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SBI Refinance Home Loans

SBI Refinance Home Loans
(Product Review)

Updated September 29, 2022

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Product Review

State Bank of India has been an active player in fulfilling the global aspirations of Indian corporations through its 229 foreign offices in 31 other countries across the world. Its Singapore operations were set up in 1977 with an offshore banking license. Thus, equipping them with over three decades of experience in commercial and wholesale banking.

SBI Singapore achieved another milestone in 2008 as it was granted the ‘Full Bank’ status with QFB privileges. SBI has 5 retail branches, 19 SBI ATMs, and over 200 ATMs via the shared island-wide ATM5 network. It also has a section of retail banking products, which complements its existing corporate banking services. Thus enabling them to service both individual and corporate customers.

SBI offers mortgage loans comprising SORA linked and Fixed-rate products. These products come with attractive interest rates and personalized service.

The State Bank of India’s (SBI) Singapore arm generally offers comfortable introductory home loan interest rates. The bank’s rates tend to increase significantly after 1 to 3 years, so it is best to consider SBI’s loans if you are willing to refinance every few years.

SBI is a decent option for borrowers that plan to refinance their loans after a few years. This is because the bank offers some competitive introductory interest rates but less affordable rates following the first few years of its loan’s lifespan. It is also a good option for borrowers seeking to refinance their home loans due to the combination of credits offered to these borrowers.

SBI Mortgage Fees

SBI charges a few fees that are standard among home lenders. These fees include partial repayment fees, full redemption penalties, and cancellation fees. The table below details SBI’s fees by home loan type.

Loan Type Partial Repayment Fee Full Redemption Penalty Cancellation Fee
Tracker (Lock-In) 1.5% 1.5% 1.0%
Tracker N/A N/A 1.0%
Fixed Rate 1.5% 1.5% 1.0%
BUC N/A 0.75% 0.75%

SBI Refinance Home Loans

SBI offers reasonable introductory interest rates for its refinance loans of private and HDB home loans. Although these rates become less competitive after the lock-in period, borrowers that plan to refinance frequently might find SBI as an affordable refinancing option.

Bank 1st Year Interest Lock-in Period
No offerings at this time

PROMOTIONS

APPLICATION PROCESS

  • Launch Application via the ROSHI Marketplace

    Once your application is live you will be able to review suitable loan options on your dashboard. One of our mortgage brokers will follow up with you to discuss the best available options and next steps.

  • Choose Suitable Mortgage Option

    After you’ve decided on a preferred mortgage option one of our mortgage brokers will help process your application.

  • Settle Fees & Charges

    Settle all fees (option fee, option exercise fee to the seller as well as the relevant buyer’s stamp duty fee in case you are purchasing a private property).

  • Appointment Date & Signing

    Attent your property purchase appointment date and sign all legal documents for the transfer of the property, paying all legal and valuation fees.

PRODUCT HIGHLIGHTS

  • Consistent Refinancing

    Ideal for Individuals willing to refinance their home loan every few years

  • Refinance plan

    Suitable for Borrowers seeking to refinance their existing home loan

  • High Interest Rates

    Unfit for Borrowers seeking home loans with the lowest total interest cost

  • Lower Loan Amount

    Individual with loans less than S$750,000 that are looking for a stable interest rate

ALL DETAILS

Loan Features

  • Competitive introductory rates
  • Minimum principal loan: S$250,000
  • Stable Interest Rate

EXTERNAL REVIEWS

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