Refinancing
Banks now offer many varieties of home loans, including term loan, overdraft and interest offset options. MKM will assist you in choosing one that has features that suit your financial situation, income pattern, saving habits and goals. We have listed a list of features available that you should consider when choosing your home loan.
Ensure that you have a formal offer letter from the bank in writing and check that you can fulfill the conditions of the offer, if any. Do not take verbal approvals as a guarantee of a loan offer. It is part of our service to assist you in your application and advise you on the option best for your needs..
If you are taking an equity loan from a bank different from the one currently holding your mortgage, inform them of your intention to redeem your housing loan. Note that your bank will have a notification period which you must adhere to.
The bank will commission a valuation of your apartment to determine the Current Market Value of your flat. This will form the basis of the equity that you can take out from your property.
Note that CPF cannot be used for repayment of equity loans. You may use it to pay your stamp and legal fees.
When notice to your existing bank has been served, your mortgage will be transferred, and the cash from the equity loan credited to your account.
Please note that the Housing and Development Act does not allow HDB flat owner to take equity out from their HDB flats.
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Refinancing Services
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