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Old 18-10-2020, 09:51 AM   #5551
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Folks, I'm looking to refinance from HDB loan to a bank loan. $300k left.

Ideally, low to no net fees, and free partial prepayment (advance notice okay). Happy to lock in no more than 2 years, loan tenure up to 10 years.

Any advice/recommendation?
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Old 18-10-2020, 10:40 AM   #5552
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Folks, I'm looking to refinance from HDB loan to a bank loan. $300k left.

Ideally, low to no net fees, and free partial prepayment (advance notice okay). Happy to lock in no more than 2 years, loan tenure up to 10 years.

Any advice/recommendation?
Hihi.

With a loan size of 300k, you will able to get cash rebate from (1.65k to 2k). Hence you will be able to cover the valuation fee and valuation fee.

However if you are looking for 2 years locked in with Partial prepayment allow during the lock in period, i dont think it is any fixed package that fit your requirement.

Unless you are alright with taking HSBC sibor package. they allow you to partial payment 30% off your loan during the lock in period. (But their cash rebate will be only 1k).

Anyway if you are going for 2 years lock in package, why not wait till you are out of the lock in period and do the partial prepayment?
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Old 18-10-2020, 10:41 AM   #5553
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Is it bo hua to pegged to FHR24?
Yup, just send in your request thru this link. https://www.dbs.com.sg/personal/loan...repricing.page
An officer will be assigned to you. Their current rates are no better den your 1.4% but you can try bargain with them with other bank's offer.

But your loan is currently pegged to FHR9. For FHR9 there's some chance for it to be adjusted downwards. So I dun think there's a hurry for you to refi or reprice now.

Few banks can offer 1.3% now. UOB, Maybank etc.
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Old 18-10-2020, 03:16 PM   #5554
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He also think 1.5% is good deal lei
It’s subjective and all loans are case to case basics.

Most banks have a minimum loan amount in order to enjoy the legal subsidies. Hence for clients who are close to finish repaying their loan, our suggestion will be to renegotiate better terms with the current bank when the locked in period is up.

Should you require further assistance, please do not hesitate to contact me.
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Old 18-10-2020, 06:36 PM   #5555
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How does banks usually calculate for early repayments?
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Old 18-10-2020, 09:32 PM   #5556
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How does banks usually calculate for early repayments?
Do you mean 1.5% penalty during the locked in period?
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Old 18-10-2020, 11:40 PM   #5557
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How does banks usually calculate for early repayments?
Hi Stam,

Are you referring to partial prepayment or full redemption? Is it within the lock in period or without?

You might want to be more specific so that we can help you out~
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Old 18-10-2020, 11:54 PM   #5558
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Do you mean 1.5% penalty during the locked in period?
I am thinking after lock in period maybe have lump sum can pay finish or repay more amount
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Old 18-10-2020, 11:56 PM   #5559
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Hi Stam,

Are you referring to partial prepayment or full redemption? Is it within the lock in period or without?

You might want to be more specific so that we can help you out~
Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?
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Old 19-10-2020, 12:40 AM   #5560
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Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?
Hi Stam,
Its totally different from car loans. Most property bank loans in Singapore are based on amortization.

You can refer to the following link for more info:-
https://www.investopedia.com/terms/a/amortization.asp
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Old 19-10-2020, 12:55 AM   #5561
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Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?
Car loan in Singapore is a killer format...
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Old 19-10-2020, 10:37 AM   #5562
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Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?
Hi Stam,

Yes. You can do that as well. However just fyi, if you are clearing the housing loan via CPF. THere will be a accrued interest of 2.5% accumulated yearly basis.

For Mortgage loan, the process of amortization is essentially a compounding method. Hence you are paying interest and principle on a monthly basis.

For Car loan, Simple interest add-on loans: These are actually written as a single loan; all of the interest that will be due is calculated up front, added to the total of the loan as a finance charge, then that sum is divided over the number of months in the term to arrive at your monthly payment. Each payment consists of exactly the same amount of principal and interest

Hence yes. Car loan is very expensive.

https://www.hsh.com/ask-the-expert/w...mortgages.html
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Old 19-10-2020, 10:38 AM   #5563
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Car loan in Singapore is a killer format...
lol yea. If you want early repayment, you will incur Rule of 78 penalty.
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Old 19-10-2020, 12:30 PM   #5564
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Any recommendation for 279k remaining loan with 22years HDB loan term?
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Old 19-10-2020, 02:05 PM   #5565
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Any recommendation for 279k remaining loan with 22years HDB loan term?
It seem that you can go for 1.5% fixed for 2/3/5 years with DBS. They will be giving you cash rebate of $2k(Which is more than enough to pay for your legal fee and valuation fee).

i have pm you u~
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