1) Penalty Fees or Any Processing Fees Imposed By Existing Bank
Before proceed for refinancing, we always advice our customer to check for penalty charges and any processing fees imposed by existing bank. Whether is your loan still within bonding period? If it’s still bonding period, customer should make decision whether to proceed or hold until the period end.
However, if the bonding period lay within next 6 months. You can always start to refinance now, we can hold the request of redemption statement from existing bank until after the bonding period.
2) Developer/Previous SPA lawyer Processing Fees
If the property still under master title, loan lawyer may need to request some documents from developer or your previous SPA lawyer.
Normally, the fee by developer or previous SPA Lawyer charges may varied from RM50.00 to RM100 for the documents. However, there are certain developer or lawyer will request more. If this happen, the fees will be borne by customer.
3) Developer Outstanding Fees
DO NOT owe your developer fees. By still owing developer for any outstanding fees, you will definitely get stuck on your disbursement. The fees should be fully settle as soon. If not, developer will not co-operate on the documentation and the loan will not be able to release.
4) Maintenance Fees
Make sure your outstanding maintenance fees is fully settle on time. You should not have any arrears.
If not, maintenance office will not release documents requested by bank’s lawyer. This will jeopardise your loan process.
For those people that owe maintenance fees for years, this may be the time for you to settle out the debt. It’s maybe painful, but it’s just how the way it’s works.
5) Payment of Quite Rent and Assessment Fees
The latest quit rent and assessment receipt to be provided. Bank need to make sure your fees are up to date. This is requirement by bank, prior to bank disbursement.