Upon a successful application, the applicants can use the loan amount to fund a home purchase on all of their names, becoming co-owners or joint owners of the property
A joint home loan in Malaysia is available to foreign nationals with the exception of Israeli citizens. Foreign national has two methods of obtaining a joint home loan:
When one partner faces a shortcoming in his monthly commitment, the remaining partners can basically ‘cover’ for the defaulting partner. The partners can later decide how the faulty partner will reimburse their additional spending, and such a clause can be included in a contractual agreement between the partner if one exists.
该系统为金融机构和贷方提供了一种途径，通过参考合作伙伴记录的经济历史来评估贷款合作伙伴的信誉。 首席技术官 is Malaysia’s leading credit reporting agency (CRA) that facilitates credit extension.Today, it is common practice for financial institutions such as banks to refer to a loan partner’s CCRIS and CTOS score.
Another common scenario is when one of the joint partners passes away. The deceased partner’s share will be ownerless (bona vacantia). A dispute may arise between the surviving partner and the deceased’s next of kin under the law of succession. This issue can be resolved if the partners include a provision in their wills or draft a contract on how a deceased partner’s share is to be dealt with.
A 3rd problem is the breakdown of family relationships in joint home loans between family members. A family relationship can break down unexpectedly and over minor issues. If this breakdown can be resolved, then the parties can remain in their joint home loan. Bear in mind that a breakdown between family relationships, especially when it comes to financing, can take years to be resolved.
The 4th unforeseen circumstances are a loss of trust between investment partners. If an investment partner is deemed unfit or has lost the other partners’ confidence, he or she can be voted out or be left out in activities relating to the property purchased with a joint home loan. As mentioned above, this scenario too can be resolved by drafting a contract between the investment partners.
If necessary, all parties to the joint home loan can enter into a contractual agreement, inserting a clause that requires the leaving partner to offer to sell his shares to other partners before deciding to sell his share to a 3rd party purchaser for value.
向第三者出售股份
A partner looking to leave the joint-ownership can also sell his shares to a 3rd party purchaser for value. If the loan period has not expired or has not recouped the total repayable amount, the bank might not prevent such a sale.
It is possible to seek the bank’s approval before the sale, but it is unlikely the bank would allow such transactions. Thus, selling off shares to a 3rd party is a viable solution once the loan has been settled.
