Maybank Refinancing Loans

Maybank Refinance Home Loan Rates (June 2024)
(Product Review)

Updated June 17, 2024

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Current Maybank Refinancing Rates

Today's Maybank refinance mortgage interest rate trends in Singapore - As of Monday, June 17th, 2024, Maybank’s interest rates for financing a 30-year fixed home loan stands at 2.85% for private properties and 2.85% for HDB’s. In terms of floating rates, Maybank’s lowest refinancing interest rate for private properties stands at 4.15% and 4.15% for HDB’s.

Product Review

Maybank, a commercial bank located in Kuala Lumpur, Malaysia, is part of Maybank group, the fourth-largest bank in Southeast Asia. Its extension in Singapore, with over 60 years of banking experience, has a total net worth of S$81.5 billion, according to its latest annual report.

One of Maybank’s primary services is mortgage lending, which include attractive introductory interest rates for prospective homeowners. However, these rates tend to rise significantly after the first year, which is a trade-off that borrowers must consider. Maybank is also the first bank in Singapore to introduce Islamic financial services, such as Shari’ah-compliant property loans to executive businesses and regular home loans to individuals.

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Maybank’s standard lending services for home loans include cash prizes, shopping vouchers, exclusive renovation loan packages, and other incentives. With over six decades of operation, Maybank has established itself as a reliable source of reasonable home loans in Singapore, as demonstrated by the globally recognized credit rating of “A1/P-1” given by S&P to its subsidiary in Singapore.

It’s essential to note that Maybank’s low introductory interest rates quickly increase when central bank rates change, affecting the overall loan repayment amount. As a result, individuals interested in refinancing their home frequently should evaluate Maybank rates, while borrowers considering to finance their home might find the bank’s rates unsatisfactory.

Maybank is a reputable and reliable bank that provides reasonable home loans with various incentives to its customers. However, borrowers must carefully weigh the trade-offs involved in balancing the introductory interest rates with the potential increase after the first year. It’s also crucial to consider central bank rate hikes when making decisions about refinancing.

Maybank’s Applicable Mortgage Fees

Maybank has standard service fees associated with its home loans. These charges include partial repayment fee, full redemption charges and termination penalty. The table below gives a detailed description of Maybank’s fees according to each loan type.

Loan Type Partial Repayment fee Full Redemption Pinalty Cancellation Fee
Tracker 1.5% 1.5% 0.75%
BUC N/A 0.75% 0.75%

Maybank Refinancing Home Loan Interest Rates

Alongside other home loan products, Maybank’s home loan refinancing tends to offer borrowers low attractive rates in the first 1 to 3 years and less competitive rates in the following years. The table below shows Maybank’s current first-year rates.

Maybank Refinance HDB Home Loans

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Maybank 2 Year Fixed 2 years 2.85% 2.85% 4.51% 4.51%
Maybank 2 Year Fixed (Flexi) 2 years 2.88% 2.88% 4.51% 4.51%
Maybank 2 Year Fixed 2 years 2.90% 2.90% 4.51% 4.51%
Maybank 2 Year Fixed 2 years 2.95% 2.95% 4.51% 4.51%
Maybank 2 Year Fixed 2 years 3.30% 3.30% 4.51% 4.51%
Maybank 3 Year Fixed 3 years 3.45% 3.45% 3.45% 4.51%
Maybank 3 Year Fixed 3 years 3.75% 3.75% 3.75% 4.51%

Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Maybank 3-Month SORA 1 year 4.15% 4.15% 4.15% 4.65%
Maybank 1-Month SORA 1 year 4.16% 4.16% 5.26% 5.26%
Maybank 1-Month SORA 1 year 4.19% 4.19% 5.26% 5.26%
Maybank 3-Month SORA 1 year 4.20% 4.00% 4.20% 4.65%
Maybank 1-Month SORA 1 year 4.26% 4.26% 5.26% 5.26%
Maybank 3-Month SORA 1 year 4.30% 4.30% 4.00% 5.00%
Maybank 1-Month SORA 1 year 4.31% 4.31% 5.26% 5.26%
Maybank 3-Month SORA 1 year 4.35% 4.00% 4.35% 4.65%

*Today's Mortgage Rates - 17 June 2024

Maybank Refinance Private Property Home Loans

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Maybank 2 Year Fixed 2 years 2.85% 2.85% 4.51% 4.51%
Maybank 2 Year Fixed (Flexi) 2 years 2.88% 2.88% 4.51% 4.51%
Maybank 2 Year Fixed 2 years 2.90% 2.90% 4.51% 4.51%
Maybank 2 Year Fixed 2 years 2.95% 2.95% 4.51% 4.51%
Maybank 2 Year Fixed 2 years 3.30% 3.30% 4.51% 4.51%
Maybank 3 Year Fixed 3 years 3.45% 3.45% 3.45% 4.51%
Maybank 3 Year Fixed 3 years 3.75% 3.75% 3.75% 4.51%

Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Maybank 3-Month SORA 1 year 4.15% 4.15% 4.15% 4.65%
Maybank 1-Month SORA 1 year 4.16% 4.16% 5.26% 5.26%
Maybank 1-Month SORA 1 year 4.19% 4.19% 5.26% 5.26%
Maybank 3-Month SORA 1 year 4.20% 4.00% 4.20% 4.65%
Maybank 1-Month SORA 1 year 4.26% 4.26% 5.26% 5.26%
Maybank 3-Month SORA 1 year 4.30% 4.30% 4.00% 5.00%
Maybank 1-Month SORA 1 year 4.31% 4.31% 5.26% 5.26%
Maybank 3-Month SORA 1 year 4.35% 4.00% 4.35% 4.65%

*Today's Mortgage Rates - 17 June 2024

 

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PRODUCT HIGHLIGHTS

  • Low First-Year Interest Rates

    Individuals seeking low first-year interest rates

  • Frequent Refinancing Plan

    Homeowners planning to refinance their loans every few years

  • Higher Refinance Loans

    Homeowners planning to refinance home loans of S$300,000 and above

  • Expensive Mortgage Rates

    Offers costly home loans, despite its low introductory interest rates.

ALL DETAILS

Loan Features
  • Reasonable first-year interest rates, substantially higher rates in subsequent years
  • Minimum principal loan: $300,000
  • Frequent Refinancing

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