Hi am new here,
Just bump into this forum and read some interesting threads on loan types. Want to seek some advice on mortgage repayment options.
Loan amount: $300k with Std Chartered
Type: re-mortgage June 2006 at 3.5% yr 1; 5.75% yr 2; BLR 6.9% now
T&C: min stay of 5yrs before early repayment penalty is waived
Tenure: 20years
1. Have company subsidizing 3% of interest payment which is tax deductable (say at 20% cliplevel)
2. Have been paying about, on average, $900 more every month since June 2006.
3. Have option to withdraw $100k from EPF (was saving for kid educ fund)
4. Have liquid cash say about $100k from other bank accounts
Understood we have a situation here on possible interest rate hike in the near future.
Hence I will need to look for a better option to minimize interest payment but which ???
All expert advice welcome and much appreciated
Thanking you in advanced
Loan Repayment Decision, Seeking advice on loan repayment option