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Residential Refinancing General Q&A

Q: What are the fees that’s applicable?

-  Valuation & Legal Fee

-  Fire Insurance/Mortgage Insurance – Depending on the bank but usually is a small amount

Q: When will the valuation report be done?

- After refinancing is done, valuation will be conducted by appraiser. Once report is up, they’ll send a copy to the law firm and you’ll be entitled to have a copy of it from the law firm.

Q: When will I start servicing my loan at the new bank?

- 3 months after notice being served, or the next SIBOR/SOR Reset Date, whichever later. If Lock-In is applicable, it will only be after Lock-In ends before the above takes place.

Q: How many months should I prepare myself ahead if I were to refinance?

- Always prepare 7 months in advance before your loan is out of

Lock-In period or your interest spread is on the rise as bank usually allows a maximum 6 month drawdown date which means you have the luxury of 3 months to serve notice on top of the usual 3 months’ notice.

- The additional 1 month earlier preparation is to get your statement from banks as it usually takes up at least 5 working days for them to mail you the statement as bank do not gives you directly from the branch

Q: What are the documents that I’ll be unable to retrieve via Singpass?

- Identification

- Last 3 months salary slips

- Outstanding loan balance

- Outstanding credit card statement

- Letter of Offer from existing bank

- New bank signed application form

- Tenancy Agreement with at least 6 months lease & Stamp Certificate

Note that all documents is to be stated with your name on it, otherwise bank can’t determine the credibility of the documents.

Q: How long does it takes for the bank to approve my loan?

- It can take forever if you do not submit ALL the necessary documents. Upon receipt of full document, it’ll usually take about 7 working days for your loan to be approved.

- Letter of Offer will then be churned out and to be signed. This offer will only valid for 7 days, failure to sign will have to submit a new application and facing chances of rates not being the same anymore.

Q: What’s the next step upon signing of the loan?

- Law firm will contact you for an appointment for conveyancing matters, as well as payment of the fees applicable.

Q: How much can I utilize my CPF portion to service my loan?

- As long as your CPF have the minimum sum of $161,000.00 in total from your Ordinary Account and Special Account, you’re able to use the excess to service monthly to your loan. If it’s a joint application between two parties,

as long both of you reach a combined total of $161,000.00 , you can utilize your Ordinary Account to service the loan.

               

- In the event that you have only one loan, you will not have to maintain this minimum sum.

Q: My property attained Temporary Occupation Permit(TOP), but yet to attain Certificate of Statutory Completion(CSC), can I refinance?

- Yes you can refinance as long you’re out of Lock-In in 7 months’ time or if you do not have any Lock-In period. However, you’re subject to a 1.50% penalty on the undisbursed amount.

Example; If your purchase price is $1,000,000.00 and you took up a loan of $800,000.00 but there’s still a 15%($150,000.00) of loan yet to disburse to developer, you’ll need to pay 1.5% of this $150,000.00 which is $2,250.00 to your existing bank. In some cases, this penalty percentage is at 0.75% instead of 1.50%. If there’s an additional 5% disbursement to the developer while the notice is served, your penalty will then be based on $10,000.00 accordingly.

看了看很多贷款问题，我便把转贷款的过程述了出来

抱歉不是很擅长用中文解释，若是看不懂，发帖我在尽量翻译。