Advertisement
Anonymous
Is it better to get a five year fixed interest home loan or two year fixed interest and re-price on the 3rd?
3
Discussion (3)
Learn how to style your text
Reply
Save
Write your thoughts
Related Articles
Related Posts
Related Posts
Advertisement
Depends on which year are you in for your property.
If you're in your 2nd year of your HDB unit, u would prefer to go for a 3 years lock in.
Because just when your property MOP, you can decide if you want to sell by then.
If you take a 5 year lock in, and you decide to sell at MOP and still have 2 years of lock in left, you need to pay 1.5% penalty of the outstanding loan amount.
I would go against taking 2 years. if you decide to refi after 2 years, you need to payback any legal fee subsidy if you have taken for this refinancing.