Bank of China Refinance Home Loans

Bank of China Refinance Home Loans
(Product Review)

Updated January 2, 2023

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Product Review

Established on 15 June 1936, the Bank of China Singapore Branch holds the Qualifying Full Bank License (QFB) in Singapore. With over 70 years of banking proficiency in the local banking industry, leveraging the Group’s extensive global network and the team of experienced professionals, the Bank of China Singapore Branch provides various financial services to its customers in Singapore, China as well as the surrounding regions. Over the years, it has demonstrated its long-term commitment to promoting bilateral economic and trade relations between China and Singapore. The main businesses of the Bank of China Singapore Branch include corporate banking, retail banking, trade financing, and international trade settlement, with specialized knowledge and expertise in China-related trade financing and settlements, and remittance services.

The Bank of China is an excellent option for individuals interested in fixed-rate home loans or mortgage refinancing, as it tends to offer very low fixed interest rates. However, it is noteworthy that the bank does not offer a competitive floating rate, nor does it offer loans for HDB flats. However, it offers some of the best interest rates for fixed-rate home loans for private housing in Singapore.

The Bank of China (BOC) is generally one of the most affordable lenders in terms of fixed-rate home loans and home loan refinancing in Singapore. While the bank is not the cheapest for floating rate home loans and home loan refinancing, it is tied to SIBOR, meaning you can expect transparency with its rates. While the Bank of China does not offer loans for HDB flat purchases or refinancing, it is worth considering if you want a fixed-rate home loan.

BOC Mortgage Fees

BOC charges fees for partial repayment, full redemption, and loan cancellation. The lenders’ charges are comparable with other banks in Singapore. Below, we display BOC fees by loan type.

Loan Type Partial Repayment Fee Full Redemption Penalty Cancellation Fee
Board Rate N/A N/A 1.5%
Board Rate (2-Years Lock-in Period) 1.5% 1.5% 1.5%
Fixed Rate (2-Years Lock-in Period) 1.75% 1.75% 1.5%
Fixed Rate (3-Years Lock-in Period) 1.75% 1.75% (N/A for property sale) 1.5%

BOC Refinance Home Loans

BOC offers attractive fixed home loan refinancing rates for private residences. Below we display its current home loan refinancing rates for private homes.

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

Bank of China’s floating refinancing rates are less competitive with those of other banks. However, these loans could be worth considering if you are not approved for a cheaper loan from another lender in Singapore. Below are the bank’s current refinancing rates.

Bank 1st Year Interest Lock-in Period
BOC 3M SORA 1.58%


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  • Fixed Rates for Private Mortgages

    Individuals seeking a fixed rate home loan in order to purchase a private residence

  • Fixed Rates for Private Home Loans

    Borrowers seeking fixed rate home loan refinancing for private properties

  • No HDB financing

    Individuals seeking home loan to purchase HDB flat

  • No Floating Rates

    Individuals seeking floating rate home loans


Loan Features
  • Reasonable fixed-rate mortgage and refinancing
  • Minimum principal loan: S$500,000 (S$200,000 for BUC)
  • Competitive Mortgage Fees