Mar 22 2010, 03:42 PM
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i read about something... cant rmb the term .. saying if buying a house.. within a few years period of time.. if i resell it out.. i will be charged xx % ?
so if it better if i go and look for loan when they do not practise such charges ?
so if it better if i go and look for loan when they do not practise such charges ?
it is known as the lock-in period, and lock-in penalty;
if you are to close the loan account within the "x" years from the date of (full/first) drawdown, or another specific date stated in your LO, you will be charged of an amount of "Z"% on the loan amount, or other amount stated in your LO.
as far i remember, only certain Islamic HL products and OD facility are free from this clause.
This post has been edited by merce: Mar 22 2010, 03:44 PM
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