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? - Seedly
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Anonymous

Asked 2d ago

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?

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Joel Koh
Joel Koh, Writer at Seedly
Level 4. Prodigy
Answered 2d ago

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-bank-loan-low-interest-rate-considerations/

Hope this helps!

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ūüĎć
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Question Poster

2d ago

This is so helpful ūüĎć
Thank You!
Can you clarify
I wonder if
This is so helpful ūüĎć
What about
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