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> Housing Loan Early Settlement: 1 Month Notice (Financial)

kclamtarc
post Aug 9 2018, 02:24 PM, updated 2w ago

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Hi brothers... I am planning to use HSBC refinancing to perform full settlement for my AmBank Housing loan. Lock in period is already over.

I checked from my Ambank online account and find out the balance for my housing loan. I used that balance as my refinancing amount. My HSBC banker advised me to apply a bit more (like 3 months extra) because she say normally bank will charge 2-3 months extra. But I dont apply more because the 2-3 months charges (if there is any) I can settle by cash.

Just informed by my HSBC banker that my offer letter is out. Will ask her more when I meet her, but just hope to do some homework first:

- Is it necessary for me to write a one-month notice to Ambank? If yes, what kind of content should I include?
- Is there any other things I should know/find out before signing the HSBC offer letter?

Thanks all sifus!


woolei
post Aug 9 2018, 02:36 PM

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if you want to perform full settlement, you need to inform the bank 1 month early, they have to calculate and give you the amount.
kclamtarc
post Aug 9 2018, 02:38 PM

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QUOTE(woolei @ Aug 9 2018, 02:36 PM)
if you want to perform full settlement, you need to inform the bank 1 month early, they have to calculate and give you the amount.
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what i did was i login to my housing loan online account and found out the amount.
i also called the bank and confirmed the amount is the same as the one showed in my online portal.

or you mean i still need to get black and white from the bank?
woolei
post Aug 9 2018, 02:57 PM

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QUOTE(kclamtarc @ Aug 9 2018, 02:38 PM)
what i did was i login to my housing loan online account and found out the amount.
i also called the bank and confirmed the amount is the same as the one showed in my online portal.

or you mean i still need to get black and white from the bank?
*
my case is full settlement by cash, so 1 month early I have to ask the bank the total full settlement amount on the next installment date.

kclamtarc
post Aug 9 2018, 03:52 PM

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QUOTE(woolei @ Aug 9 2018, 02:57 PM)
my case is full settlement by cash, so 1 month early I have to ask the bank the total full settlement amount on the next installment date.
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ok thanks for your feedback smile.gif
kclamtarc
post Aug 9 2018, 03:54 PM

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QUOTE(woolei @ Aug 9 2018, 02:57 PM)
my case is full settlement by cash, so 1 month early I have to ask the bank the total full settlement amount on the next installment date.
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may i know how did you write your 1 month notice ?
lamode
post Aug 9 2018, 04:31 PM

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QUOTE(kclamtarc @ Aug 9 2018, 03:54 PM)
may i know how did you write your 1 month notice ?
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i have done that with other bank.
you will need to go to branch for this, they have the form for you to fill up. preferable the home branch of the home loan account.

they will then send to mortgage dept in HQ to process, and then provide you a written notice of the balance.
it is normal that they ask you to pay slightly more in the notice, as the interest is calculated on daily basis, they wouldn't know which day you will payoff, then the balance will be refunded back to you.

for hassle free, just ask the lawyer that handling you HSBC loan agreement to do the settlement for you.

This post has been edited by lamode: Aug 9 2018, 04:40 PM
woolei
post Aug 9 2018, 09:05 PM

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QUOTE(kclamtarc @ Aug 9 2018, 03:54 PM)
may i know how did you write your 1 month notice ?
*
ya, you may refer to the above comment.
just drop by to that loan apartment to fill up that form or call the branch who manage your loan last time.

they will guide you.
kclamtarc
post Aug 10 2018, 08:21 AM

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ok thank you very much for the insights bros
thumbs up!

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