Refinance Home Loan

Refinancing a loan is the act of switching an existing loan to another financier/bank.

For instance, your current outstanding loan is $1m, and your interest cost is 2%. Just for ease of calculation and approximation, your interest cost is $20,000. Over 3 years, you will have paid around $60,000 of interest. If you switch the loan over to another bank with an interest of 1.2%, your 3 years interest cost would amount to approximately $36,000. You would easily have saved around $24,000 over a 3 year period. (Note: All calculations are estimates and used for references only).

You could check out the bank rates for refinancing at our refinancing home loan wizard and/or talk to a Singapore Mortgage Broker.

Refinance Home Loan Report™ Sample, you can get a similar report for free from us. Contact us or ask your property agent to prepare one for you.

Refinancing is applicable for Home Loan (Residential) as well as Commercial and Industrial property loans.

There are rules for refinancing and you will still need to meet TDSR before refinancing.