Redeem Housing Loan

[Just4Fun]

cherrygal:

My mom settled with cash and she says it only took less than a month. Cash is very fast and banks are very efficient.


I did block repayments with both cash and CPF and it is the CPF part that took the longer time. CPF Board has some cut-off day that will result in the deduction happening only the following month or so. So if you miss that cut-off day, then got to wait for the next period. So if you intend to use CPF, allow them some time to process.

Thanks so much Cherrygal.. :thankyou:
Both DH & self were clueless on this...we hv redeemed our loan since sept & heard anything abt this deed ! Upon yr reply, DH quickly called our lawyer ... and she simply said she had forgotten abt it !!!
Today my DH has to rush to her office to retrieve it.
Imagine if I did not read this forum... goodness what can happen to this deed !

[qms]

heyhoe:

I've decided to go with the UOB appointed lawyer and hopefully :xedfingers: it will go thru smoothly.

Don't worry. As long as you have appointed the lawyer, it is the lawyer's job to ensure the smooth completion of the redemption. Else, why do you have to pay them?

[heyhoe]

Thanks, qms.


By the way, UOB confirmed that they’ll return the title deed to me once the redemption is settled. I’m thinking should I keep in safe deposit box? Besides bank, any other place have safe deposit box service? It’s difficult & costly to get one from the bank.

My colleague told me she kept hers with HDB as hers’ was with HDB loan. Also read somewhere that CPF doesn’t keep title deed anymore?

[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,