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Anonymous

02 May 2021

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Is there any penalty for early redemption of hdb housing loan?

Or any disadvantages of clearing the loan early ?

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Tan Choong Hwee

02 May 2021

Investor/Trader at Home

There is no penalty for early redemption of HDB housing loan, but there are nominal fees for discharge of housing loan as stipulated in HDB website:

https://www.hdb.gov.sg/residential/servicing-yo...

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Why I do need to pay stamp duty and conveyance fee for early redemption of my housing loan at HDB? Is it to transfer the ownership from HDB (mortgage) to me?

If i want to refinance my housing loan from hdb to a dbs housing loan, should i use redbrick or go to dbs directly? What are the pros and cons? we are paying 711/mth with 15years left. 110k balance?

My HDB housing loan is left with about 96k. Is it wise to switch to a bank loan now? Will bank loan to amount less than 100k?

Is it wise to repay HDB housing loan earlier than loan duration (paying in full/partial)? To save on loan interests / use less of CPF OA?

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