Can I sell my property that is currently under construction?

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asked on Oct 30, 2016 at 16:13
by   NAT3863
Last year I signed an SPA for a property priced at RM600k. It is my first property intended for own stay and I have been servicing the loan for almost a year now. The bank has just disbursed loan for second stage of the construction, I would say around 30% completed. It is due to complete in 2018 / 2019.

However, my financial commitment has changed and I have to bear the medical expenses of one of my family member. While I still can service the loan, I am exploring the possibility of selling it off so that I am not tied down with debt. No credit card or motor vehicle debt/loan. Only rental, utilities and insurance.

So my question is can I sell off my property before completion? Will I be subjected to any tax or penalty if I were to sell it off?
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2 Answers

answered on Oct 30, 2016 at 16:20
by   AffinBank
There is a penalty levy
No issues reselling it out
You may earn even a profit..!!
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answered on Oct 30, 2016 at 18:54
by   NAT3863
Is the penalty from bank or from government? Am I believe I'm still subjected to RPGT in this case?
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