Hi, I want to know usually refinance my housing loan takes how long? From submit documents until money is disbursed to me.

I am in the midst of refinancing my home. When I re-read my existing loan agreement, I notice there is another term under lock in period that reads like this.

"Notwithstanding the above, for properties under construction and if you obtain refinancing from another bank/financier, the lock-in period shall be 5 years whereby for the first 3 years, the reduction in Ibra' shall be 3% of the original financing amount and for the next 2 years, the reduction in Ibra shall be 2% of the original financing amount".

I'm in my fourth year since the money disbursed and I started repaying. I bought the property from subsale, it is already completed when I bought it. If I refinance now, am I subjected to any penalty?

Any sifu please enlighten me...

if I interpret it using coding (I'm a programmer), both conditions must be true for the 5 year lock in period to be effective. I guess interpretation of the law is different.