Loan redemption

[reefy]

Hi all,
Do we need to pay additional for
1. 1.5% cancellation fee on undrawn balance.
2. Legal fee

When I redempt the loan? I can shocked when I saw the letter from the bank.:simmering:

[sh]

Hi all,
Do we need to pay additional for
1. 1.5% cancellation fee on undrawn balance.
2. Legal fee

When I redempt the loan? I can shocked when I saw the letter from the bank.:simmering:

Read the terms and conditions of your loan. Every loan is different with different lock-in periods....

One trick is to prepay 99.99% of your outstanding loan so that the full-repayment penalty doesn't kick it. Then again.... read your contract.

[Allthepies]

Hi all,
Do we need to pay additional for
1. 1.5% cancellation fee on undrawn balance.
2. Legal fee

When I redempt the loan? I can shocked when I saw the letter from the bank.:simmering:

Yup if locked in usually have to pay...

[scsc]

Hi all,
Do we need to pay additional for
1. 1.5% cancellation fee on undrawn balance.
2. Legal fee

When I redempt the loan? I can shocked when I saw the letter from the bank.:simmering:

Yes, this is typical of Mortgage Loan for BUC... not sure about those re-mortgage terms for buildings that are TOPed.

This can be classified as COST of Mortgage Loan Redemption that typically eats into the profit besides the Agent's Commission & SSD.

Hope your sale clear the threshold to realize real profit :)