Hi all,

I need to getting some advise & opinion from you all.

My mum have a landed house and the house have finished with installment few years back. But lately because we have some financial problem, so my mum decided to add my name into this property and use my name to do bank loan to get some money.

My questions are:

a) The house value is RM 300k, but I only need to refinance about RM50k. Is it possible? If yes, what is the best interest rate or BLR I can get from bank?

b) Now need to add in my name into this house, so we will need to go to lawyer firm to do the name adding. How much the lawyer fee will be charges?

c) How about MRTA? Should I need to pay the MRTA?

Thanks

my take :

a. Possible to refinance only 50k and rate should be blr -2 at least.

b. Not sure, but the better alternative IMO is get your parents to "sell" you the house. That way your interest is protected, in a way.

c. MRTA is useless if you already have sufficent personal insurance coverage. I'd rather top up my personal insurance coverage rather than buying MRTA. this is a personal view btw...............

this means u need to mortgage your house. i'm not an expert or experience, but i think you just need to go to the land office to add your name to the Title of the house/land, assuming that your mom have paid off all the loans and taken out the charge of the land from the bank so it belongs to your mom. so you may not have to go lawyer to do this.

then only you can start applying for a mortgage from the bank for a loan under your name.

normally if u buy house... allocate about 3% of the total house cost for stamp duty and legal cost.. it's very expensive... for loan less than RM200k the BLR normally not very good.. about BLR-1.7 or something like that.

for ur statement i dont think this is right
TS u can take up to certain amount ( Perhaps 100k sharp ) to get the Zero Entry Cost , after the bank release the money to u , use half of it to off set principal to 50k . From what i know CIMB offering BLR-1.95 for below 100k loan amount but based on ur statement ,ur property worth up to 300k but u only loan for 50k i think they might can get u a better interest rate bcoz of LOW MARGIN. Try take more loan amount to get Zero Cost Package as u can always use the surplus money to off set ur principal anytime.

If you're talking about the loan legal cost/stamp duty then you can also consider ZEC packages.

Thanks for reply.

How true is it about just need to go to land office to add in name to the title of the house? Or it should be go to lawyer firm to execute the adding name?

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Added on March 3, 2009, 7:26 pmHi,

ZEC is means for bank will pay the legal fee on my behalf? If yes, what about if i am fork out my own money to pay the legal fee then is it will entitle the better rate?

Someone also told me that i should go for flexi loan to loan RM 100k. But i try to not loan many money fr bank as i dont want this to be my burden in future.

This post has been edited by nicolelim28: Mar 3 2009, 07:26 PM

Dear, why not you just "buy" your mother's house?

I think you need to re-do the S&P agreement since the ownership have changed and like suiteng says, why not just buy the house over?