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(July 2024)

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Updated July 19, 2024





Average 1st Year Interest Rates on HDB Refinancing (2024)

Average 1st Year Interest Rates on HDB Refinance Loans Interest Rates Singapore (2024)

Refinancing Your HDB Loan in 2024

For many Singaporeans, an HDB flat is your most valuable asset and largest debt. With interest rates expected to rise in 2024, you may be considering refinancing your HDB loan to lower your monthly payments. However, refinancing an HDB loan is not as simple as refinancing a private property loan.

Lock-in Period

HDB loans have a lock-in period, usually 5 years from key collection or last refinancing. Within the lock-in period, you can only refinance with HDB using the HDB concessionary interest rate. If you refinance with a bank, you will not be able to refinance with HDB at the concessionary rate again.

Early Redemption Fees

If you refinance your HDB loan before the end of the lock-in period, you will incur early redemption fees based on a percentage of the loan amount. This can add tens of thousands to your refinancing costs.

Lowest HDB Refinance Rates (2024)

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
Promotion 2 Year Fixed 2 years 2.85% 2.85% 4.00% 4.63%
OCBC 2 Year Fixed 2 years 2.85% 2.85% 4.13% 4.63%
Maybank 2 Year Fixed 2 years 2.88% 2.88% 4.66% 4.66%
OCBC 2 Year Fixed 2 years 2.88% 2.88% 4.13% 4.63%
OCBC 3 Year Fixed 3 years 2.88% 2.88% 2.88% 4.63%
Promotion 2 Year Fixed 2 years 2.88% 2.88% 4.38% 4.63%
DBS 2 Year Fixed 2 years 2.90% 3.00% 4.63% 4.63%
OCBC 2 Year Fixed 2 years 2.90% 2.90% 4.13% 4.63%
OCBC 3 Year Fixed 3 years 2.90% 3.00% 2.90% 4.63%
Promotion 2 Year Fixed 2 years 2.90% 2.90% 4.38% 4.63%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
SBI 3-Month SORA 2 years 3.93% 3.93% 4.63% 4.63%
OCBC 3-Month SORA 2 years 4.13% 4.13% 4.38% 4.63%
DBS 3-Month SORA 2 years 4.18% 4.18% 4.18% 4.18%
Maybank 3-Month SORA 1 year 4.18% 4.00% 4.18% 4.63%
Standard Chartered 3-Month SORA (Priority Banking) 2 years 4.23% 4.23% 4.28% 4.63%
Promotion 3-Month SORA 2 years 4.23% 4.23% 4.38% 4.63%
SBI 3-Month SORA 3 years 4.38% 4.38% 4.38% 4.63%
Maybank 1-Month SORA 1 year 4.41% 4.00% 5.41% 5.41%
SBI 3-Month SORA 0 year 4.63% 4.63% 4.63% 4.63%

*Today's Mortgage Rates - 19 July 2024

Key Considerations

While bank loans currently offer lower interest rates, keep the long 30-year HDB loan term in mind. HDB interest rates have historically trended lower than bank mortgage rates over the full lifespan of the loan. Run the numbers taking the long view - while refinancing may produce short-term savings, sticking with the HDB loan could mean more interest savings over decades.

Refinancing is a permanent decision, so ensure it makes financial sense for your long-term home ownership plans and not just temporary monthly repayment relief. The concessionary HDB interest rate is a valuable benefit for the long haul.

Our Refinancing Resources

  • HDB Refinance Loans Basic

  • Tips and Hints

  • FAQ

How to Choose the Best HDB Refinancing Option in 2023

HDB loan interest rates fluctuate frequently, making it challenging to determine the best refinancing option. Even if you find a lower interest rate, it could increase after several months.

Additionally, applying necessitates providing 10-20 documents. Utilizing the ROSHI marketplace expedites this process, though unbiased comparision and loan expert advise.

When to Consider Refinancing Your HDB Loan
Expiring Lock-In Period
Refinancing is possible at any time, but fees typically apply. Refinancing upon lock-in expiration avoids these charges
Extending Loan Tenure
Extending the loan tenure through refinancing may provide relief. HDB loans can be extended up to 30 years.
Lower Interest Rates
If rates begin to climb or new lower rates become available, refinancing may provide signficant savings.
Reducing Monthly Repayments
Lower interest rates and extended tenures lead to decreased monthly payments.
Increasing Equity Via Cash-Out Refinancing
Cash-out refinancing of up to 75% of the property value minus the outstanding loan balance is possible.
Interest and Refinancing Costs
While lower interest rates are the main point of consideration, other expenses should also be reviewed.
Frequent refinancers should account for lock-in periods, legal fees, valuation fees, and related costs.

For a $500,000 refinance loan, lowering the rate from 4% to 3.5% saves $2,500 annually. However, legal fees may equal $2,500, and valuation fees range from $500-1,000, potentially negating any interest rate savings.

Typical HDB Refinancing Fees:

  • • Legal Fees: $2,500
  • • Valuation Fees: $500-1,000
  • • Fire Insurance: $120/year
  • • Redemption Fees: 1.5%
  • • Cancellation Fees: 1.5%
  • • Early Repayment Fees: 0.5-1.5% of prepaid amount
Fixed versus Floating Interest Rates

Choosing between a fixed or floating rate depends on the current market condition. Only the lock-in period must be considered, after which refinancing is possible.

If the floating rate appears stable and lower than fixed rates for the next two years, it may be preferable. Otherwise, the fixed rate provides more certainty.

Choose a Floating Rate When Rates Are Stable or Declining

A steady or decreasing floating rate will likely remain below fixed rates, providing long-term savings. Market conditions generally indicate when rates will remain flat or decline over a 2-year timeframe.

Select a Fixed Rate During Periods of Rising Rates

For borrowers with a floating rate, increasing rates present substantial risk. Until the lock-in period is over, no action can be taken if rates spike.
The fixed rate offers more security that is advisable in these conditions.

Compare Rates

Use ROSHI’s loan marketplace to easily compare availalbe rates across all major banks and to get expert advice from our loan managers.

Consider COV

If your HDB flat has a high COV, refinancing with another bank may be limited by LTV ratios. You might need to wait for COV to decrease first.

Pay Down Loan First

Banks limit the refinancing to outstanding loan amount. Pay down as much as possible first to maximize cash-out.

Extend in 5-Year Blocks

HDB only allows extending tenure by 5-year blocks at a time. Plan timing and budget accordingly.

Use CPF for Fees

Legal and valuation fees can be paid using CPF, preserving cash. Useful especially for cash-out refinancing.

Should I refinance my HDB loan?

Refinancing is recommended if your outstanding loan amount exceeds $250,000 and the new interest rate is at least 0.3% lower than your current rate. Meeting both criteria can lead to significant interest savings.

How often are there HDB refinance promotions?

Banks offer attractive HDB refinancing packages almost every month. Applying via the ROSHI loan marketplace allows you to take advantage of the most competitive and current promotional rates.

Can I shorten my HDB loan tenure when refinancing?

Yes, you can opt to shorten your loan tenure to as little as 5 years when refinancing. This enables faster repayment and reduced interest costs, albeit with higher monthly instalments.

Can I switch from an HDB loan to a bank loan?

Yes, refinancing from an HDB loan to a bank loan is straightforward, with no upfront fees if your outstanding amount is above $250,000. Income documents and application forms need to be submitted.

Can I take a cash-out loan against my fully-paid HDB flat?

No, cash-out refinancing is not permitted for HDB properties. Only private properties qualify after meeting the 5-year minimum occupation period.

Can I refinance my HDB loan multiple times?

There is no limit to how many times you can refinance an HDB loan. However, once switched to a bank loan, you cannot revert to an HDB loan.

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