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I am a Singaporean PR. currently I own HDB flat and use bank loan. I use CPF to pay monthly installments . My outstanding loan is around $25K. I want to fully pay my home loan because the interest rate is quite high ( around 3%). Since my lock-in period is already expired, there is no penalty. I will pay my outstanding loan through cash. When I went to bank, they mentioned that I need to give 3 months notice and need to pay legal fees (around $500). Can you please advise regarding my below query: 1. Why I need to pay legal fees? 2. What are the legal procedure? 3. Any tips to avoid any extra hidden charges
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