Dropped in on the lawyer who's handling the refinancing of our home loan. This is a periodic necessity as every couple of years or so, depending on the loan contract, the bank will increase the interest charged to a ridiculous level.
I don't know why it will do this because what happens is that we will go shopping around for another bank to take over the loan at a more reasonable rate. The formalities are now complete, and now we owe a new bank everything we have -- and everything we are likely to earn in this lifetime -- for the roof over our heads.
2 comments:
must i do the same also??? as in refinance my HDB every few years? *noob*
you must look at your loan contract and see how many years the bank has locked you in for. after that period is over the bank will notify you that it will charge you a new interest rate. that's the time to go negotiate for better terms or go shopping for a new bank. i don't think you need to go through this procedure if your loan is directly from HDB, though.
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