Refinance your housing loan to enjoy great savings

Private property refinancing and HDB refinancing

Private property

Refinancing of private property can be performed by banks or other financial institutions. So search and compare mortgaging rates with us if you intend to refinance your private property early. Our list of home mortgage packages helps you to save interest rates is comprehensive.

HDB flat

In HDB loan refinancing, there are two potential scenarios. You turn from one bank to another, or convert a HDB loan package to a bank loan package. When you do the above, realize that if you opt out of your current HDB home loan, you can no longer refinance with HDB. Ensure sure you ‘re refinancing wisely to lower the interest rate on home loans. To refinance your HDB loan, here’s an rundown of our financial partners’ best home loan rates.

BankLock in (Years)Year 1Rate typeYear 2Rate type2Year 3Rate type3Year 4Rate type4Year 5Rate type5Accurate as of
SCB20.99%3M SIBOR0.99%3M SIBOR1.79%3M SIBOR1.79%3M SIBOR1.79%3M SIBOR17/3/2020
C*****01.05%1M SIBOR1.05%1M SIBOR1.05%1M SIBOR1.05%1M SIBOR1.05%1M SIBOR21/8/2020
C*****01.05%1M SIBOR1.10%1M SIBOR1.15%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR9/9/2020
SCB21.06%3M SIBOR1.06%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR16/8/2020
M*****11.06%3M SIBOR1.06%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR5/8/2020
M*****01.09%3M SIBOR1.09%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR11/9/2020
C*****01.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR21/8/2020
C*****01.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR9/9/2020
C*****21.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR24/7/2020
H*****21.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR14/9/2020
C*****01.10%1M SIBOR1.15%1M SIBOR1.20%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR9/9/2020
U*****01.11%3M SIBOR1.11%3M SIBOR1.11%3M SIBOR1.16%3M SIBOR1.16%3M SIBOR5/9/2020
SCB21.11%3M SIBOR1.11%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR16/8/2020
SCB21.11%3M SIBOR1.11%3M SIBOR1.46%3M SIBOR1.46%3M SIBOR1.46%3M SIBOR16/8/2020
M*****11.11%3M SIBOR1.11%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR5/8/2020
C*****51.13%1M SIBOR1.13%1M SIBOR1.13%1M SIBOR1.13%1M SIBOR1.13%1M SIBOR9/9/2020
C*****01.15%1M SIBOR1.10%1M SIBOR1.05%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR9/9/2020
C*****01.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR9/9/2020
C*****21.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR24/7/2020
RHB21.15%Board1.15%Board1.65%Board2.28%Board2.28%Board16/7/2020
RHB31.15%Board1.20%Board1.25%Board2.28%Board2.28%Board16/7/2020
SCB01.16%3M SIBOR1.16%3M SIBOR1.16%3M SIBOR1.16%3M SIBOR1.16%3M SIBOR16/8/2020
SCB21.16%3M SIBOR1.16%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR16/8/2020
SCB21.16%3M SIBOR1.16%3M SIBOR1.46%3M SIBOR1.46%3M SIBOR1.46%3M SIBOR16/8/2020
M*****01.16%3M SIBOR1.16%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR11/9/2020
M*****11.16%3M SIBOR1.16%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR5/8/2020
C*****01.20%1M SIBOR1.15%1M SIBOR1.10%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR9/9/2020
U*****01.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR5/9/2020
SCB01.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR16/8/2020
OCBC01.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR1.21%3M SIBOR22/8/2020
SCB21.21%3M SIBOR1.21%3M SIBOR1.46%3M SIBOR1.46%3M SIBOR1.46%3M SIBOR16/8/2020
MB21.21%3M SIBOR1.21%3M SIBOR3.21%3M SIBOR3.21%3M SIBOR3.21%3M SIBOR9/9/2020
C*****21.25%Fixed1.25%Fixed1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR20/8/2020
HSBC01.25%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR14/5/2020
DBS01.25%FHR24(DB1.25%FHR24(DB1.25%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB4/9/2020
HSBC21.25%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR1.25%1M SIBOR21/7/2020
H*****31.25%Fixed1.25%Fixed1.25%Fixed1.50%1M SIBOR1.50%1M SIBOR11/9/2020
M*****31.25%Fixed1.25%Fixed1.25%Fixed2.75%Board2.75%Board11/9/2020
H*****21.25%Fixed1.25%Fixed1.50%1M SIBOR1.50%1M SIBOR1.50%1M SIBOR11/9/2020
M*****21.25%Fixed1.25%Fixed2.75%Board2.75%Board2.75%Board11/9/2020
RHB31.25%Board1.35%Board1.35%Board2.28%Board2.28%Board19/6/2020
U*****31.25%Fixed1.50%Fixed1.90%Fixed6.25%Board6.25%Board2/7/2020
OCBC31.25%Board1.50%Board1.90%Board6.00%Board6.00%Board6/8/2020
SCB21.26%3M SIBOR1.26%3M SIBOR1.26%3M SIBOR1.26%3M SIBOR1.26%3M SIBOR16/8/2020
MB11.26%3M SIBOR1.26%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR5/8/2020
MB01.26%3M SIBOR1.26%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR1.66%3M SIBOR8/7/2020
SCB21.26%FDR36(SC2.00%FDR36(SC2.50%FDR36(SC2.50%FDR36(SC2.50%FDR36(SC4/5/2020
C*****21.28%Fixed1.28%Fixed1.10%1M SIBOR1.10%1M SIBOR1.10%1M SIBOR20/8/2020
C*****21.28%Fixed1.28%Fixed1.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR20/8/2020
U*****21.28%Fixed1.28%Fixed1.28%Board1.50%Board1.50%Board5/9/2020
M*****21.28%Fixed1.28%Fixed2.75%Board2.75%Board2.75%Board11/9/2020
DBS21.30%3m SORA:1.30%3m SORA:4.10%3m SORA:4.10%3m SORA:4.10%3m SORA:3/9/2020
OCBC21.30%3m SORA:1.40%3m SORA:1.50%3m SORA:1.50%3m SORA:1.50%3m SORA:22/8/2020
OCBC01.30%3m SORA:1.40%3m SORA:1.50%3m SORA:1.50%3m SORA:1.50%3m SORA:22/8/2020
OCBC21.30%3m SORA:1.40%3m SORA:1.50%3m SORA:1.50%3m SORA:1.50%3m SORA:22/8/2020
C*****21.30%Fixed1.30%Fixed1.15%1M SIBOR1.15%1M SIBOR1.15%1M SIBOR20/8/2020
HSBC01.30%1M SIBOR1.30%1M SIBOR1.30%1M SIBOR1.30%1M SIBOR1.30%1M SIBOR14/5/2020
HSBC21.30%1M SIBOR1.30%1M SIBOR1.30%1M SIBOR1.30%1M SIBOR1.30%1M SIBOR21/7/2020
U*****21.30%Fixed1.30%Fixed1.30%Board1.50%Board1.50%Board5/9/2020
SCB21.30%Fixed1.30%Fixed1.72%FDR36(SC1.72%FDR36(SC1.72%FDR36(SC16/8/2020
CIMB21.30%Fixed1.30%Fixed2.00%Board2.00%Board2.00%Board11/8/2020
M*****21.30%Fixed1.30%Fixed2.75%Board2.75%Board2.75%Board11/9/2020
SCB21.31%3M SIBOR1.31%3M SIBOR1.31%3M SIBOR1.31%3M SIBOR1.31%3M SIBOR16/8/2020
M*****31.33%Fixed1.33%Fixed1.33%Fixed2.75%Board2.75%Board11/9/2020
U*****21.35%Fixed1.35%Fixed1.35%Board1.50%Board1.50%Board5/9/2020
C*****31.35%Fixed1.35%Fixed1.35%Fixed1.10%1M SIBOR1.10%1M SIBOR3/8/2020
CITI21.35%1M SIBOR1.35%1M SIBOR1.35%1M SIBOR1.35%1M SIBOR1.35%1M SIBOR24/7/2020
RHB21.35%Board1.35%Board1.65%Board2.28%Board2.28%Board19/6/2020
CITI01.35%1M SIBOR1.40%1M SIBOR1.45%1M SIBOR1.50%1M SIBOR1.50%1M SIBOR20/5/2020
U*****31.35%Fixed1.60%Fixed2.00%Fixed6.25%Board6.25%Board2/7/2020
MB21.36%3M SIBOR1.36%3M SIBOR3.21%3M SIBOR3.21%3M SIBOR3.21%3M SIBOR9/9/2020
C*****31.37%Fixed1.37%Fixed1.37%Fixed1.15%1M SIBOR1.15%1M SIBOR3/8/2020
CITI51.38%1M SIBOR1.38%1M SIBOR1.38%1M SIBOR1.38%1M SIBOR1.38%1M SIBOR3/6/2020
M*****31.38%Fixed1.38%Fixed1.38%Fixed2.75%Board2.75%Board11/9/2020
CIMB21.38%Fixed1.38%Fixed2.00%Board2.00%Board2.00%Board11/8/2020
HLF21.40%Board1.40%Board1.40%Board2.20%Board2.20%Board18/8/2020
SCB21.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC16/8/2020
CITI01.40%1M SIBOR1.40%1M SIBOR1.40%1M SIBOR1.40%1M SIBOR1.50%1M SIBOR20/5/2020
SCB01.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC16/8/2020
HLF01.40%Board1.40%Board1.40%Board2.20%Board2.20%Board11/8/2020
SCB21.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC16/8/2020
C*****31.40%Fixed1.40%Fixed1.40%Fixed1.15%1M SIBOR1.15%1M SIBOR3/8/2020
SCB01.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC1.40%FDR36(SC16/8/2020
U*****21.40%Fixed1.40%Fixed1.50%Board1.50%Board1.50%Board5/9/2020
SCB21.40%Fixed1.40%Fixed1.72%FDR36(SC1.72%FDR36(SC1.72%FDR36(SC16/8/2020
OCBC21.40%Board1.40%Board3.38%Board6.00%Board6.00%Board6/8/2020
OCBC21.41%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR1.41%3M SIBOR12/6/2020
U*****31.41%3M SIBOR1.41%3M SIBOR2.29%3M SIBOR3.29%3M SIBOR3.29%3M SIBOR3/7/2020
U*****21.41%3M SIBOR1.41%3M SIBOR3.29%3M SIBOR3.29%3M SIBOR3.29%3M SIBOR3/7/2020
CITI01.45%1M SIBOR1.40%1M SIBOR1.35%1M SIBOR1.50%1M SIBOR1.50%1M SIBOR20/5/2020
CIMB01.45%1M SIBOR1.45%1M SIBOR1.45%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR12/3/2020
SCB31.45%Fixed1.45%Fixed1.45%Fixed1.72%FDR36(SC1.72%FDR36(SC16/8/2020
C*****51.45%Fixed1.45%Fixed1.45%Fixed1.45%Fixed1.45%Fixed3/8/2020
HSBC31.45%Fixed1.45%Fixed1.45%Fixed1.50%1M SIBOR1.50%1M SIBOR11/9/2020
CIMB31.45%Fixed1.45%Fixed1.45%Fixed2.00%Board2.00%Board11/8/2020
M*****51.45%Fixed1.45%Fixed1.45%Fixed1.45%Fixed1.45%Fixed5/8/2020
HSBC21.45%Fixed1.45%Fixed1.50%1M SIBOR1.50%1M SIBOR1.50%1M SIBOR11/9/2020
HLF21.45%Fixed1.45%Fixed1.75%Board2.20%Board2.20%Board18/8/2020
HLF21.45%Fixed1.45%Fixed1.75%Board2.20%Board2.20%Board11/8/2020
OCBC11.45%Board1.55%Board1.75%Board1.95%Board1.95%Board3/6/2020
OCBC11.45%Board1.55%Board1.75%Board1.95%Board1.95%Board3/6/2020
U*****31.45%Fixed1.70%Fixed2.10%Fixed6.25%Board6.25%Board2/7/2020
M*****51.48%Fixed1.48%Fixed1.48%Fixed1.48%Fixed1.48%Fixed5/8/2020
C*****51.48%Fixed1.48%Fixed1.48%Fixed1.48%Fixed1.48%Fixed3/8/2020
C*****51.48%Fixed1.48%Fixed1.48%Fixed1.48%Fixed1.48%Fixed3/8/2020
SCB01.49%3M SIBOR1.49%3M SIBOR1.49%3M SIBOR1.49%3M SIBOR1.49%3M SIBOR16/8/2020
SCB21.49%3M SIBOR1.49%3M SIBOR1.49%3M SIBOR1.49%3M SIBOR1.49%3M SIBOR16/8/2020
DBS21.50%3m SORA:1.50%3m SORA:4.10%3m SORA:4.10%3m SORA:4.10%3m SORA:3/9/2020
MB51.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed5/8/2020
MB31.50%Fixed1.50%Fixed1.50%Fixed2.75%Board2.75%Board5/8/2020
DBS51.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed31/7/2020
SCB51.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed16/8/2020
CITI51.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed3/8/2020
CIMB21.50%1M SIBOR1.50%1M SIBOR1.50%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR12/3/2020
MB41.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed2.75%Board5/8/2020
C*****51.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed1.50%Fixed3/8/2020
DBS31.50%Fixed1.50%Fixed1.50%Fixed1.80%FHR24(DB1.80%FHR24(DB31/7/2020
CIMB31.50%Fixed1.50%Fixed1.50%Fixed2.00%Board2.00%Board11/8/2020
SCB31.50%Fixed1.50%Fixed1.50%Fixed1.72%FDR36(SC1.72%FDR36(SC16/8/2020
SCB21.50%Fixed1.50%Fixed1.72%FDR36(SC1.72%FDR36(SC1.72%FDR36(SC16/8/2020
DBS21.50%Fixed1.50%Fixed1.80%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB2/6/2020
DBS21.50%FHR24(DB1.50%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB4/9/2020
U*****21.50%Fixed1.50%Fixed2.50%Board6.25%Board6.25%Board2/7/2020
MB21.50%Fixed1.50%Fixed2.75%Board2.75%Board2.75%Board5/8/2020
DBS21.50%Fixed1.50%Fixed4.41%3M SIBOR4.41%3M SIBOR4.41%3M SIBOR28/7/2020
DBS01.50%FHR24(DB1.55%FHR24(DB1.68%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB8/7/2020
DBS01.50%FHR24(DB1.55%FHR24(DB1.68%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB1/6/2020
OCBC01.50%Board1.60%Board1.60%Board1.75%Board1.95%Board22/8/2020
CITI51.52%Fixed1.52%Fixed1.52%Fixed1.52%Fixed1.52%Fixed3/8/2020
CITI21.52%1M SIBOR1.52%1M SIBOR1.52%1M SIBOR1.52%1M SIBOR1.52%1M SIBOR20/5/2020
CITI21.52%Fixed1.52%Fixed1.52%1M SIBOR1.52%1M SIBOR1.52%1M SIBOR3/8/2020
SCB01.54%3M SIBOR1.54%3M SIBOR1.54%3M SIBOR1.54%3M SIBOR1.54%3M SIBOR16/8/2020
SCB21.54%3M SIBOR1.54%3M SIBOR1.54%3M SIBOR1.54%3M SIBOR1.54%3M SIBOR16/8/2020
CITI21.54%1M SIBOR1.54%1M SIBOR1.54%1M SIBOR1.54%1M SIBOR1.54%1M SIBOR20/5/2020
HSBC21.55%Fixed1.55%Fixed1.50%1M SIBOR1.50%1M SIBOR1.50%1M SIBOR21/7/2020
HSBC31.55%Fixed1.55%Fixed1.55%Fixed1.50%1M SIBOR1.50%1M SIBOR21/7/2020
U*****21.55%Board1.55%Board1.55%Board1.55%Board1.55%Board13/6/2020
SCB51.55%Fixed1.55%Fixed1.55%Fixed1.55%Fixed1.55%Fixed16/8/2020
OCBC21.55%Fixed1.55%Fixed1.75%Board1.95%Board1.95%Board3/6/2020
OCBC21.55%Fixed1.55%Fixed1.75%Board1.95%Board1.95%Board3/6/2020
RHB21.55%Board1.55%Board2.30%Board2.50%Board2.50%Board19/6/2020
OCBC21.55%Fixed1.55%Fixed3.38%Board6.00%Board6.00%Board6/8/2020
HLF31.55%Fixed1.65%Fixed1.85%Fixed2.20%Board2.20%Board11/8/2020
HLF31.55%Fixed1.65%Fixed1.85%Fixed2.20%Board2.20%Board18/8/2020
U*****31.55%Fixed1.80%Fixed2.20%Fixed6.25%Board6.25%Board2/7/2020
CITI21.57%Fixed1.57%Fixed1.52%1M SIBOR1.52%1M SIBOR1.52%1M SIBOR3/8/2020
SCB21.58%Fixed1.58%Fixed1.29%3M SIBOR1.29%3M SIBOR1.29%3M SIBOR1/7/2020
SCB21.58%Fixed1.58%Fixed1.29%3M SIBOR1.29%3M SIBOR1.29%3M SIBOR26/6/2020
RHB31.58%Board1.58%Board1.58%Board2.50%Board2.50%Board19/6/2020
RHB51.58%Fixed1.58%Fixed1.58%Fixed1.58%Fixed1.58%Fixed20/6/2020
MB31.58%Fixed1.58%Fixed1.98%Fixed4.88%Board4.88%Board9/9/2020
CIMB01.60%1M SIBOR1.60%1M SIBOR1.60%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR12/3/2020
SCB51.60%Fixed1.60%Fixed1.60%Fixed1.60%Fixed1.60%Fixed16/8/2020
SCB31.60%Fixed1.60%Fixed1.60%Fixed1.72%FDR36(SC1.72%FDR36(SC16/8/2020
CITI31.60%Fixed1.60%Fixed1.60%Fixed1.52%1M SIBOR1.52%1M SIBOR3/8/2020
MB21.60%Board1.60%Board1.85%Board1.85%Board1.85%Board5/8/2020
MB01.60%Board1.60%Board1.85%Board1.85%Board1.85%Board1/7/2020
U*****21.60%Fixed1.60%Fixed2.50%Board6.25%Board6.25%Board2/7/2020
MB21.60%Board1.60%Board2.58%Board4.88%Board4.88%Board9/9/2020
U*****31.61%3M SIBOR1.61%3M SIBOR2.49%3M SIBOR3.29%3M SIBOR3.29%3M SIBOR3/7/2020
U*****21.61%3M SIBOR1.61%3M SIBOR3.29%3M SIBOR3.29%3M SIBOR3.29%3M SIBOR3/7/2020
CITI21.62%Fixed1.62%Fixed1.52%1M SIBOR1.52%1M SIBOR1.52%1M SIBOR3/8/2020
U*****01.65%Board1.65%Board1.65%Board1.65%Board1.65%Board1/6/2020
CITI31.65%Fixed1.65%Fixed1.65%Fixed1.52%1M SIBOR1.52%1M SIBOR3/8/2020
RHB21.65%Board1.65%Board2.30%Board2.50%Board2.50%Board19/6/2020
OCBC31.65%Board1.90%Board2.30%Board6.00%Board6.00%Board6/8/2020
MB21.66%3M SIBOR1.66%3M SIBOR3.21%3M SIBOR3.21%3M SIBOR3.21%3M SIBOR1/7/2020
U*****31.68%Fixed1.68%Fixed1.68%Fixed1.98%Board1.98%Board8/6/2020
RHB31.68%Board1.68%Board1.78%Board2.50%Board2.50%Board19/6/2020
DBS31.68%Fixed1.68%Fixed1.98%Fixed4.41%3M SIBOR4.41%3M SIBOR28/7/2020
SCB21.69%3M SIBOR1.69%3M SIBOR2.19%3M SIBOR2.19%3M SIBOR2.19%3M SIBOR1/7/2020
CITI31.70%Fixed1.70%Fixed1.70%Fixed1.52%1M SIBOR1.52%1M SIBOR3/8/2020
CIMB21.70%1M SIBOR1.70%1M SIBOR1.70%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR12/3/2020
CIMB01.70%1M SIBOR1.70%1M SIBOR1.70%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR12/3/2020
U*****21.70%Fixed1.70%Fixed2.70%Board6.25%Board6.25%Board2/7/2020
DBS21.70%Fixed1.70%Fixed4.41%3M SIBOR4.41%3M SIBOR4.41%3M SIBOR28/7/2020
MB31.75%Fixed1.75%Fixed1.98%Fixed4.88%Board4.88%Board9/9/2020
MB21.75%Board1.75%Board2.58%Board4.88%Board4.88%Board9/9/2020
MB21.78%Fixed1.78%Fixed2.38%Board4.88%Board4.88%Board9/9/2020
RHB31.78%Board1.88%Board2.08%Board2.50%Board2.50%Board3/4/2020
CIMB21.80%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR1.80%1M SIBOR12/3/2020
DBS01.80%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB1.80%FHR24(DB4/9/2020
U*****21.80%Fixed1.80%Fixed2.70%Board6.25%Board6.25%Board2/7/2020
OCBC21.80%Board1.80%Board3.78%Board6.00%Board6.00%Board6/8/2020
DBS21.85%Board1.85%Board6.50%Board6.50%Board6.50%Board28/7/2020
DBS31.88%Fixed1.88%Fixed2.18%Fixed4.41%3M SIBOR4.41%3M SIBOR28/7/2020
RHB21.90%Board1.90%Board2.30%Board2.50%Board2.50%Board3/4/2020
MB21.95%Fixed1.95%Fixed2.38%Board4.88%Board4.88%Board9/9/2020
SCB21.95%Fixed2.15%Fixed1.29%3M SIBOR1.29%3M SIBOR1.29%3M SIBOR1/7/2020
DBS22.05%Board2.05%Board6.50%Board6.50%Board6.50%Board28/7/2020
U*****22.08%Board2.08%Board2.08%Board2.08%Board2.08%Board8/1/2020
U*****32.08%Fixed2.18%Fixed2.28%Fixed2.61%3M SIBOR2.61%3M SIBOR10/4/2020
MB22.08%Fixed2.18%Fixed4.88%Board4.88%Board4.88%Board29/11/2019
SF32.08%Board2.28%Board2.48%Board3.75%Board3.75%Board7/1/2019
SF22.08%Board2.28%Board3.75%Board3.75%Board3.75%Board7/1/2019
SF32.08%Board2.38%Board2.48%Board3.75%Board3.75%Board7/1/2019
SF22.08%Board2.38%Board3.75%Board3.75%Board3.75%Board7/1/2019
SCB22.10%FDR36(SC2.10%FDR36(SC2.10%FDR36(SC2.10%FDR36(SC2.10%FDR36(SC1/7/2020
HLF32.10%Board2.20%Board3.10%Board4.60%Board4.60%Board8/8/2019
CIMB22.15%Board2.15%Board2.15%Board2.55%Board2.55%Board1/10/2019
U*****22.18%Fixed2.18%Fixed2.61%3M SIBOR2.61%3M SIBOR2.61%3M SIBOR10/4/2020
SF32.18%Board2.38%Board2.68%Board3.75%Board3.75%Board8/8/2019
MB22.18%Board2.38%Board4.88%Board4.88%Board4.88%Board29/11/2019
SF22.18%Board2.48%Board3.75%Board3.75%Board3.75%Board8/8/2019
CIMB22.20%1M SIBOR2.20%1M SIBOR2.50%1M SIBOR2.50%1M SIBOR2.50%1M SIBOR10/4/2020
HLF32.20%Board2.30%Board3.20%Board4.70%Board4.70%Board8/8/2019
SF32.25%Board2.50%Board3.00%Board3.75%Board3.75%Board7/1/2019
SF22.25%Board2.50%Board3.75%Board3.75%Board3.75%Board7/1/2019
DBS22.28%Fixed2.28%Fixed6.00%Board6.00%Board6.00%Board10/4/2020
MB12.28%Fixed2.38%Board4.88%Board4.88%Board4.88%Board29/11/2019
U*****32.30%Board2.30%Board3.00%Board6.25%Board6.25%Board17/3/2020
SIF22.33%Board2.53%Board3.75%Board4.25%Board4.25%Board4/4/2019
U*****22.35%Board2.35%Board4.25%Board6.25%Board6.25%Board17/3/2020
SF32.38%Board2.58%Board2.88%Board3.75%Board3.75%Board7/1/2019
SF22.38%Board2.68%Board3.75%Board3.75%Board3.75%Board7/1/2019
HLF22.40%Fixed2.50%Fixed3.10%Board4.60%Board4.60%Board31/7/2019
U*****32.50%Board2.50%Board3.20%Board6.25%Board6.25%Board17/3/2020
HLF22.50%Fixed2.60%Fixed3.20%Board4.60%Board4.60%Board31/7/2019
SIF22.50%Board2.75%Board3.75%Board4.25%Board4.25%Board4/4/2019
U*****22.55%Board2.55%Board4.45%Board6.25%Board6.25%Board17/3/2020
DBS52.60%Fixed1.80%Fixed1.80%Fixed1.80%Fixed1.80%Fixed1/6/2020
DBS12.60%Board2.60%Board6.50%Board6.50%Board6.50%Board10/4/2020

When and why should you refinance your mortgage loan

Lock-in Period  

Refinancing home loans is always a great strategy. Therefore, it’s crucial to know when your lock-in period ends. While refinancing is possible at any time, if you switch during the lock-in period, you incur a penalty fee. You shouldn’t wait until the last day of the lock-in period, as there is a 3-month notification period requirement. So plan ahead and begin the refinancing process at least 4 months before the new rate cycle starts.

Extension of loan tenure 

Some homeowner refinance their mortgage by extending the tenure of their loans. It can only happen if the current loan tenure is shorter than the maximum loan tenure. Regardless of whether you are refinancing your HDB or private property, you are entitled to extend your loan term for a maximum duration of 35 years or to 75 years. Note that the period served since first disbursement of your current loan will be deducted from the maximum loan tenure extension.

Equity cash out    

Homebuyers in Singapore can use private property as collateral to obtain an equity loan in Singapore. The cash out typically is limited to 60–75% less the remaining loan balance and CPF used for the same land. It is best to avoid the maximum possible cash and allow for adjustments in value of the land.

Lower interest rate  

Another incentive to refinance your home loan is to move to another form of loan. Every type has its own merits, no matter whether you convert from a flat interest rate to a floating interest rate or vice versa. 

For a fixed rate plan, the interest rate is locked in for a term of 1-5 years. Since this rate is considered more stable, compared to a floating rate package the rate is slightly higher. At the end of the lock-in period, your fixed rate package changes to a floating rate. Take note that conversion from fixed to floating rates is only suitable if you move to a lower interest rate and keep track of SIBOR on a daily basis of the house loan bundle. 

For a floating rate package, the interest rate fluctuates according to where the loan package is connected, either SIBOR or Fixed Deposit. These floating rate packages may have a lock-in period, or may not. Sometimes homeowner that are tied to a floating rate switch to a fixed rate package to plan and manage their finances better. Their fixed monthly repayments make them feel secure. 

Lower monthly repayment 

You should aim for a lower interest rate to reduce your monthly repayments when refinancing your home loan. Usually, the next repayment cycle will be higher because the mortgage schedule is always up. And if you can’t take advantage of the refinancing period that is 4 months until the current home loan renewals, you’ll end up paying higher monthly instalments. 

Case study

Benedict can save $37,077 interest payment for the next 3 years if he refinance his 2.5% loan to 1.34% package. 

Go for a trip with your saving!

Don’t waste any more time. It takes at least 4 months to refinance as you have to give 3 months notice to your existing bank.