Anonymous

02 May 2021

∙

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

Solutions Specialist at Providend

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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