Asked by Anonymous

Can I change repayment period for a bank loan (for HDB resale)?

I intend to purchase HDB resale (single scheme) and plan to take a bank loan. Most of the details I have found here except the option to change repayment period if I refinance my bank loan.

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  • Lee Chun Kiat
    Lee Chun Kiat
    Level 2. Rookie
    Answered on 02 Jan 2019

    When you refinance you can choose to the repayment period you want (subject to bank's approval of coourse).

    It is no difference than taking a new mortgage loan from another bank, except the fact that there are some fees payable to bank (usually subsidized if you loan is more than xx amount, but take note that the bank will crawl back this subsidy if you refinance again within

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  • Loh Tat Tian
    Loh Tat Tian, Ex-Financial Advisor, Founder at Singapore Insurance Value Finding
    Level 6. Master
    Answered on 02 Jan 2019

    Why not talk to the bank representative to understand more.

    Because I personally did not deal with the bank (I took HDB Loan), I am unable to assist much.

    What I do know is they term it as re-financing for the change of payment period. There are fees and charges (likely in the $2k region) so you have to make your own judgment call.

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