Do I need a lawyer to get a home loan? Can I choose my own lawyer? Who pays for the legal fees?

Yes. You need to appoint a lawyer to draw up your loan documentation.

Normally, the financial institution will provide a panel of lawyers who are familiar with their documentation requirements for you to choose from.

If you prefer to engage your own lawyer, you should discuss with with your financial institution.

Generally, legal fees are borne by the buyer. However, certain developers and financial institutions may offer to pay the legal fees on the legal documentation as part of their marketing package.

In addition, some financial institutions also extend financing for the loan documentation fees.

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Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)

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Knowledge Base ID :   1281
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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