I'm planning to take up a HDB Loan for a lower downpayment, can I immediately switch to a Bank loan right after key collection? Any penalty for doing so?

Hello Anon :)

Congratulations on your new home!

Yes, you can switch immediately to a bank loan as HDB concessionary loans do not have a lock-in period. There is also no penalty involved if you do so.

However, I would caution you to think carefully about this decision as it is irreversible. Once you have switched over to the bank loan, you cannot switch back to the HDB loan. Ouch.

So do check out this article before you do so!

https://blog.seedly.sg/refinancing-hdb-loan-to-...

Hope this helps!