Do I Need To Pay Any Fees To Reduce My Hdb Loan Period?

[jtcp82 0]

Hi,

Can anyone advise on whether do I need to pay any fees if I want to increase my monthly payment for my HDB loan? Thanks a lot.

[therat 18]

If the loan from HDB, no need

If the loan from Bank, I believe need

[jtcp82 0]

If the loan from HDB, no need

If the loan from Bank, I believe need

Hi Therat,

What about paying one lump sum for HDB loan? Thanks.

[therat 18]

1 lump sum. U mean pay all?

I think I read some where say no fee.

But better double check with HDB.

HDB rule change faster than design change

[chronograph 0]

1 lump sum. U mean pay all?

I think I read some where say no fee.

But better double check with HDB.

HDB rule change faster than design change

You are right... no fee from HDB. I have done that before, partial repayment.

[therat 18]

You are right... no fee from HDB. I have done that before, partial repayment.

partial repayment - no fee.

But TS 2nd post mention "one lump sum"

Not too sure, is he refer to full payment?

[chronograph 0]

Partial repayment = one lump sum as well.

Its no fee from HDB... but like u mentioned, HDB rules can su ka su ka changed anytime.

[bepgof 20]

Hi Therat,

What about paying one lump sum for HDB loan? Thanks.

The wonderful part of having HDB Mortgage loan is: whether partial(in multiple of $5k) or full redemption, just go to branch office & settle, no fee, no lock-in, no penalty. Can I go there every month to make partial payment of 5K? What'll happen?

Edited May 13, 2010 by bepgof

[jtcp82 0]

Thanks for all your comment. The reason why I asked is that my colleague told me that HDB is charging him a fee when he wants to increase the monthly payment as they treat it as refinancing. I was quite shock as I have checked with the HDB officer before, she told me no charges. Hmm so now also confuse.

[ngunadi 2]

Colleague bluff you.

Or he actually used bank loan instead of hdb loan ...

Qn: How much do you trust your colleague?

Thanks for all your comment. The reason why I asked is that my colleague told me that HDB is charging him a fee when he wants to increase the monthly payment as they treat it as refinancing. I was quite shock as I have checked with the HDB officer before, she told me no charges. Hmm so now also confuse.

[jtcp82 0]

Colleague bluff you.

Or he actually used bank loan instead of hdb loan ...

Qn: How much do you trust your colleague?

What he told me is HDB loan leh.

Bepgof brought up a good point on what happens if you go down every month to do partial payment? Will HDB still entertain me?

[therat 18]

What he told me is HDB loan leh.

Bepgof brought up a good point on what happens if you go down every month to do partial payment? Will HDB still entertain me?

I found this @ HDB web

http://askhdb.hdb.gov.sg/Home/hybrid/Theme...RecordQuestion=

Q: I wish to make partial capital repayments towards my mortgage loan. What do I need to do?

A:

You need to give HDB one month’s advance written notice (or via HDB's e-service) of your intention to make the partial capital repayment (lump sum payment). Interest will be charged up to the date the partial repayment of mortgage loan is received by HDB.

The minimum amount for making partial repayment (lump sum payment) is $500. Upon making partial capital repayment, you can choose to:

(a) Retain the existing loan expiry date and pay a lower monthly mortgage loan instalment; or

(b) Pay the same monthly mortgage loan instalment and shorten the mortgage loan repayment period; or

© Change both the existing loan repayment period and change the monthly loan instalment. However, the loan term can only be extended up to the maximum loan period you were originally eligible for (not available for e-Application via HDB's e-Service).

To apply, you can:

(a) Submit an e-Application for lump sum payment of mortgage loan via My HDBPage (under "My Flat > Purchased Flat > Financial Information - Other Related Services") using your SingPass or HDB Security Pin.

(b) Complete and send the Application Form for Partial Repayment of Mortgage Loan by post to any HDB Branch Office. Please download the Application Form for more information on making a partial repayment of your outstanding mortgage loan.

© Alternatively, you could call personally at any HDB Branch Office during office hours to make the request.