As your priorities and lifestyle change, you may reassess your financial commitments, and your home loan needs may evolve as well. With careful research and smart financial planning, you will find it easy to manage your home loan and make the most out of it. At UOB, we are committed to helping you along the way. Here are some information that you may find helpful when it comes to your property equity loan.
As you repay your mortgage, you will gradually build up equity in your property. The equity built up over time can be used to obtain funds for cash flow needs.
Benefits
Take advantage of lower interest rates and make the most out of the enhanced value of your property today.
Keeping your costs in check
Choose from our three packages that offer you different solutions to meet your needs.
Depending on which package suits you better, you may reprice your existing home loan to any of the following rates.
If you wish to review your home loan, contact our Mortgage Relations team.
Got more questions about your home loan? Here are some frequently asked questions:
You can find out more about your loan with the Bank through:
After you have signed your Letter of Offer with UOB, your lawyer will proceed to complete the legal work on the purchase of your property.
Upon loan disbursement, UOB will send you an advice with the following information:
For completed properties, it takes approximately ten weeks from acceptance of the Letter of offer for the loan to be disbursed.
For uncompleted properties on the progressive/deferred payment scheme (for loans accorded the deferred payment scheme prior to 26 Oct 2007), you will receive a disbursement advice to commence monthly instalment for your housing loan when the Bank disburses the loan.
Hence, please ensure your mailing address is updated with the bank.
Please check your Letter of Offer for any prepayment penalty clause and charges before proceeding with the prepayment.
You can:
Please submit your written instruction to:
A processing fee will be charged by the Bank and your request is subject to approval.
After deducting the CPF contribution received, any balance outstanding will be deducted from your pre-designated UOB bank account.
You will have to:
The Bank reserves the right to refund the CPF monies if there is no prepayment instruction.
Please also check your Letter of Offer for any prepayment penalty clause and charges before proceeding with the prepayment.
Follow these steps if you are selling your property or paying off with your own funds:
Do note that any prepayment requests pending or served will be cancelled.
It has been our pleasure serving you and we hope to assist you in your next home ownership journey.
If you are refinancing to another bank, save time and effort of refinancing and contact our Mortgage Relations Managers for a customised solution.
Please instruct your lawyer to write to the Bank to discharge the mortgage. Your title deed/e-title deed will be returned and all legal fees are to be borne by you.
It has been our pleasure serving you and we hope to assist you in your next home ownership journey.
Keen to tap on the equity in your property to help you achieve your financial needs and goals?
You may consider a property equity loan. Contact us for an assessment today.
You can update your particulars by completing the form and mail it back to the Bank or submit to any of the UOB Group branches. Ensure that all borrowers sign on the form.
You will receive an annual loan statement (as at 31 December of the year) at the beginning of the following year. For duplicate copies, additional fees will apply.
In the event that you do not receive your annual loan statement, please call our Call Centre from 8am - 8pm at 1800 388 2121 or check with our Home Loan Specialist at any UOB Group Branches.
This publication is strictly for information purposes only and shall not be transmitted, disclosed, copied or relied upon by any person for whatever purpose. This publication is not an offer, recommendation, solicitation or advice to buy or sell any investment product. Nothing in this document constitutes accounting, legal, regulatory, tax, financial or other advice. You should consult your own professional advisors about issues discussed herein. While the information provided in this publication is believed to be accurate as at the date of publishing, UOB makes no representation or warranty, and accepts no responsibility or liability for its completeness or accuracy.