Asked by Anonymous
Asked on 29 Dec 2018
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.
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
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.