Certainly. The service is permitted under Malaysia Banking and Financial Institutions Act 1989 (BAFIA Act), which is governed by Central Bank of Malaysia (Bank Negara).
My mortgage is still within lock-in period, can I engage with mortgage reduction service without having to pay the early exit fee (penalty)?
Certainly. As long as your mortgage is not fully settled within the lock-in period, the penalty will not be applicable.
Does mortgage reduction service involve refinancing of loan to another financial institution?
No. Mortgage reduction simply involves rescheduling of prepayments. No refinancing is required or involved.
What happen if my mortgage lender rejects my mortgage reduction request?
If your mortgage reduction request is made through a Supex mortgage reduction consultant, your request shall be definitely accepted by your mortgage lender. The financial institutions in Malaysia have no legitimate reason for denying the basic rights specified in the BAFIA Act.
Does mortgage reduction service involve amendments to existing legal documents which incur additional legal charges (such as stamping fee, and etc.)?
No. Mortgage reduction request only involves rescheduling of future prepayments, no legal documents are to be revised or amended.
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