What is Reimbursement Loan?
A loan that allows you to reimburse the money you spent on purchasing a property by using that same property as collateral.
Things to Remember:
TCT/CCT should be under Borrower's Name and no annotations from other financial institution.
Seller needs to sign/execute a Notarized Quit Claim that as borrowers, you have no outstanding balance with the seller.
Proceeds of the loan will directly be credited to the Borrower's account, not the seller's.
Bank will process the loan booking once they receive the original TCT/CCT under the Borrower's name.
Applicable interest will be based on the bank's prevailing rates at the time of loan booking.
‼️ Please Note: Title transferred to Primary Owner should be less than a year.