8 Answers

Hi, this may be considered a subsale of the unit still, and the new buyer will enter into a new S&P with the developer. In this instance, there may be a prepayment penalty occured on the undisbursed amount in which you have to pay back to the bank, depending on the loan package. You can check with the mortgage broker who did the loan for you to check if it is needed. Are you planning to sell?

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Landon Chew
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Hi,

Yes this portion is undisbursed and so will incur a fee, typically its 1.5% of the undisbursed amount, but please confirm with the letter of offer terms and conditions or banker. You are looking to do a sub-sale soon? May I know which project you are referring to?

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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Repayment of the Undisbursed Amount
Settlement of Loan: Upon the sale of the property, your bank will require you to repay the entire outstanding loan amount, including any portion that has not yet been disbursed.
Sale Proceeds: The repayment amount will be deducted from the proceeds of your property sale. The total amount you owe to the bank will be the sum of the disbursed amount plus any applicable fees and charges. The undisbursed amount does not need to be paid back since it was never actually disbursed, but the total approved loan amount might impact the calculation of your outstanding balance.
4. Steps to Follow
Notify Your Bank: Inform your bank of your intention to sell the property. They will provide you with a statement of the outstanding loan amount, including any fees and charges.
Calculate Proceeds: Determine the sale proceeds after deducting the outstanding loan amount, which will include any disbursed loan amount that needs to be repaid.
Legal Assistance: Work with your conveyancing lawyer to ensure that all legal and financial aspects of the sale are handled correctly, including the repayment of the home loan.
5. Example Scenario
Property Sale Price: S$1,000,000
Outstanding Loan (Disbursed): S$500,000
Undisbursed Loan Amount: S$100,000 (not relevant as it was not disbursed)
Loan Repayment Amount: S$500,000 (disbursed amount only)
Net Proceeds: S$1,000,000 - S$500,000 = S$500,000
Summary
Repayment: You only need to repay the disbursed portion of the loan from the sale proceeds. The undisbursed amount is not part of your outstanding debt because it was never actually disbursed to you.
Bank Notification: Notify your bank of the sale to get an accurate repayment figure.
Proceeds: Your net proceeds will be the sale price minus the disbursed loan repayment and any other associated fees.
For detailed advice specific to your situation, it’s recommended to consult with your bank and a legal professional who can provide guidance based on the terms of your loan agreement and the specifics of your property sale.
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  • AA
    Thank you Able! This answers my query!
Hi, appreciate your sharing. Best to consult your current law firm.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More
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Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, yes there be a penalty fee that will be borne by you if you sell your unit then and especially during the tenor period.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi Sir/Mdm,

This is quite common and the sale will be considered as a sub sale and the repayment will be on the disbursed amount. I have assisted many of my clients to do a sub sale of their investment properties before the TOP.

Please feel free to contact me so that I can gather more information from you and highlight to you the important issues to take note of.

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Dear sir/mdm,

It is still considered a subsale given that it has not achieved CSC, and depending on the loan, there maybe penalty involved for the sale for the undisbursed amount, thus it will be good to find out more with the bank on what could be the penalty and consider for the price you are looking at for this sale.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Hi,

1) We will only need to pay back whatever was disbursed from the bank with interest.
2) You just need to check with the bank what is the penalty incurred to have an early redemption of the loan to plan your budget.
3) You may find out the details from the banker if you have not engaged a lawyer to handle your conveyance.
4) You may find out the details if you have already engaged a lawyer handling your case.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

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