Refinancing a hdb bank loan below 100k?

Just found out that my parents are paying an interest of 5% on their home loan. I understand that refinance is an option, however there is only 64k remaining for the loan. Would it still be possible to refinance the loan?My parents tried to request for repricing but their response was because it was below 100k, we are not eligible.

Also, i understand they will be some legal fees as well. Is there a place where i can find someone who is able to see if refinance is more worth it in the long run?

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Rais M

28 Feb 2020

Accountant at SME

To be frank, I would say it is too late to refinance as a home loan now. It is challenging to refinance something lower than 100k as bank would deem they cannot make any 'profit' out of financing it.

To next best way of refinance would be to take up a personal loan that has a much lesser interest. Use the personal loan to pay off the home loan.

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Alex Chua

27 Feb 2020

Seedly student Ambassador 2020/21 at Seedly

Buy their bank stocks to recoup your losses. Collect their dividend. Anyway what you lose is what they earn.
Personal loans.
https://qiannow.com/
It is regulated by MAS. Can consider the above options

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Sharon

27 Feb 2020

Life Alchemist at School of Hard Knocks

I have the same reaction as Andy.

5%?! 😨

I think they approached the bank too late. I quickly re...

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