Asked by MS TAN
I, 45 yrs have brought an EC in 2011 (TOP 2014) under deferred payment scheme. I hv signed 80% bank loan for 32 yrs. Upon selling my HDB flat, I wish to make a lump sum payment to the bank so as to reduce my loan amt to 20% instead. In this case , do I need to do a refinancing ( of loan period become 18 yrs + higher rate ?) or the existing bank contact is still valid?
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