Full settlement the HDB loan from the Bank or not?
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pqy:
Hi any lawyer recommend for handling full settlement HDB loan at reasonable fee. I called OCBC, they advised that i need to engage lawyer for discharge the title.
The last time I engaged Carol teh from 62244118, forgotten the lawfirm name, she charged me $500 only, but my friend engaged her 2 years ago heard she increased the fee but still below $1k, you can ask around do note they charge different price, is not a fixed rate. If I didn't tell my friend about this, she would be paying more than $1k for a lawyer recommended by her bank. -
My lawyer was Corinne Foo (Foo & Partners). Can’t recall the charges but definitely few hundred bucks.
Shopping around makes sense. -
Hi kiasubox, thanks for the information. The panel lawyer fr ocbc wrote to me and their charge was $573++. i will engage them.
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The charges sound reasonable. It’s best to get a lawyer who can act for multiple parties - save cost.
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If the money is sitting in the bank generating negligible interest, suggest repay as much as possible.
If the money can be invested to get an interest higher than the interest of the loan, then don’t repay.
For housing loans, usually the second scenario applies. That’s one important reason why many people invest in property. A large amount of money can be borrowed at low interest rate and leveraged for other investments.
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