LOAN SETTLEMENT & DISCHARGE
Loan Settlement & Discharge Lawyer in Penang
At C K Lim & Partners, we assist property owners in settling existing housing loans and completing the discharge of charge process with financial institutions. Whether you are selling your property, refinancing or have fully settled your loan, our team ensures the necessary legal documentation and registration procedures are handled efficiently.
We work closely with banks, purchasers, financiers and relevant authorities to facilitate a smooth loan settlement process from start to finish.
WHAT IS LOAN SETTLEMENT & DISCHARGE?
Loan settlement refers to the repayment of an existing housing loan owed to a financial institution.
Once the loan has been fully settled, the bank’s charge registered against the property must be removed through a legal process known as Discharge of Charge.
This process is commonly required when selling a property, refinancing with another bank or upon full repayment of a housing loan.
OUR LOAN SETTLEMENT SERVICES
REDEMPTION STATEMENT
Obtaining and reviewing redemption statements from financial institutions.
LOAN SETTLEMENT
Assistance in settling outstanding housing loans with the bank.
DISCHARGE OF CHARGE
Preparation and registration of discharge documents with the Land Office.
REFINANCING MATTERS
Assistance with refinancing transactions and replacement financing arrangements.
BANK COORDINATION
Liaison with banks regarding settlement and discharge requirements.
LAND OFFICE REGISTRATION
Management of registration procedures following loan settlement.
LOAN SETTLEMENT PROCESS
The process typically involves the following key stages:
1. REDEMPTION REQUEST
A redemption statement is requested from the existing financier.
2. REDEMPTION STATEMENT ISSUED
The bank confirms the outstanding settlement amount.
3. SETTLEMENT PAYMENT
The redemption sum is paid to the financial institution.
4. DISCHARGE DOCUMENTATION
We prepare the relevant documents for bank's execution and bank releases the discharge documents.
5. EXECUTION OF DOCUMENTS
Relevant discharge documents are executed by the bank.
6. REGISTRATION
The discharge documents are lodged for registration.
7. COMPLETION
The bank's charge is removed from the property records.
Why Choose Our Loan Settlement and Discharge Lawyer in Penang
✓ Established since 2013
✓ Handled more than 2000 cases
✓ Extensive experience in property financing matters
✓ Familiar with major financial institutions
✓ Efficient handling of redemption procedures
✓ Clear communication throughout the transaction
✓ Practical legal guidance from start to completion
✓ Serving clients throughout Penang and Malaysia
Frequently Asked Questions
FAQ 1
How long does loan settlement take?
The timeline varies depending on the financial institution and registration requirements.
FAQ 2
What is a redemption statement?
A redemption statement sets out the outstanding amount required to fully settle a housing loan.
FAQ 3
Do I need a lawyer for a discharge of charge?
Legal documentation and registration procedures are generally required to remove a registered charge..
FAQ 4
Can I sell my property before discharge is completed?
Yes, discharge documentation is commonly handled as part of the sale transaction process.
FAQ 5
What documents are required?
Requirements vary but typically include identification documents, title information and bank documentation.
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Need Assistance WITH LOAN SETTLEMENT OR DISCHARGE?
Whether you are selling, refinancing or fully settling your housing loan, our team is ready to assist.