What Fees Incurred when refinancing?

What Fees Incurred when refinancing?

There are few fees incurred if you proceed for refinancing. However, the most important fees are able to finance together with the loan.

  • Lawyer Fees, Stamp Duty and Disbursement Fees for Preparing of Loan agreement.

       These fees are allowed to be financed with the housing loan. However, still subject to bank’s approval.

        Please find the estimate calculation as follows:

Loan Agreement Legal Fees

Professional Legal Fees:

%

First RM150,000

1

Subsequent up to   RM1 million

0.70

Subsequent up to   RM3 million

0.60

Subsequent up to   RM5 million

0.50

Subsequent up to   RM7.50 million

0.40

Property Stamp Duty

%

Loan Amount

0.50

§  Professional Legal Fees to be included 6% of government tax.

§  Disbursement Fees to be ranging of RM1000-RM1500.00 (based on estimation)

§  For first time house buyer, there is 50% rebate on stamp duty if your property price is less than RM400,000

Please remember, the lawyer fees are subject to customer profile, property information, loan amount, housing loan product and financing Bank. It may be slightly varied.

  •  Valuation Fees

         Valuation fee can be to finance with the loan, however, still subject to bank’s approval.

 After acceptance with the bank, bank shall instruct valuation company to site inspect the property. After site inspection,  they will issue a valuation report.

Please bear in mind, the fees is subject to change from time to time.

The estimation fees are as follows :

Property Value

Valuation Fees

RM100,000

RM650.00

RM300,000

RM710.00

RM400,000

RM860.00

RM500,000

RM1000.00

RM600,000

RM1200.00

RM700,000

RM1300.00

RM800,000

RM1500.00

RM900,000

RM1600.00

RM1,000,000

RM1800.00

  • Mortgage Reducing Term Assurance (MRTA) / Mortgage Level Term Assurance (MLTA) – Optional

 MRTA and MLTA are mortgage insurance protection for the borrower in the event of Death and Total Permanent Disability.

 MRTA premium are allow to pay by cash or finance with the loan. While, MLTA only for cash, cheque and credit card payment.

 Normally, MLTA have a guarantee cash refund after certain years. We provide guarantee cash refund plan to customer. However, there are mortgage consultants outside who offer no guarantee refund plan. So, please be aware on this.

 Generally, MRTA and MLTA are optional insurance plan. However, we’re always encourage our customer to get the protection for themselves or family member.

 For certain banks, MRTA may be compulsory.

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