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:
|Subsequent up to RM1 million
|Subsequent up to RM3 million
|Subsequent up to RM5 million
|Property Stamp Duty
- 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, you can try to apply for stamp duty exemption for property price is less than RM500,000
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 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 :
- 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.