Your Rights after You Fully Settled Your Housing Loan
Upon confirmation from the bank that your housing loan has been fully settled, your first step will be appointing a qualified lawyer to assist you with the next procedure, of which there are two types, which are MODC which is for the property with individual strata title and the DRR which is for the property without individual strata title:-
- Memorandum of Discharge of Charge (MODC); and.
- Deed of Receipt and Reassignment (DRR).
You shall appoint a qualified lawyer to handle this process for you to save time and costs.
The documents you need to provide to proceed with the process include:-
- MyKad of purchaser/owner
- Proof of the settlement of loan
- Proof of settlement of the quit rent and assessment of the current year
For the MODC, the lawyer will arrange the relevant bank to execute the instrument then proceed to stamp the instrument then hand over the instrument to the respective Land and Survey Office to register the discharge on the individual strata title. After the registration, the charge details will be removed from the land search.
For the DRR, the process is similar to the process above but the main difference is that the DRR would not be registered or processed at the Land and Survey Office because there is no individual strata title for the property yet. Upon the successful stamping of the DRR, the bank has reassigned all the rights, interest and benefit of the property to you as the owner.
If you have any questions or require any additional information, please contact our lawyer that you usually deal with.