Reprice your mortgage loan and enjoy potential savings

Yes, you may redeem your loan in part using CPF and there will not be a requirement to serve a 1-month notice in writing. You can proceed to put forth the instruction via the CPF website using your SingPass or visit any CPF branch office.

• You may redeem your loan in full by serving us a 2 month’s notice in writing or 2 month’s interest in lieu of notice.
• Please note that there will be a 1.50% full redemption fee payable on the amount of the Mortgage Facilities redeemed during the Lock-In Period.
• To proceed with a redemption, click here to retrieve a redemption form.
• You may use CPF to redeem your loan in full. However, 2 month’s notice in writing will still need to be served to us. Otherwise, a 2 month’s interest in lieu of notice will be incurred.

• We will appoint a law firm to process the full redemption if you have not done so. If you prefer to appoint your own law firm, please note that your choice of law firm is subject to our approval.
• In the event that your appointed lawyer(s) are not in our panel list, you may incur additional costs – as you will have to bear the fees of both your and our lawyers for the full redemption.

• When you redeem your Mortgage Facilities, you will have to pay all fees (such as legal fees, including our legal fees and discharge of mortgage) relating to the discharge of the Mortgage Property. These fees will be billed directly to you by the chosen law firm. The legal fees for the discharge of property typically ranges from S$900 to S$1,200.
• The range given is only an indicative amount. Please check with the law firm directly for the actual costs before proceeding.

• The Singapore Land Authority typically takes 3 weeks to 1 month to release the title deed to the lawyer. Thereafter, the lawyer should contact you for collection within a week.

Under the Land Titles (Strata) Act (Chapter 158), the Management Corporation of the property (MCST) must insure “Damage Policy”, a fire insurance policy which ensures that the entire development, including its common property is protected.

As the Damage Policy and MIP serve different protection needs and purposes, there is no duplication of protection.

Sum insured is the reinstatement cost needed to rebuild a home after a fire, and not the market value of the property. (The land value is not included because in the event of a total loss, the land will still be present)

The Sum Insured Value (SIV) is determined by the Bank.
For private apartments with strata-title, SIV is based on the reinstatement value or outstanding loan amount, whichever is lower. For private apartments without strata-titled & landed property, SIV is based on the reinstatement value.

Yes. However, any request for a change in insurance company is subject to our approval. Please notify us about your intention to use your own insurance company.

You will need to provide the following documents to us 5 business days before the expiry of your insurance policy :

a. The original copy of a signed letter of undertaking for our safe-keeping
b. The original fire insurance policy, with
i) Us (the Bank) stated as the Mortgagee;
ii) A non-cancellation clause stating that we must be informed by the insurer prior to
any cancellation or any material changes proposed to be made to the policy; and
iii) the original receipt showing the premium was paid

Note: If the documents listed above are not furnished to us before the expiry of your insurance policy, the Bank will instruct Allianz Global Corporate & Specialty SE Singapore Branch to effect the fire insurance for you.

Please also note that there is an upfront administration fee of S$100. Thereafter, an annual administration fee of S$100 will be charged.

It is required because if there is a failure to service your loan as a result of damage to the mortgaged home, the bank can make a claim against the insurer on the MIP. The homeowner will remain liable for the outstanding property loan amount to the MIP Insurer.