Anyone Know How To Return Bridging Loan

[berry05 0]

Hi, we have taken the bridging loan to service the 15% for the pte property. And we know that once the money is back to CPF board, Bank should get the money back from the CPF. But then, this is not the case. I am lost, I do not know what is the procedure we should do to return the bridging loan to the bank. As you know the bridging loan interest is quite high.

Anybody who loan from bank has the same situation with us, can advise me what should I do to return the CPF money to the bank.

Kind soul to help me, thanks

Berry

[bepgof 20]

Have not taken up bridging loan before. But have made full redeemption twice (bank)

1. Signed the bridgiing loan and mortgage loan with same bank?

2. If yes, has bank assigned you any lawyer firm?

3. If yes, talk to the lawyer with your reference number and tell him your intention.

4. Your lawyer will correspond with bank's laywer, and ask you sign some form, just wait for reply.

5. If bank has not assigned any lawyer, get a real estate lawyer yourself and give him necessary info. He will know what to do.

6. After some years, if you wish to do full redeemption, repeat 5.

Note: Calling up the bank to ask around is very frustrating, teller will "bring" you here & there as if "don't want" your money. No harm calling anyway, and make appointment with the bank's real estate consultant.

All the best to you.

Hi, we have taken the bridging loan to service the 15% for the pte property. And we know that once the money is back to CPF board, Bank should get the money back from the CPF. But then, this is not the case. I am lost, I do not know what is the procedure we should do to return the bridging loan to the bank. As you know the bridging loan interest is quite high.

Anybody who loan from bank has the same situation with us, can advise me what should I do to return the CPF money to the bank.

Kind soul to help me, thanks

Berry

Edited November 16, 2010 by bepgof

[berry05 0]

Thanks bepgof for the info.

I tried call the bank and true enough, they put me on hold here and there, pass me around like nobody know what to do.

I got the referral bank lawyer, and I ask them about it, they says will get back to me and end up did nothing and heard nothing from them.

Asking a friend to help me find out what to do.

So now waiting. I wish to act fast as the interest rate for short term loan is very very high.

Thanks

Have not taken up bridging loan before. But have made full redeemption twice (bank)

1. Signed the bridgiing loan and mortgage loan with same bank?

2. If yes, has bank assigned you any lawyer firm?

3. If yes, talk to the lawyer with your reference number and tell him your intention.

4. Your lawyer will correspond with bank's laywer, and ask you sign some form, just wait for reply.

5. If bank has not assigned any lawyer, get a real estate lawyer yourself and give him necessary info. He will know what to do.

6. After some years, if you wish to do full redeemption, repeat 5.

Note: Calling up the bank to ask around is very frustrating, teller will "bring" you here & there as if "don't want" your money. No harm calling anyway, and make appointment with the bank's real estate consultant.

All the best to you.

[tweety3334 0]

I took a bridging loan before cos I buy my hse before I sell. If your bridging loan and bank loan from same bank, the bridging loan refund to the bank from cpf will be handled by the same lawyer. Did the lawyer ask you to fill in a form call HBL/4? This is the form which you will authorise CPF to release the funds to the bank to return the bridging loan. You should look through the bridging loan conditions in the loan agreement. If you have fullfill all the conditions (usually sell your hse above certain amt), then call the bank officer which process the bridging loan agreement for you and also lawyer to confirm. I think few days after the cpf has been refunded to your cpf account, you will receive the letter from lawyer to cpf board, attached with HBL/4 asking cpf board to refund the cpf to the bank to repay bridging loan. The lawyer usually need to give cpf board near to 3 weeks to complete the refund. Hope this helps.

[berry05 0]

thanks tweety for the info.

I call the bank provided lawyer, they did nothing and I don think we did sign the form. When we had our completion of pte pty they say they will do the paper work and then when I ask them again, they say they will check and till now so many days they did not get back to me, I sent them email they din even reply me.

So now I feel a pinch as the interest is still running. I just dunno what's wrong with the lawyer and they are always busy busy busy. They even got us in a bit of trouble when we are doing a 2nd appointment of selling our old flats.

They did not submit our documents to the HDB, and when my agent went to find them, they got the face to tell us that we should inform them early. I call them one week before yet they still got the face to tell us off.

So ridiculous.

I took a bridging loan before cos I buy my hse before I sell. If your bridging loan and bank loan from same bank, the bridging loan refund to the bank from cpf will be handled by the same lawyer. Did the lawyer ask you to fill in a form call HBL/4? This is the form which you will authorise CPF to release the funds to the bank to return the bridging loan. You should look through the bridging loan conditions in the loan agreement. If you have fullfill all the conditions (usually sell your hse above certain amt), then call the bank officer which process the bridging loan agreement for you and also lawyer to confirm. I think few days after the cpf has been refunded to your cpf account, you will receive the letter from lawyer to cpf board, attached with HBL/4 asking cpf board to refund the cpf to the bank to repay bridging loan. The lawyer usually need to give cpf board near to 3 weeks to complete the refund. Hope this helps.