Selangor, Kuala Lumpur and Johor Law Firm - Discharge of charge for property from the bank in Malaysia by the lawyer

Discharge of Charge is a process to redeem the Original Title from the Bank upon the settlement of the housing loan with the financier. This process will take place upon the instruction from the Bank to the Purchaser/Borrower to find their own solicitor in handling the process. If the loan was successfully been settled only then the Purchaser/Borrower can redeem their Original Title from the Bank. Apart from redeeming the original title from the Bank, Discharge of Charge is very important in order to remove the Bank’s name on the title too. Since the Purchaser/Borrower already settled their loan, the Bank has no right on the title anymore and their name should be removed by way of registration at the Land Office.
• Basic process for Discharge of Charge:-

1. Client sign authorisation letter
2. Form 16N (Discharge of Charge) signed by the Bank
3. Stamp relevant documents at LHDN
4. Registration at Land Office
5. Client collect Original Title

• Documents needed for Discharge of Charge

1. Identity card of Purchaser/Borrower
2. Quit rent of the current year
3. Assessment of the current year
4. Proof of settlement of loan

• What type of property under discharge of charge
- individual or strata title property

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