Redeem Housing Loan

[cherrygal]

The alternative is to buy a safe and install in your home. Better than nothing. I think this title deed storage problem is stopping my brother from redeeming his loan even though it’s only a few tens of thousands left… hehehe

[heyhoe]

I've finally paid our HDB flat since early July. Both CPF and Bank have confirmed that payment has been made.


But....I've yet to receive the title deed. Guess, I'm kinda anxious.

When I make an enquiry to the lawyer, I was informed that SLA has yet to release it. It will take another 3 months . Anyone has experience in this?

[dagong99]

heyhoe:

I've finally paid our HDB flat since early July. Both CPF and Bank have confirmed that payment has been made.


But....I've yet to receive the title deed. Guess, I'm kinda anxious.

When I make an enquiry to the lawyer, I was informed that SLA has yet to release it. It will take another 3 months . Anyone has experience in this?

You have to approach a lawyer to effect the redemption of the loan in order to get the title deed and it's quite common to wait up to a few months. Maybe after 3 mths, you can approach your lawyer to check again on the status.

[cherrygal]

Heyhoe, we have just fully redeemed our house too! :hi5:


Did it in 1 month instead of 3 months since bank was ok with it. I forgot to ask the lawyer how long it would take for the title deed to be released but all the statements from the bank and CPF came already. Lawyer says SLA needs time to update the deed to reflect the owners as us and remove the bank's name etc.

No worries lah... Now must think where to store the deed.

[dagong99]

cherrygal:

Heyhoe, we have just fully redeemed our house too! :hi5:


Did it in 1 month instead of 3 months since bank was ok with it. I forgot to ask the lawyer how long it would take for the title deed to be released but all the statements from the bank and CPF came already. Lawyer says SLA needs time to update the deed to reflect the owners as us and remove the bank's name etc.

No worries lah... Now must think where to store the deed.

Yes, it will take some months for SLA to remove the caveat, should be about the same amount of time to lodge the caveat when you first bought it. Mine took longer than 3 months to lodge the caveat when we purchased the property in Apr.

[dagong99]

cherrygal:

Heyhoe, we have just fully redeemed our house too! :hi5:


Did it in 1 month instead of 3 months since bank was ok with it. I forgot to ask the lawyer how long it would take for the title deed to be released but all the statements from the bank and CPF came already. Lawyer says SLA needs time to update the deed to reflect the owners as us and remove the bank's name etc.

No worries lah... Now must think where to store the deed.

We kept it \"warm warm\" in our safe at home.

[heyhoe]

Thank you, dagong99 and cherrygal. I guess I'm just too anxious :oops:


Okay, will shop for safe. I intend to put the will along with the title deed. So, I guess a small one will do? Also, must be fire-proof. Any recommendation?

Cheers,

[dagong99]

heyhoe:

Thank you, dagong99 and cherrygal. I guess I'm just too anxious :oops:


Okay, will shop for safe. I intend to put the will along with the title deed. So, I guess a small one will do? Also, must be fire-proof. Any recommendation?

Cheers,

A small one will do. Mine is the Eagle brand. About $500 will get you a decent one. I store my marriage, birth, uni cert, jewellery & other important items, etc inside.

[cherrygal]

Safe deposit box rates:

http://www.certissecurity.com/safedeposit/box_price.php

$99 per year so might as well get a safe to put at home... I saw some Yale ones at NTUC hypermarket.

[heyhoe]

Hi dagong99 and cherrygal,


Thanks for the recommendation. Okay, will take a look at NTUC and Home Fix.

Cheers,