Zulfadli asked 6 years ago
Hi, I am Zulfadli, having trouble to pay monthly installment for hime financing. What if i surrender the home financing? Tq
1 Answers
KCLau Staff answered 6 years ago
If you don’t pay the loan, after the 6 months loan deferment provided during Covid-19 pandemic (the deferment ends September 2020 in Malaysia), your loan will get into default. Bank can repossess your property and auction it to the highest bidder. You will lose your house.
If you want to surrender the home financing, it means you must settle all the loan. You need to sell your house now so you have the money to settle the outstanding loan.