Asked by Steve
How to define lock in period? Does it include 3mths serving notice period?
Hi Gurus,
Currently I'm on a mortgage loan with the following conditions:-
1) lock in for 24mths from 1st dispersement of fund (which is 20 Apr 2009) penalty of 1.5% for full redemption
2) 36mths lock in for legal subsidize, cash rebate, valuation report, fire insurance (which commences from 20 Apr 2009)
Currently s/no. 1 condition already lapsed and my concern is s/no.2, am I right to conclude that I can only infd bank that I wish to make full redemption on 20 Apr 2012 in order not to be liable for the penalty? Or can I infd them now since I need to serve 3 mths notice which will ends May 2012?
Thanks in advance
Hi Gurus,
Currently I'm on a mortgage loan with the following conditions:-
1) lock in for 24mths from 1st dispersement of fund (which is 20 Apr 2009) penalty of 1.5% for full redemption
2) 36mths lock in for legal subsidize, cash rebate, valuation report, fire insurance (which commences from 20 Apr 2009)
Currently s/no. 1 condition already lapsed and my concern is s/no.2, am I right to conclude that I can only infd bank that I wish to make full redemption on 20 Apr 2012 in order not to be liable for the penalty? Or can I infd them now since I need to serve 3 mths notice which will ends May 2012?
Thanks in advance
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