Penalty fees charged by bank ??

Need advise from experts here.
I took a bank loan of about $700k with locked in period of 2 years early this year.
Any idea if i sell my property now, wat would be the penalty be? I understand that the legal subsidy and insurance will be clawed back.

Quote:

---

Originally Posted by terence

Need advise from experts here.
I took a bank loan of about $700k with locked in period of 2 years early this year.
Any idea if i sell my property now, wat would be the penalty be? I understand that the legal subsidy and insurance will be clawed back.

---

Banks normally charge 1.5% of outstanding loan during the lock in period. I suggest you check the letter offer from your bank. It will state clearly the penalty charge for FULL redemption.

Quote:

---

Originally Posted by terence

Need advise from experts here.
I took a bank loan of about $700k with locked in period of 2 years early this year.
Any idea if i sell my property now, wat would be the penalty be? I understand that the legal subsidy and insurance will be clawed back.

---

u need to read your LO.

When you sign up the bank loan, u didn't ask what is the penalty look like for this?