{"id":518,"date":"2023-05-16T07:57:37","date_gmt":"2023-05-16T07:57:37","guid":{"rendered":"https:\/\/spacemen.digital\/test\/?p=78"},"modified":"2023-05-16T07:57:37","modified_gmt":"2023-05-16T07:57:37","slug":"lock-in-period","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/glossary\/lock-in-period\/","title":{"rendered":"Lock-in period"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What is the lock-in period?<\/strong><\/h2>\n\n\n\n<p>In the mortgage industry, it is typical to have a lock-in period. This means you must stick with a lender for a certain time as a prerequisite for obtaining a specific interest rate, discount, or promotional benefits.&nbsp;<\/p>\n\n\n\n<p>This period typically lasts two to five years, during which you cannot pay off or refinance your loan without incurring a penalty fee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the penalty fee for breaking the lock-in period?&nbsp;<\/strong><\/h2>\n\n\n\n<p>Banks usually impose a penalty fee of 1.5% based on the outstanding loan balance or the redeemed loan amount when refinancing, selling a property, or paying off your mortgage before the lock-in period ends.&nbsp;<\/p>\n\n\n\n<p>For instance, suppose you have a home loan of approximately S$800,000, of which you have already paid S$140,000, leaving a balance of around S$660,000. If you refinance your loan before the lock-in period expires, you will be charged a penalty fee of approximately S$9,900, equivalent to 1.5% of the remaining balance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Do HDB houses have lock-in periods?<\/strong><\/h2>\n\n\n\n<p>In the case of HDB loans, there is no lock-in period, and as a result, there are no penalties for early repayment. This implies you can refinance your loan with a bank anytime to take advantage of lower interest rates.&nbsp;<\/p>\n\n\n\n<p>Nevertheless, if you choose to refinance with a bank, you cannot return to an HDB loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the lock-in period? In the mortgage industry, it is typical to have a lock-in period. This means you must stick with a lender for a certain time as a prerequisite for obtaining a specific interest rate, discount, or promotional benefits.&nbsp; This period typically lasts two to five years, during which you cannot pay&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[92],"tags":[],"class_list":{"2":"type-post","7":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.7 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lock-in period Definition, Understanding and Why Lock-in period is Important?<\/title>\n<meta name=\"description\" content=\"Lock-in period is an important term that helps you understand real estate industry better. 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