Compare the Lowest
Private Property
Refinance Rates
in Singapore
(May 2024)

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Updated May 21, 2024

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Average 1st Year Interest Rates on Refinancing Private Property Loans (2024)

Average 1st Year Interest Rates on Refinancing Private Property Loans Interest Rates Singapore (2024)

Refinancing Your Private Property in 2024

The best time to refinance your existing home loan is usually after the initial promotional period, also known as the teaser rate, expires on your current mortgage. This introductory discounted rate typically lasts 2 to 3 years from when you make your first monthly payment.

Once the teaser rate ends, your interest rate will increase, often significantly. This rate jump is the perfect opportunity to refinance and lock in a new, lower fixed rate.

Be sure to start the refinancing process 3 months before your current lock-in period ends. Acting in advance avoids getting stuck paying a higher non-promotional interest rate while you wait to finalize the new loan. Refinancing as soon as the teaser rate expires allows you to maximize savings by securing a lower rate.

Lowest Private Property
Refinance Rates

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
Promotion 3 Year Fixed 3 years 2.90% 2.90% 2.90% 4.65%
Promotion 2 Year Fixed 2 years 2.90% 2.90% 4.40% 4.65%
OCBC 3 Year Fixed 3 years 2.90% 2.90% 2.90% 4.65%
OCBC 2 Year Fixed 2 years 2.90% 2.90% 4.15% 4.65%
DBS 2 Year Fixed 2 years 2.90% 2.90% 4.65% 4.65%
Promotion 2 Year Fixed 2 years 2.95% 2.95% 4.40% 4.65%
Standard Chartered 2 Year Fixed (Priority Banking) 2 years 3.05% 3.05% 4.45% 4.65%
Standard Chartered 2 Year Fixed 2 years 3.10% 3.10% 4.55% 4.65%
DBS 2 Year Fixed 2 years 3.10% 3.10% 4.65% 4.65%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
SBI 3-Month SORA 2 years 3.95% 3.95% 4.65% 4.65%
RHB 1-Month SORA 2 years 4.06% 4.11% 4.61% 4.61%
OCBC 3-Month SORA 2 years 4.15% 4.15% 4.40% 4.65%
Maybank 3-Month SORA 1 year 4.20% 4.00% 4.20% 4.65%
DBS 3-Month SORA 2 years 4.20% 4.20% 4.20% 4.20%
Promotion 3-Month SORA 2 years 4.25% 4.25% 4.40% 4.65%
Standard Chartered 3-Month SORA (Priority Banking) 2 years 4.25% 4.25% 4.30% 4.65%
OCBC 3-Month SORA 2 years 4.25% 4.00% 4.00% 4.65%
Maybank 1-Month SORA 1 year 4.26% 4.26% 5.26% 5.26%
CIMB 3-Month SORA 2 years 4.30% 4.35% 4.40% 4.75%

*Today's Mortgage Rates - 20 May 2024


Refinancing your home loan requires upfront legal and valuation fees, usually $1,800 - $2,300 depending on your loan amount. Banks also charge varying valuation fees and processing fees.

While refinancing requires these upfront costs, the long-term interest savings outweigh the fees.

Our Refinancing Resources

  • Private Property Refinance Loans Basics

  • Tips and Hints

  • FAQ

Refinancing in 2023

Refinancing your private property bank loan can be a complex process, with fluctuating interest rates and a wide variety of loan options from banks. While it may be tempting to navigate this market alone, seeking guidance from professionals is highly recommended.

Conducting independent research by reviewing bank websites and lending portals such as ROSHI to compare interest rates, fees, eligibility criteria and features across loans is advised. This allows you to have a comprehensive understanding when discussing your specific situation with a mortgage broker, in order to jointly identify the optimal refinancing package.

Refinancing Schedule

Choosing the optimal timing to refinance your existing private property bank loan is crucial. Banks in Singapore require a 3-month notice period before you can refinance and switch lenders. It is important to be aware of when your lock-in period ends, so you can refinance at the most advantageous time and avoid penalty fees that apply if refinancing during the lock-in period.

Interest Rates and Refinancing Costs

When evaluating home loans, interest rates are typically the primary focus for borrowers. This is understandable, as the rate dictates the majority of a loan’s overall cost. Additionally, since banks have similar credit approval criteria, one’s credit score is not a major differentiating factor in choosing between lenders. This allows borrowers to concentrate on interest rates during the home loan selection process.

Beyond interest rates, it is prudent to consider each loan’s flexibility for renegotiating terms and refinancing. This is especially relevant in Singapore, where most homeowners refinance every 2 to 4 years to capitalize on rate declines. Pay attention to any lock-in clauses, fees, or penalties that may reduce potential savings from refinancing.

When evaluating the true cost of a home loan, look at both the interest rate and any applicable refinancing fees, such as:

  • • Legal Fees: S$1,600 – S$2,200
  • • Valuation Fees: S$250 – S$1,000
  • • Redemption Penalties: 0.5% – 1.5%
  • • Cancellation Fees: 0.75% – 1.5%
Compare Rates From Different Banks

Rates can vary significantly, so checking multiple lenders could mean big savings.

Opt For a Floating Rate

This offers more flexibility than a fixed rate loan.

Look Beyond Interest Rate

Consider all fees, lock-in periods, and penalties associated with each loan.

Use Mortgage Portals like ROSHI

Easily compare home loan options. This simplifies the research process.

Consider Benefit Perks

Certain home loans, like free valuations, legal fee waivers, cash rebates and complimentary home insurance.

What Factors Affect Home Loan Rates?

Credit score, loan amount, loan tenure, property type, floating vs fixed rates.

Should I Use a Mortgage Broker?

Brokers can help compare loans, but may charge fees. Do your own research too.

When Should I Refinance My Home Loan?

Near the end of your lock-in period when rates are low. Avoid refinancing penalties.

What Are the Usual Home Loan Fees?

Interest, legal fees, valuation costs, redemption penalties, insurance premiums.

How Much Should I Borrow For a Home Loan?

Max loan is 80-90% of property value. Target 25% downpayment if possible.

How Can I Get The Best Interest Rates?

Enhance credit score, lower LTV ratio, and compare lender rates. Renegotiate periodically.

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