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Thread: Penalty fees charged by bank ??

  1. #1
    Join Date
    Apr 2009
    Posts
    171

    Default Penalty fees charged by bank ??

    Need advise from experts here.
    I took a bank loan of about $700k with locked in period of 2 years early this year.
    Any idea if i sell my property now, wat would be the penalty be? I understand that the legal subsidy and insurance will be clawed back.

  2. #2
    Join Date
    Feb 2009
    Posts
    40

    Default

    Quote Originally Posted by terence
    Need advise from experts here.
    I took a bank loan of about $700k with locked in period of 2 years early this year.
    Any idea if i sell my property now, wat would be the penalty be? I understand that the legal subsidy and insurance will be clawed back.
    Banks normally charge 1.5% of outstanding loan during the lock in period. I suggest you check the letter offer from your bank. It will state clearly the penalty charge for FULL redemption.

  3. #3
    Join Date
    Nov 2008
    Posts
    211

    Default

    Quote Originally Posted by terence
    Need advise from experts here.
    I took a bank loan of about $700k with locked in period of 2 years early this year.
    Any idea if i sell my property now, wat would be the penalty be? I understand that the legal subsidy and insurance will be clawed back.
    u need to read your LO.

    When you sign up the bank loan, u didn't ask what is the penalty look like for this?

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