Today finally, I submitted my application to refinance my house.

I was surprised to get an email asking me to refinance my house. Of course, I am interested if the package is an attractive one. It has to be, since I will be incurring legal charges and stamp duties and valuation fees for the refinance. Even if it is a package where all the above is paid by the bank, the bank usually recovers it back through its pricing.

I have been holding the house in financing for the past 7 years and really hoping to have a better structure on the house. Now that I have some equity released from the house, I have asked for a small OD line just in case I need it for taking other real estate opportunities. I have been thinking that maybe I should have maxed out the OD line but nevermind, I will start small for now. The beautiful thing about Malaysia is that there is no capital gains tax for the first 5 years, and I hope to take advantage of that with my small OD.

I hope I get a smooth process from application to disbursement of the loan. I am always not in the country, and it will become a bit inconvenient to juggle my signing of documents with my work. Like it or not, I will have to spend time either at the bank or the lawyer’s office for the signing, and I am sure there will be a lot to do. Especially with regards to the title of the property. If I am not mistaken, the title was ready to be changed from a master title to an individual title some years back, but due to work commitments and not being in the country, I have never managed to settle that portion. Hopefully, it gets settled once and for all this time around. I am expecting to pay some penalties for that, but hey, sometimes you win, sometimes you lose.

How is the property market holding on in Malaysia? I guess I will know once I get the property valuation report on my property, and see if there is any equity growth. If there is hardly any growth, then maybe it is time for me to find another property.

Have a great year ahead. Hope I don’t get another reject letter.