Hi, would like to know how will the following refinance scenario play out:

1. I'm considering to take a house loan from a bank I work in for a developer project as they waive the progressive interest on the new house, offer 100% financing and gives low interest rate.

2. There's a clause where if I leave the bank, I'll have to pay the disbursed amount back in lump sum

3. I plan to purchase the house n enjoy the interest savings, then work elsewhere in the next 2 - 4 years - which means I'll have to refinance the mortgage as I'll leave the bank

My question is, can I refinance the loan with another bank before the unit is built? I ask this as people tell me that I can't refinance an unfinished building - it is not completed to be valued.

But logically I'm just moving my business to the next bank and I don't see why they'll not be happy to take my mortgage. Is the no-refinance-on-uncompleted-unit rule a hard and fast rule or are there other exceptions?

Please advise.

Yes you'll need to be aware of all the lock in period where you may need to pay some fees if you choose to refinance immediately.

Yes it sounds like a plan but you'll just have to bear with the delay in time for doing so.
Sure you can retain your MRTA even when loan is finished, but the beneficiary is still the bank, in any event that you died, the money is paid to the bank. If anyone wants to claim it, you better make sure that you have a Will stating who is shall be given to.

Otherwise why make life difficult for yourself and just get a MLTA ?
You can use this website https://www.amortization-calc.com/mortgage-calculator/

It will show you how much goes to principal and interest

Hi,

I have 2 mortgage currently, both with HSBC. Looking for either

1. Consolidating both into 1 loan, or

2. Converting one of them into non-mortgage.

ZEC/ZMC/FLD would be ideal.

The purpose is to obtain 3rd mortgage at above 70%.

Any advice would be good.

Thanks.