Hi Elaine, I suggest that the first thing you should do is check your loan agreement whether the bank allow you to restructure your loan in terms of changing the principal amount or the loan tenure. If you are asking the bank to reduce the interest rate and your loan contains a lock in period (3-5 year), the bank would not entertain you. After the lock in period, the bank will entertain you as you are free to switch to other banks. Be extra cautious when you apply for interest reduction or restructuring !! Normally the bank will extend a letter to you and requesting you to sign and return the letter. I advise you to read and understand the terms carefully and make sure you really understand. If you don't understand consult a lawyer not asking the bank official. Bear in mind that the letter of offer is not standard or the same. Regards fr albertkhoo@reapfield.com.
mean by refinancing is requesting your bank
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