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Notice on the Shortening of Property Loan Redemption Notice Period Effective from 1 July 2020


Dear Valued Customers,

As part of MAS’ initiative to be in line with the real estate industry’s efforts to digitalise property transactions, with effect from 1 July 2020, the Bank will shorten the redemption notice period for Residential and Commercial Property Loans from three (3) months to two (2) months. The revised terms and conditions in “Standard Terms and Conditions Governing Facilities Secured by Mortgage of Residential Property and/or Commercial Property” (“STC”) will take effect from 1 July 2020 with the following amendment:

8. Prepayment

8.1 You may fully repay the Facility after you have given us at least two (2) months' notice in writing. In the alternative, you may choose to pay two (2) months’ interest in lieu of notice. If you do not repay the Facility fully on the agreed prepayment / redemption date, your notice shall be deemed to be ineffective and we shall require a fresh notice or payment of interest in lieu of fresh notice, if you wish to proceed with the full repayment.

The redemption notice period in the original Letter of Offer and STCs shall continue to apply for redemption notices received before 30 June 2020 (date inclusive).

Should you require any clarification, please contact our 24-Hour Customer Service Hotline at 1800 66 95566 (Singapore) or +65 677 95566 (overseas).

Bank of China Limited Singapore Branch
8 June 2020

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