I had applied for refinancing 3 weeks ago but there is no outcome from the bank yet. Will I be penalised if I apply elsewhere? - Seedly
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Anonymous

Asked 3w ago

I had applied for refinancing 3 weeks ago but there is no outcome from the bank yet. Will I be penalised if I apply elsewhere?

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Jason Cheong
Jason Cheong, Alumnus at NTU
Level 4. Prodigy
Answered 2w ago

From experience, there is usually no penalties in applying for refinancing from various banks/financial institutions.

This is because the contract to refinance have not been signed at this stage.

Stages:

1) Application to Bank/FI

2) Offer given by Bank/FI

3) Applicant will sign on offer letter and submit in to Bank/FI to formalise contract.

Hope this clarifies!

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šŸ‘ 1
Question Poster

6d ago

This is so helpful šŸ‘