SBI Refinance Home Loans

SBI Refinance Home Loans
(Product Review)

Updated January 2, 2023

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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
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  • 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


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