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Good afternoon Ms,

Sorry to hear what you are going through. To have a better idea of the penalty amount, it will be best to check the letter of offer that you signed if not will be to contact bank to confirm on it. You can try to speak to bank whether can they reduce the penalty based on your situation.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, could I confirm that both of you just bought this flat for a year and left 4 more years to MOP?

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Good afternoon,

Sorry to hear about the situation, I hope you are managing well. As for the penalty for early redemption of the bank loan, you will have to refer to the terms & conditions of the bank Letter of Offer signed. I can assist to help you interpret the cost required, if you are open to share this document.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Hi,

1) If your flat was bought less than 3 yrs ago, you will be subject to Seller Stamp Duty (SSD) of 12/8/4% for the 1st/2nd/3rd yr from the date you sign the lease.
2) If your flat is valued at $500k, your SSD for the 1st year would be $60k. Therefore you have to check on this very carefully.
3) In general the full redemption of the loan during the locked period, is 1.5% of the outstanding loan. Take the example of your case, you will incur a penalty of $4,500.
4) Thus you may check your letter of offer and look at the full redemption penalty to confirm the rate imposed.
5) This is a legal document and you had paid a mortgage stamp duty registered under IRAS. Thus there is no way to reduce this amount.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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