / loss after you sold the property. You can check your lock in period from the loan agreement you signed with your bank. You might also want to check your outstanding amount with the bank so that you can have a rough indication of how much money you will be able to take back after selling your property.


wow, can let me know which bank let you go from the penalty ? and most important, how you managed to convince them ?

The penalty is depend on your loan.. check through your loan contract... it's in there.

thanks for this info..

FYI, The property gain tax is abolished on april 2007.