Home Loans

Things to consider before refinancing

• Lock-in period
Your home loan/financing comes with a 5 years lock-in period. The lock-in period starts once the first drawdown takes place. Should you cancel your loan/financing within the stipulated period, you will be required to pay an exit penalty which may range from 3.5% to 5% of the original home loan/financing amount (at times, plus administration fee or unwinding fees for fixed home loans/financing). You may want to check your Letter of Offer for your existing home loan/financing to ascertain the lock-in period and percentage of the exit fees.

• Moving cost
Moving cost refer to, inter alia, legal fees, valuation fees, stamp duty and other disbursement or charges relating to the preparation of the legal documentation in relation to your home loan/financing.