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Thread: Equity Loan

  1. #61
    Join Date
    Jan 2011
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    Quote Originally Posted by hopeful
    Any penalty for breaking within 3years and after 3 years?

    For BUC mortgage, if you take 3 years fixed and the condo TOP in 1 year, is the mortgage rates revised or stays the same?

    cancellation should be 1.5% of undisbursed amount. so banker usu advise to pay at top, and retain small amount till full 3 years if lockin (else got to clawback for lawyer of 2.5k and valuation of ~500)

    mortgage rate starts from your 1st disbursement. fixed will be fixed, unless take the variable (depending on board rate) or sor / sibor (depending on rates then).

  2. #62
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    Jul 2011
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    Quote Originally Posted by lifeline
    cancellation should be 1.5% of undisbursed amount. so banker usu advise to pay at top, and retain small amount till full 3 years if lockin (else got to clawback for lawyer of 2.5k and valuation of ~500)

    mortgage rate starts from your 1st disbursement. fixed will be fixed, unless take the variable (depending on board rate) or sor / sibor (depending on rates then).
    Exactly, this is what i got from OCBC.
    But they said if within the first 3 years, if repay less than half of loan, then no penalty.
    After 3 years, can repay full loan without penalty.

  3. #63
    Join Date
    Nov 2008
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    9,217

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    The loan amount will not be fully disbursed until a year after TOP or when CSC is received, which ever earlier.
    Quote Originally Posted by lifeline
    cancellation should be 1.5% of undisbursed amount. so banker usu advise to pay at top, and retain small amount till full 3 years if lockin (else got to clawback for lawyer of 2.5k and valuation of ~500)

    mortgage rate starts from your 1st disbursement. fixed will be fixed, unless take the variable (depending on board rate) or sor / sibor (depending on rates then).

  4. #64
    Join Date
    Jan 2011
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    787

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    Quote Originally Posted by buttercarp
    Exactly, this is what i got from OCBC.
    But they said if within the first 3 years, if repay less than half of loan, then no penalty.
    After 3 years, can repay full loan without penalty.
    yes. same terms & conditions, except my rates are slightly better, cos 2 loans and past dealings. after 3 years, is already out of lockin period, so can refinance, unless you change plan during 1 time free conversion at top.

  5. #65
    Join Date
    Mar 2010
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    4

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    Can i check if it's possible to take an equity loan on HDB flats? or is it only for private properties?

    thanks in advance

  6. #66
    Join Date
    Apr 2010
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    15,307

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    Quote Originally Posted by dowz
    Can i check if it's possible to take an equity loan on HDB flats? or is it only for private properties?

    thanks in advance
    Hdb cannot...only for pte ppty

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