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HDB loan refinancing is the process by which homeowners with an existing Housing Development Board (HDB) loan or a bank home loan for an HDB flat can switch to a new loan package or a different financial institution. 

Our primary focus is to provide you with comprehensive information on refinancing HDB loans and comparing between available options. This tailored service is designed to set clear user expectations and guide you smoothly through every step.

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NEED HELP IN REFINANCING YOUR HDB LOAN?

Don't navigate refinancing your HDB loan alone. Let our seasoned mortgage specialists at DollarBack Mortgage guide you to the perfect package. With privileged partnerships with 16 banks spanning DBS, UOB, Standard Chartered, Maybank, Citibank, HSBC, CIMB Bank, OCBC, and more, we offer a comprehensive range of the best refinance home loan rates. Elevate your HDB refinancing journey and secure deals tailored just for you.

Talk to us and discover the best HDB refinance package for your needs today.

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What is HDB Loan
Refinancing?

Why Should You
Apply For HDB Loan
Refinancing With Us

Advantages Of
HDB Loan Refinancing

HDB Refinancing
Process

Finding The Best
HDB Loan
Refinancing Rates

Reviews By Our
Satisfied Refinancing
Package Clients

Frequently Asked
Questions About
Refinance HDB Loans

Start Your Journey To The Best HDB Refinancing Package

WHAT IS HDB LOAN REFINANCING?

Refinancing, in its simplest form, refers to the process of replacing an existing debt with a new one under different terms. When we talk about HDB loan refinancing, we’re specifically discussing the act of switching your current Housing Development Board (HDB) home loan to another financial institution, typically a bank, with the aim of securing more favourable terms or rates.

ADVANTAGES OF HDB LOAN REFINANCING

Investing in private property in Singapore requires the understanding of how private property bank loans and the payment structure work. The payment includes several components, such as option fees, down payment, legal fees, and stamp duties. Let’s explore this topic in depth to grasp the intricacies involved for the purchase of your dream home.

One of the primary reasons homeowners opt for refinancing is to benefit from lower interest rates. But why does a seemingly small change in rates matter? Consider this: over a 30-year loan period, even a 0.5% difference can amount to tens of thousands of dollars in saved interest. This saving can either shorten your loan tenure or reduce your monthly instalments, giving you more financial flexibility. 

Furthermore, in a dynamic economy, banks and financial institutions regularly revise their lending rates, often in response to national monetary policy changes.

Life is unpredictable, and our financial needs and capabilities can shift over time. Refinancing is not just about rates; it’s about tailoring a loan to fit your current circumstances. Want to pay off your home loan faster? You can opt for a shorter tenure. Need lower monthly instalments? Extend the loan period. 

Additionally, homeowners can choose between fixed-rate packages, which offer rate stability for a set period, and floating rate packages, which might provide lower rates but are subject to market fluctuations. With refinancing, you have the control to structure your loan in a manner that aligns with your financial goals and risk appetite.

Before choosing to refinance the loan for your HDB, it’s essential to be aware of potential penalties and considerations that come with the process, some of these include: 

  • Lock-in period: Most loans have a lock-in period, usually of 2-3 years. Refinancing during this period may incur a penalty, which can sometimes offset the benefits of the switch.
  • Legal and valuation fees: The process of refinancing often comes with associated legal and valuation fees. While some banks may offer subsidies or waivers, it’s crucial to factor these costs into your decision.
  • Cancellation fees: If you’re moving away from your current lender, they might impose a cancellation or discharge fee.
  • Repricing with current bank: Before making the switch, it’s worth checking if your existing bank offers a repricing option – which means adjusting your loan terms without switching the bank. This could be a less costly alternative to refinancing.
  • Future interest rate fluctuations: While securing a lower rate now seems beneficial, interest rates can fluctuate. Fixed-rate packages might shield you from increases for a while, but when the fixed term ends, rates might be higher than current floating rates.

HDB loan refinancing can be a beneficial move, offering homeowners a chance to maximise their savings and adapt to their changing financial circumstances. However, it’s crucial to weigh the advantages against potential penalties and costs. As always, due diligence and consultation with a trusted financial advisor or mortgage broker can help in making an informed decision.

WHY SHOULD YOU APPLY FOR HDB LOAN REFINANCING WITH US?

Benefit From Expertise in Mortgage Services

DollarBack Mortgage’s team of seasoned professionals have an in-depth understanding of the intricacies of the mortgage industry. Our vast experience has equipped us with the knowledge and acumen to navigate the complex landscape of HDB loan refinancing.

Our collective expertise is further enriched by collaborating with a network of experienced industry experts, from credit approvers, who ensure loan approvals align with bank regulations, to our law firm partners who specialise in conveyancing. This perspective allows us to confidently navigate the landscape of HDB loan refinancing effectively.

Gain Access to Exclusive HDB Refinancing Packages

Through our close partnerships with over 16 banks in Singapore, our mortgage consultants provide real time updates for you to lock in the lowest package whenever it is launched.With our expansive network and close ties to major banks, we’re often the first to know about new promotions, exclusive deals, and market shifts. For our clients, this translates to better rates, waived fees, and more flexible terms that might not be accessible to individual applicants.

Our HDB loan refinancing options are often complemented by special, limited-time promotions, providing added incentives such as discounted interest rates, waived fees, or special rewards. Don’t miss out on the opportunity to optimise your refinancing strategy. Act now, consult with our experts, and secure the most advantageous refinancing package tailored for you.

Waiver Of Upfront Fees

Enjoy a full offset / waiver of all HDB home loan refinancing costs such as legal and valuation fees by almost all banks in Singapore. Plus, get additional cash rewards through DollarBack Mortgage once your HDB refinancing is confirmed with your desired bank.

Enjoy Up To $3,300 In Cash Rewards 

Choosing DollarBack Mortgage comes with its own set of perks. Beyond the competitive rates and tailored loan packages, we also provide our clients with exclusive rewards and incentives. For instance, our clients can enjoy cash rewards of up to $3,300 and bank subsidies up to $2,000. This means that not only do you save on interest and get better loan terms, but you also receive tangible rewards when you choose to refinance with us.

Transparent HDB Refinance Loan Comparison

DollarBack Mortgage offers transparent and precise HDB refinance loan comparisons, distilled from data sourced directly from over 16 partner banks in Singapore. We prioritise clarity, ensuring no hidden fees or unclear terms. Our in-depth review process is tailored to your financial profile, encompassing critical evaluation of interest rates, tenures, and more, offering an unbiased perspective on the best refinancing options. As the financial sector evolves, so do we, with frequent updates on interest rates and promotions.

Understanding HDB Loan Refinancing Eligibility

When considering HDB loan refinancing, it’s imperative to understand the core eligibility criteria:

  • Outstanding loan amount: Before proceeding, verify that your outstanding loan meets the bank’s minimum requirement. Typically, a higher remaining amount offers more flexibility and better rates during refinancing.
  • Loan tenure: The remaining loan tenure plays a pivotal role. Some refinancing deals are only accessible if you’ve a certain number of years left on your mortgage.
  • Remaining lease: The length of the remaining lease on your HDB flat can influence your refinancing options. Lenders might have reservations about properties with shorter lease durations, potentially affecting terms and rates. Always confirm how your property’s remaining lease aligns with potential lenders’ policies.

Additionally, both HDB and our partner banks might impose further criteria such as credit score, employment status, and repayment history. These factors can influence the refinancing rates and terms you’re offered. It’s always recommended to consult directly with a DollarBack Mortgage expert to get a comprehensive understanding tailored to your situation.

HDB Refinancing Process

Refinancing your HDB loan need not be a complex task. Here’s a streamlined step-by-step guide, emphasising the supportive role of DollarBack Mortgage’s consultants and our partner law firms:

Understand Your Current Home Loan

Before initiating the HDB loan refinancing process, it's crucial to thoroughly comprehend your current loan details. Compile a checklist that covers the outstanding balance, monthly instalments, loan tenure, interest rates, and any associated fees or penalties. This knowledge ensures a seamless transition, allowing you to gauge potential savings and make informed decisions that best serve your financial objectives.

Compare Refinance HDB Loan to Bank Loan Packages

After analysing your current HDB loan, explore the refinancing options from various Singapore banks. Compare them to your existing terms to identify potential savings or better conditions, ensuring you choose the best refinancing package for your needs.

Collate Documents Required

Gathering the necessary documentation is a crucial step in the refinancing process. Required documents typically include:

  • NRIC/Passport
  • Latest outstanding loan statement
  • Latest CPF Property Withdrawal Statement
  • Latest Notice of Assessment from IRAS (2 years for self-employed, 1 year for employed)
  • 12 months of CPF statement history
  • Latest 3 months' payslip
  • Employment contract (if employed for less than 3 months)
  • Tenancy agreement & stamp certificate (if applicable for rental income)

If you are refinancing from another financial institution, you'll also need your IRAS My Property Tax page. However, if your current loan is with HDB, this won't be necessary. For those refinancing an HDB flat, additional documents like your HDB flat information and HDB financial information will also be required.

Engage the Right Lawyer

Our partner law firms, specialists in conveyancing, step in here. They'll manage the legal aspects, from handling the necessary paperwork to ensuring a smooth transition between your current and new loan provider.

Apply for Refinancing Your HDB Home Loan

Begin your application of refinancing your HDB loan a minimum of four months prior to the expiration of your current home loan's lock-in period. Giving yourself ample time ensures you can meet the notice requirements for your existing lender and tackle any potential challenges that may come up during the refinancing process.

After a thorough review by the chosen bank, you'll receive a letter of offer upon loan approval. Upon acceptance of a loan offer, our partner law firm will automatically begin the refinancing. This entire process will be managed by our mortgage consultants so that it is stress-free for you. In addition to refinancing HDB loans, our experts can also help you refinance your condo and other private properties in Singapore. 

With everything in place, your new loan terms commence. Regularly monitor and manage your repayments as per the new structure.

BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* 2 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Limited Promo* 1 Year Fixed 2.95%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 2 Year Fixed 3.00%
Fixed
3.00%
Fixed
4.20%
Floating
4.20%
4.20%
4.20%
OCBC 2 Year Fixed 3.05%
Fixed
3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 1 Year Fixed 3.05%
Fixed
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
OCBC 1 Year Fixed 3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 2 Year Fixed 3.05%
Fixed
3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 3 Year Fixed 3.35%
Fixed
3.35%
Fixed
3.35%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
CIMB 2 Year Fixed 3.10%
Fixed
3.10%
Fixed
4.10%
Floating
Floating%
Floating
4.10%
Floating
4.10%
Floating
BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* Board Rate 2.60%
2.60%
2.60%
2.60%
2.60%
2.60%
Limited Promo* 3-month SORA 3.79%
3.79%
4.45%
4.70%
4.70%
4.70%
DBS FHR6 3.95%
3.95%
3.95%
3.95%
3.95%
3.95%
Maybank 3-month SORA 4.15%
4.15%
4.70%
4.70%
4.70%
4.70%
SCB 3-month SORA 4.20%
4.20%
4.70%
4.70%
4.70%
4.70%
OCBC 3-month SORA 4.30%
4.30%
4.70%
4.70%
4.70%
4.70%
HSBC 1-month SORA 4.20%
4.20%
4.70%
4.70%
4.70%
4.70%

REVIEWS BY OUR SATISFIED REFINANCE HDB LOAN CLIENTS

No tricks, no gimmicks. up to $3,300 in cash rewards from us to you!

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FREQUENTLY ASKED QUESTIONS ABOUT REFINANCING HDB LOANS

Yes, most definitely. If your home loan is from HDB directly or a bank, you can refinance as many times as you wish to but do note that once you have a bank loan for your HDB, you cannot refinance back to a home loan from HDB directly.

Our general rule of thumb when deciding to refinance your HDB loan is to confirm if your outstanding loan amount is more than $250,000 and the difference in your existing interest rate and the new refinance package is more than 0.30%. If both those conditions are met, then you should consider refinancing to save on your interest costs.

All banks offer HDB refinance promotions almost on a monthly basis. Our mortgage consultants will also negotiate with the banks to get special approval for the cheapest HDB loan refinance interest rates depending on your loan amount and specific needs.

DollarBack Mortgage has close partnerships with over 16 banks in Singapore and we enjoy more bargaining power due to the amount of business we do with the banks. When deciding on going with a mortgage broker or a bank, think of it as going for a battle — would you stand a higher chance of winning on your own or with an army with you? The answer is pretty simple. DollarBack Mortgage and our consultants ensure you win the battle in securing the best and lowest HDB refinance packages.

Yes, you can. All banks allow you to shorten the period for your HDB loan to a minimum of 5 years. In fact, having a shorter tenure allows you to save on paying interest to the bank and you enjoy paying off your loan faster. Just ensure you prepare your finances to support the higher monthly instalments that come with a shorter loan tenure.

Cash out / term loans are not allowed for HDB properties. Only private properties including Executive Condos with the 5 year MOP met are eligible for cash out refinancing.

Yes, you can refinance from a HDB loan to a bank loan in Singapore. The process is hassle free and involves no upfront costs as long as your outstanding loan amount is above $250,000. Income documents such as payslips, monthly CPF contributions, your latest IRAS Notice of Assessment and a signed application form will need to be submitted to your preferred bank.

The TDSR is calculated by dividing your total monthly debt obligations by your gross monthly income, usually capped at 55%. The MSR is a specific percentage of your gross monthly income that can be used toward your home loan, usually capped at 30%, as stipulated by the Monetary Authority of Singapore.

The maximum LTV limit for HDB loan refinancing can vary based on a range of factors, including your credit score and the number of existing housing loans you have. If the Option to Purchase (OTP) was granted on or after July 6, 2018, LTV limits are as follows:

  • For those with no outstanding housing loans: The LTV limit is either 75% or 55%, with a minimum cash down payment of 5% (for LTV of 75%) or 10% (for LTV of 55%).
  • For those with one outstanding housing loan: The LTV limit drops to 45% or 25%, and the minimum cash down payment is 25%.
  • For those with two or more outstanding housing loans: The LTV limit is even lower at 35% or 15%, and the minimum cash down payment remains at 25%.

Note that lower LTV limits are applied if the loan tenure exceeds 30 years (or 25 years for HDB flats) or if the loan extends beyond the borrower’s age of 65.

Generally, all types of HDB flats are eligible for refinancing, but some lenders might have specific restrictions.

The HDB loan refinancing process usually takes one to two months, depending on the bank and your financial situation. Streamlining your documentation and legal consultations can speed things up. With DollarBack Mortgage, you can expect a more efficient and hassle-free refinancing experience.

Yes, but breaking a fixed-rate package early could result in penalties.

Upfront costs can include legal fees, valuation fees, and any penalties for breaking your current mortgage.

Yes, lenders often have a minimum loan amount for refinancing, which varies from bank to bank.

Yes, you can refinance your HDB loan even if you have outstanding HDB grants. Contrary to some beliefs, these grants do not need to be refunded when opting for HDB refinancing under any scenario.

Yes, refinancing an HDB loan with a joint tenancy is possible, but it usually requires the consent of all co-tenants involved in the property ownership. Ensuring everyone is in agreement will be crucial to successfully completing the refinancing process.

Refinancing while unemployed or self-employed is more challenging, but not impossible. Lenders will generally require evidence of other stable sources of income or substantial financial assets to consider you a viable candidate for refinancing.

While it’s possible to refinance a property with less than 60 years remaining on its lease, doing so can be more complicated. Lenders typically prefer properties with longer lease durations, so expect more stringent requirements.

Yes, but owning additional properties might affect your loan-to-value (LTV) ratio and thereby the rates you’re offered.

You can, but high levels of other debts may impact your total total debt servicing ratio (TDSR), affecting your loan eligibility and interest rates.

Summary of Benefits Of Refinancing HDB Loans

Refinancing an HDB loan brings a myriad of benefits tailored to homeowners’ financial goals:

  • Potential cost savings: Refinancing your HDB loan can lead to significant cost reductions. A mere 0.5% interest rate drop can save you thousands over your loan’s lifespan.
  • Flexibility: Refinancing offers an opportunity to switch between fixed and floating rates, adjust loan tenures, or even consolidate multiple debts into one manageable loan.
  • Lower monthly payments: By securing a better interest rate or extending the loan term, refinancing can decrease monthly repayments, freeing up cash for other financial goals.
  • Improved loan terms: Banks constantly roll out competitive packages. Refinancing your HDB loan allows you to take advantage of these new, often improved terms.

RELATED SERVICES

New HDB Loan

Secure the best HDB home loan interest rate in Singapore with exclusive mortgage packages. Complete your HDB purchase with reputable conveyancing law firms and enjoy discounted legal fees.

Find out more about New HDB Loan here

Property Conveyancing

Through our partner law firms, you receive special discounted fees for your HDB refinancing.

Find out more about conveyancing here

DollarBack Rewards

Receive cash rewards when you refinance your existing HDB mortgage loans with us today.

Find out more about DollarBack Rewards here

FINDING THE BEST HDB REFINANCE LOAN RATES

At DollarBack Mortgage, we prioritise a seamless and efficient collaboration between our mortgage consultants and partner law firms, guaranteeing each step of your HDB refinancing process is handled with utmost care. 

At DollarBack Mortgage, we do more than just guide you through the refinancing process; we help you find the best HDB refinance options. Our expert consultants assist in evaluating mortgage rates and identify packages with legal subsidies, empowering you to make informed decisions that could save you money. Choose us for a hassle-free, personalised refinancing experience.

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