Cooling-Off Period

The cooling-off period is a legally required window during which the customer can cancel the agreement without penalty (generally around 5 business days) This gives the borrower the time to review and if the application is cancelled within this period, the bank is generally required to refund any fees (if already paid).

Customers may choose to waive the cooling-off period to proceed faster, especially in time-sensitive property transactions. However, once waived, the mortgage becomes binding and cannot be cancelled without the applicable charges (if any).