Maybank probably is the only bank to offer this. Trade up mortgage loan.
Most people have their dream home in their minds, and might even have come across it, but cannot afford it until they have sold off their current property.
For them, a trade-up mortgage loan may be the only way to have a shot at securing that dream home before it goes to competition.
Maybank is the only Bank in Malaysia that offers a Trade Up Mortgage.
It is a short-term secured loan designed to bridge the temporary cash shortfall when you want to buy that dream home pending the sale of your existing house. It gives you time to put up your existing house for sale and to find the right buyer at the right price.
Like a mortgage, the Trade Up Mortgage is a loan that is “secured” against property. In this case, it is secured against the existing house that you want to sell.
Maybank’s Trade Up Mortgage gives you the following financial assistance :-
▪ The necessary finance to bridge the gap between the purchase price and the approved loan amount of your new dream home, and;
▪ The necessary finance to redeem the loan amount still owing to a financial institution for your existing house.
You must apply to Maybank for the housing loan for your new dream home and the Trade Up Mortgage Loan at the same time.
In a nutshell, the benefits of Maybank’s Trade Up mortgage are:
▪ It gives you the financial assistance to secure your dream home pending proceeds from the sale of your existing house.
▪ It gives you the peace of mind of knowing you have at least 18 months to sell off your existing house at the best price.
▪ It offers you financial assistance of up to 70% of the open market value of your existing house.
▪ It helps you to pay off the existing loan on your existing house.
▪ It is short term loan of only up to 18 months.
▪ It is settled by the proceeds from the sale of your existing house.
So if you want to know more details, you know what to do… call Maybank and see if you are really eligible or not. Don’t just read here though. If you don’t act on it, you won’t get it.