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Oct 30, 2019 · This total remaining amount to be paid is known as the ‘redemption sum’. This sum refers to the entire outstanding sum that you owe the bank for your housing loan. That means the interest rate, charges, fees and any penalties you may have accumulated.
Nov 5, 2019 · The total remaining amount is more formally known as the ‘ redemption sum ‘, which is inclusive of the interest rate and charges, among others. Now, in order to seamlessly transfer a property to another party, the seller would need to ensure that the home loan he/she took out to pay for it is settled first.
Redemption Sum refers to the outstanding sum that the Vendor owes her financier bank for her housing loan. This amount can only be determined through the Redemption Statement issued by the Vendor’s bank.
Sometimes, the Redemption Sum is paid to the Vendor’s Solicitors for its onward transmission to the Vendor’s Bank. There have been cases where some banks have delayed in the return of the required documents thereby delaying the completion of the purchase by the Purchaser.
Customer may request for Redemption Statement for settlement of outstanding balance. The final redemption sum will be calculated up to three (3) or six (6) months ahead. Settlement payment can be made according to the month and amount stated in the Redemption Statement.
May 29, 2018 · The result of this is that the purchaser buys an encumbered property but the purchaser is not told how much of the developer’s loan, if apportioned equally, is borne by each purchaser’s sub-divided land (the redemption sum).
Jul 14, 2020 · to settle the seller’s outstanding redemption sum (if any); and to pay the balance loan sum to the seller. If the seller does not have any outstanding redemption sum, the transaction process will be sped up slightly as this step will not be necessary.
Sometimes, the Redemption Sum is paid to the Vendor’s Solicitors for its onward transmission to the Vendor’s Bank. There have been cases where some banks have delayed in the return of the required documents thereby delaying the completion of the purchase by the Purchaser.
Redemption refer to a legal process which takes place when the legal owner under the terms of his loan agreement discharges his obligations imposed by the bank’s charge or assignment and thus becomes entitled to have his property redeemed in him free of the charge or assignment.
The Vendor’s Solicitor or the Purchaser’s Solicitor (in a case where the Vendor is not represented) will write to the Vendor’s Bank for a redemption statement, which will set out the amount owing by the Vendor (“Redemption Sum”).
