Customers use ROSHI to compare
rates, apply online & settle faster.
I WANT TO
BUY A HOME
I WANT TO REFINANCE
FIND HOME LOANS FROM
5+
More Lenders
Updated March 18, 2025
A private property can only be refinanced via one of Singapore various lenders. Refinancing via an HDB concessionary loan is not possible.
Condominiums and private properties can easily cost several million dollars, necessitating the use of home loans and refinancing options. When you refinance your private property, the new lender will charge you a set of legal charges for handling your application.
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr Interest | 3rd Yr Interest | 4th Yr Interest | |
|---|---|---|---|---|---|---|---|
| Bank of China | 3 Year Fixed (Green Mortgage) | 3 years | 2.40% | 2.40% | 2.45% | 3.90% | |
| Promotion | 2 Year Fixed Flexi (With 200K Deposit) | 2 years | 2.42% | 2.42% | 3.80% | 4.00% | |
| Bank of China | 2 Year Fixed Flexi (Green Mortgage) | 2 years | 2.45% | 2.45% | 3.70% | 3.90% | |
| Bank of China | 3 Year Fixed | 3 years | 2.45% | 2.45% | 2.45% | 3.90% | |
| Bank of China | 2 Year Fixed Flexi | 2 years | 2.50% | 2.50% | 3.70% | 3.90% | |
| Promotion | 2 Year Fixed | 2 years | 2.55% | 2.55% | 3.65% | 3.90% | |
| Maybank | 2 Year Fixed (With 30K Deposit) | 2 years | 2.55% | 2.55% | 4.00% | 4.00% | |
| Hong Leong Finance | 2 Year Fixed | 2 years | 2.55% | 2.55% | 4.04% | 4.04% | |
| SBI | 2 Year Fixed | 2 years | 2.55% | 2.55% | 3.90% | 3.90% | |
| DBS | 2 Year Fixed | 2 years | 2.60% | 2.60% | 3.40% | 3.90% |
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr Interest | 3rd Yr Interest | 4th Yr Interest | |
|---|---|---|---|---|---|---|---|
| Promotion | 1-Month SORA (With 200K Deposit) | 2 years | 3.00% | 3.05% | 3.00% | 3.00% | |
| Bank of China | 3-Month SORA (Green Mortgage) | 2 years | 3.35% | 3.35% | 3.50% | 3.90% | |
| RHB | 1-Month SORA | 2 years | 3.35% | 3.40% | 3.90% | 3.90% | |
| Bank of China | 3-Month SORA | 2 years | 3.40% | 3.40% | 3.50% | 3.90% | |
| CIMB | 3-Month SORA | 2 years | 3.40% | 3.40% | 3.40% | 3.90% | |
| OCBC | 3-Month SORA | 2 years | 3.40% | 3.40% | 3.65% | 3.90% | |
| SBI | 3-Month SORA | 2 years | 3.40% | 3.40% | 3.90% | 4.00% | |
| DBS | 3-Month SORA | 2 years | 3.45% | 3.00% | 3.00% | 3.00% | |
| Maybank | 3-Month SORA | 1 year | 3.45% | 3.45% | 3.45% | 3.90% | |
| OCBC | 3-Month SORA | 2 years | 3.50% | 3.50% | 3.70% | 3.90% |
*Today's Mortgage Rates - 17 March 2025
If you are thinking of refinancing your HDB loan by changing lenders or converting to a bank loan you should keep in mind that once you opt out of your existing HDB loan, you will not be able refinance with HDB again.
Only consider once you fully understand your loan terms (lock-in term, early property sale or early redemption) refinancing if you are able to a secure a lower long term interest rate.
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr Interest | 3rd Yr Interest | 4th Yr Interest | |
|---|---|---|---|---|---|---|---|
| Promotion | 2 Year Fixed Flexi (With 200K Deposit) | 2 years | 2.42% | 2.42% | 3.80% | 4.00% | |
| SBI | 2 Year Fixed | 2 years | 2.55% | 2.55% | 3.90% | 3.90% | |
| Hong Leong Finance | 2 Year Fixed | 2 years | 2.55% | 2.55% | 4.04% | 4.04% | |
| Maybank | 2 Year Fixed (With 30K Deposit) | 2 years | 2.55% | 2.55% | 4.00% | 4.00% | |
| Promotion | 2 Year Fixed | 2 years | 2.55% | 2.55% | 3.65% | 3.90% | |
| DBS | 2 Year Fixed | 2 years | 2.60% | 2.60% | 3.40% | 3.90% | |
| Promotion | 2 Year Fixed | 2 years | 2.60% | 2.60% | 4.00% | 4.00% | |
| Promotion | 2 Year Fixed Flexi | 2 years | 2.60% | 2.60% | 3.65% | 3.90% | |
| Hong Leong Finance | 3 Year Fixed | 3 years | 2.60% | 2.60% | 2.60% | 4.25% | |
| Promotion | 3 Year Fixed Flexi | 3 years | 2.60% | 2.60% | 2.60% | 3.90% |
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr Interest | 3rd Yr Interest | 4th Yr Interest | |
|---|---|---|---|---|---|---|---|
| Promotion | 1-Month SORA (With 200K Deposit) | 2 years | 3.00% | 3.05% | 3.00% | 3.00% | |
| OCBC | 3-Month SORA | 2 years | 3.40% | 3.40% | 3.65% | 3.90% | |
| SBI | 3-Month SORA | 2 years | 3.40% | 3.40% | 3.90% | 4.00% | |
| DBS | 3-Month SORA | 2 years | 3.45% | 3.00% | 3.00% | 3.00% | |
| Maybank | 3-Month SORA | 1 year | 3.45% | 3.45% | 3.45% | 3.90% | |
| Standard Chartered | 3-Month SORA (Priority Banking) | 2 years | 3.50% | 3.50% | 3.55% | 3.90% | |
| Promotion | 3-Month SORA | 2 years | 3.50% | 3.50% | 3.65% | 3.90% | |
| SBI | 3-Month SORA | 3 years | 3.65% | 3.65% | 3.65% | 4.00% | |
| SBI | 3-Month SORA | 0 year | 3.90% | 3.90% | 4.00% | 3.90% |
*Today's Mortgage Rates - 17 March 2025
Home loan interest rates are almost constantly changing, so it is difficult to determine what option is best for you. Even if you choose a cheap home loan option, the interest rate may change after a few months.
On top of that, applying requires between 10 and 20 different documents. This is why utilizing a mortgage specialist will help you save time. You should do your own research as well, of course.
Interest rates tend to be the main thing on your mind when choosing or refinancing a home loan. You should also keep other expenses in mind. If you, like many other Singaporeans, wish to refinance your home loan every couple of years, you need to consider things like lock-in periods, legal fees, valuation fees, and so on.
Let’s take a home loan of $500,000 as an example. If you refinance from 2% annually to 1.5%, you’ll save $2,500 each year. That being said, you will have to deal with legal fees to do so, which may each $2,500 anyway. On top of that, valuation fees range between $500 and $1,000. This causes you to end up losing money.
| Miscellaneous Fees in Refinancing | Cost | Banks That Provide Subsidies | |
|---|---|---|---|
| Legal Fee | S$2500 | DSB, POSB, Citi, UOB, Maybank, OCBC, SCB, RHB | |
| Valuation Fee | S$500-S$1000 | SBI, HLF | |
| Fire Insurance | S$120 per annum | SBI | |
| Partial/Full Redemption Fees | 1.5% | Many do not charge for BUC | |
| Cancellation Fees | 1.5% | Only 1% @ SBI | |
| Pricing Reset Date Penalty | 0.5%-1.5% of amount prepaid | *Charged by Citi and Maybank |
Depending on your circumstances both interest types can be beneficial. You don’t need to worry about the entire length of your loan but only the time of your lock-in period. After that, you can refinance and the current rate won’t matter.
If a floating interest rate appears to be stable enough to remain lower than the fixed rate for the next two years, go with that option. If it isn’t stable, stick with the fixed rate for safety. Again, it depends entirely on your present situation.
A stable or declining floating rate is very likely to remain below a fixed rate. This will save you money in the long run. It is still a gamble, as anything can happen over two years. However, you can generally tell when the rates will remain flat or decline, at least for a couple of years.
Rising rates are highly dangerous for floating rate holders. If you are locked into a floating rate and the interest rate suddenly sky-rockets, you can’t do anything about it until your lock-in period ends. In this instance, you are much better off with a safe fixed rate that you can depend on. You can always change it in the future if you find a good floating rate.
Before refinancing your home loan, make sure you have all the necessary information. This will include things like your current balance, monthly instalments, tenure, fees, and interest rates.
You can use above dashboard to easily compare current options or set-up a live refinance application via the ROSHI home loan marketplace which will connect you to lenders & brokers in real-time.
Via the ROSHI platform you can set-up an auctions that connects you to lenders & brokers in real-time. You’ll be able to see current markets rates and discuss all the various costs such as legal fees, valuation fees, and so on. You also be able to learn everything about possible penalty fees with your current provider.
You should apply for a refinance home loan around four months before your current loan lock-in period finishes up. This is because the processing time takes around three months. Applying early saves you unnecessary delays.
A lock-in period involves how long you must remain with the bank offer you are currently using. If you choose to break a home loan plan before the lock-in period ends, you will likely need to pay a fee.
Refinance home loan rates change all the time. You need to keep up to date and compare available options to learn which is best for you and your current situation.
Again, interest rates are always changing. Higher interest rates provide more stability whereas lower rates tend to be more volatile. You can use above dashboard to properly examine current interest rates and work out which one is best for you.
There are two main costs to consider:
If your loan is above $300,000 for HDB and $400,000 for private property, the bank will usually take full legal subsidy for the valuation fee. This causes you to save quite a bit and keep a stable repayment schedule.
Yes, refinancing does have a slight impact on your credit score. However, it will only be a significant difference if you do it too often.
You can do it as often as you want. However, there is a penalty fee if you refinance too often, so it is better to avoid doing so unless you have found a considerable lower offer.
Mastering your loan moves starts with understanding the real cost of borrowing. We believe in empowering you with the right knowledge to make smart financial choices, not quick fixes that lead to debt traps. Our commitment is helping you borrow wisely and stay in control of your money.
Read Our Borrowing Guide
