Enter your email below
Prompt performance is a contract term that essentially refers to the performance of specific actions and obligations by specified dates or time frames.
The key here is the time-related aspect of contract obligations.
In Singapore home loans, the prompt performance term is most common found inside facility contracts that expressly require borrowers to take specific actions within specific time frames.
For example, when it is clearly stated in the offer contract that full payment of scheduled mortgage payments should be done before a specified set of dates or indicate how due dates are calculated based on terms of the mortgage.
It’s not unheard of for small penalties to compound into bigger problems. For example, a lateness in payment can incur extra interest charges and late payment charges, which then accumulate to bigger outstanding payments, with further payment delay leading to defaults and default interest, etc.
While completed and resale properties can be straight forward with amortizations and scheduled payments, take note that payments can vary when it comes to loans for property under construction.
for the last 36 months?
Enter your email below so we can send it to you.