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Hi Pauline,

It will be good to find out the details from the bank as they are the one who have provided the loan to you. As far as I know, it varies from bank to bank as well as the terms and conditions of the loan.

If you need assistance in selling and buying, then I'll be able to advise better since these will be within my domain.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More

Hi.

You should take a look at your letter of offer and specifically look for 1. the lock-in period and 2. the penalty for early redemption during this period; Usually set at 1.5% of the outstanding loan. Legal subsidy and valuation fees will have to be repaid if you redeem the loan in less than 2 yrs regardless of the lock-in period.

Most variable packages have a lock-in period of 2 years and some may not have lock-in at all, the latter were usually offered at a higher interest rate. Whereas for fixed packages, the term may vary, depending on the number of years that have fixed interest rates. If you have 3 yrs fixed, chances are good that the lock-in is at least three years as well.

Be it 2 yrs or 5 yrs, once you are done with the lock-in period, there are no penalties involved when you wish to refinance or redeem the loan.

Do contact me if you have any other question.

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More

Hi Pauline,

Thanks for posting in Propertyguru.

With regards to your question on the loan repayment, seriously the best person will still be the banker that you've worked with or call up the bank of your loan. They will do a calculation for you. Trust me, they will be the best people to assist you.

As for your intention to change from your condo to HDB, I think my partner and myself will be able to help you with this. We have aerved many sellers and buyers and we have made them happy clients and now friends. You may read some of my testimonials on myu website. I believe we should be able to be of good service to you.

Maybe we can meet up for a non obligatory discussion to discuss further on this. Looking forward to hear from you soon. Thanks.

Best Regards,

Jeffrey Heng
Associate Team Director
HSR International Realtors Pte Ltd
Mobile : 9858 1322 
Email : hengjeffrey@gmail.com
Website : www.jeffreyheng.com Read More

Afternoon Pauline,

You would have to look into your Letter of offer and check your lock-in period. 3 years ago, most mortgage loan should have Mac of 3 years lock-in. If you have fulfilled that, you are not liable for penalty charges. But you need to inform your banker 3 months in advance, upon sales of unit. This would avoid unwanted additional charges.

FYI
Mike Lim
 96929209 
ERA Read More