Can floating rate loan for residential building under construction be repriced to fixed rate loan at time of top

For residential properties under construction in Singapore, the typical arrangement for a Building Under Construction (BUC) loan is that it often comes with a floating interest rate during the construction period. However, once the construction is completed and the property reaches its Top (the stage when the building is fully constructed and ready for occupation), borrowers usually have the option to switch to a fixed rate loan.

Most banks in Singapore allow borrowers to convert their floating rate BUC loan to a fixed rate loan once the property is completed. This transition can help borrowers manage their financial commitments more predictably, as fixed rate loans provide a stable interest rate for a specified period, usually ranging from 2 to 5 years.

It is advisable to check with the lender for specific terms and conditions regarding the conversion, as different banks may have varying policies and potential fees associated with this change.