Wpower 1st Gear July 24, 2015 Share July 24, 2015 aside to the rule78's 20%, is there such practice impost by the loan company in the market? banks? in house? private institutions? TIA ↡ Advertisement Link to post Share on other sites More sharing options...
Ake109 6th Gear July 24, 2015 Share July 24, 2015 aside to the rule78's 20%, is there such practice impost by the loan company in the market? banks? in house? private institutions? TIA If for HP loan, normally is only that rule of 78 or whatever it is called that applies. Link to post Share on other sites More sharing options...
Wpower 1st Gear July 24, 2015 Author Share July 24, 2015 If for HP loan, normally is only that rule of 78 or whatever it is called that applies. ok that's clean. so there is no additional whatever fee. Link to post Share on other sites More sharing options...
Metalslug2 3rd Gear July 24, 2015 Share July 24, 2015 ok that's clean. so there is no additional whatever fee. I remember there is early redemption fee when i asked my bank. why dont you call your bank and ask? Link to post Share on other sites More sharing options...
oceanicmanta 3rd Gear July 24, 2015 Share July 24, 2015 I think TS bro got it. Rule 78 computes the Interest Rebate Amount upon early loan redemption. Penalty is imposed as a %age (usually 20%) of the Interest Rebate. Depending on which bank, there may be other admin fees & charges for early redemption. DBS claims they dont have any. For my case, it was more cost effective to take the loan (dont redeem early) & put my money into FD earning 2% pa for 2 years. Link to post Share on other sites More sharing options...
BobbyTan_74287 4th Gear July 24, 2015 Share July 24, 2015 aside to the rule78's 20%, is there such practice impost by the loan company in the market? banks? in house? private institutions? TIA I think there is for the first 18 months. Better check with your bank before doing early redemption. Link to post Share on other sites More sharing options...
SafeCar 1st Gear October 31, 2015 Share October 31, 2015 I thot that HP agreement is regulated with rule 78 and penalty %, but was surprised that additional fee/charges can be added, thereby making it unattractive for early redemption. OCBC additional fee is quite huge. Watch out. ↡ Advertisement Link to post Share on other sites More sharing options...
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