Compare Refinance HDB Loans in Singapore (2026)
For most HDB homeowners, refinancing comes down to one thing: paying less. Whether you're after a lower interest rate, a better package, or a switch to a new bank, refinancing at the right time can save you thousands over the life of your loan.
At DollarBack Mortgage, our specialists handle the comparison for you at no cost, lining up the best refinance HDB loan rates across 16 banks in Singapore. It's the simplest way to refinance a HDB loan and see exactly what you'll save before you commit.
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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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Compare The Best HDB Refinancing Rates
SORA Rate Today
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What Is HDB Loan Refinancing?
Advantages Of HDB Loan Refinancing
When To Refinance Your HDB Loan
Am I Eligible To Refinance My HDB Loan
What to Watch Out For When Refinancing Your HDB Loan
What Does It Cost to Refinance Your HDB Loan?
Why Choose DollarBack Mortgage to Refinance Your HDB Loan
Client Testimonials
HDB Refinancing Process
Frequently Asked Questions
Related Services
SORA RATE TODAY
SORA, or the Singapore Overnight Rate Average, is the benchmark most HDB refinancing packages are now pegged to. It reflects the average rate banks lend to each other overnight, so it moves with the market. Keeping an eye on today’s rate helps you judge when a floating package is worth taking.
Source: MAS Website
SIBOR Updates As At
Get Up to $3,300 in Rewards When You Apply Through DollarBack
Refinancing: Promo Cash Reward + Legal Fee Subsidy / Rebate
Refinance through DollarBack Mortgage, and you’ll receive a cash reward of up to $3,300, depending on your loan amount from participating banks. On top of that, all banks provide a legal fee subsidy or rebate of $1,600 to $2,000 for HDB refinancing and $1,800 to $3,000 for private property refinancing.
Stack the two together, and your total benefit can reach up to $6,300 in cash rewards and rebates.
The reward applies to any refinancing package with a minimum loan of $300k taken from one of our 16 partner banks, and there are zero upfront fees to use our service.
* Legal Fee Subsidy / Rebate is subject to a minimum loan and is provided by participating banks, which may be revised at any time.
What Is HDB Loan Refinancing?
Refinancing, in its simplest form, is the process of replacing an existing debt with a new one on 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.
There are two main refinancing scenarios to know about:
- Switching from a HDB Concessionary Loan to a Bank Loan: This is the move most homeowners make to get a lower rate, but it’s a one-way door. Once you refinance from a HDB loan to a bank loan, you can’t switch back to a HDB concessionary loan later, so confirm you’re moving to a genuinely lower rate before you take the step.
- Switching Between Banks: If you already hold a bank loan on your HDB flat, you can move to another bank for a better package whenever your lock-in period allows.
It’s also worth knowing the difference between repricing and refinancing. Repricing adjusts your loan terms within your current bank, usually for a fee of around $800 to $1,000. Refinancing switches your loan to a different bank entirely. Banks tend to save their sharpest packages for new customers, so refinancing often beats repricing on rate, even once you factor in the costs.
Advantages Of HDB Loan Refinancing
Most HDB homeowners refinance to save money, but the benefits go further than a lower rate. Done well, refinancing lets you enjoy:
Lower Interest Rates
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.
Flexible Loan Terms
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.
When To Refinance Your HDB Loan
Timing your refinance well can be the difference between real savings and a wasted switch, especially when you’re chasing a lower HDB refinance interest rate. Here’s when it usually makes sense:
- Start Around 4 Months Before Lock-In Expiry: Banks need roughly 2 to 3 months’ notice, so don’t wait for them to remind you. Begin comparing early so your new package is ready the moment your lock-in ends.
- Follow the $250k and 0.30% Rule of Thumb: Refinancing tends to pay off when your outstanding loan is above $250,000, and your new rate is at least 0.30% lower than your current one.
- Mid-Lock-In Refinancing Is Possible: You can refinance during your lock-in, but expect a penalty of around 1.5% of your outstanding loan, so check that the savings still outweigh it.
- Lock In Your Next Package Up to 6 Months Early: Most banks allow a 3 to 6 month drawdown window, so you can secure a new package well before your current one ends.
Am I Eligible To Refinance My HDB Loan
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 have 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.
- TDSR limit: Your total debt servicing ratio must not exceed 55% of your gross monthly income, and banks stress-test this at an assumed rate of at least 4%.
- MSR does not apply: The mortgage servicing ratio applies only to new HDB purchases, not to refinancing, so it won’t restrict your refinance.
- Credit score: Most banks look for a credit score of at least a CB grade of BB before approving a refinance.
- Income: A single applicant generally needs a minimum income of $30,000 a year, or $36,000 combined for co-borrowers. The HDB concessionary loan income ceiling doesn’t apply to bank loans.
- Remaining lease under 60 years: Flats with less than 60 years left on the lease face more stringent requirements and fewer package options.
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.
What to Watch Out For When Refinancing Your HDB Loan
Before choosing to refinance your HDB loan, it’s essential to be aware of the potential penalties and considerations involved in 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 that can offset the benefits of the switch. This penalty is typically around 1.5% of your outstanding loan.
- Legal and valuation fees: Refinancing often entails 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 your current bank: Before making the switch, it’s worth checking whether your existing bank offers a repricing option, which lets you adjust your loan terms without switching banks. This could be a less costly alternative to refinancing.
- Future interest rate fluctuations: While securing a lower rate now may seem beneficial, interest rates can still 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.
Running a breakeven calculation before you proceed, to check that your interest savings will outweigh the costs, is strongly recommended. As always, due diligence and consultation with a trusted financial advisor or mortgage broker can help in making an informed decision.
What Does It Cost to Refinance Your HDB Loan?
Refinancing a HDB loan comes with two main costs, and for many homeowners, they end up close to zero. Here’s what to budget for:
- Legal Fees: Around $1,500 to $1,800 for a HDB refinance, which covers the conveyancing work.
- Valuation Fee: Around $200 for a HDB flat, to confirm the property’s current value.
The good news is the subsidy. Most banks offer a full legal subsidy when your outstanding HDB loan sits above the $250k to $300k mark, which often brings your effective out-of-pocket cost down to $0.
One thing to keep in mind is clawback. If you refinance again within 3 years, the bank can reclaim the subsidy it gave you. And because the bank pays our broker fee, DollarBack Mortgage’s service is completely free to you.
Why Choose DollarBack Mortgage to Refinance Your HDB Loan
Benefit From Expertise in Mortgage Services
Our vast experience has equipped us with the knowledge and acumen to navigate the complex landscape of HDB loan refinancing. In 7 years of operation, DollarBack Mortgage has helped over 4,000 HDB homeowners refinance and facilitated over $2.1 billion in home loans.
We work alongside a network of industry specialists, from credit approvers who ensure each application aligns with bank regulations, to our law firm partners who specialise in conveyancing. That means every refinance is reviewed by the right people at each stage, which keeps approvals smooth and predictable.
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.
In practice, the service costs you nothing extra. The bank pays us a standard referral fee, so you pay nothing on top, and you still keep the full fee subsidy and all the cash rewards.
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 from participating banks 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.
Client Testimonials
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 a 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 for 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.
Frequently Asked Questions
Can I refinance my HDB loan?
Yes, most definitely. If your home loan is from HDB directly or a bank, you can refinance as many times as you wish, but do note that once you have a bank loan for your HDB, you cannot refinance back to a home loan from HDB directly.
Should I refinance my HDB loan?
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 between your existing interest rate and the new package rate is more than 0.30%. If both those conditions are met, then you should consider refinancing to save on your interest costs.
How often are there HDB refinance promotions?
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.
Why choose DollarBack Mortgage instead of going directly to banks?
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.
Can I shorten my HDB loan period?
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.
Can I take a cash-out loan from my fully paid HDB flat?
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.
Can I change from a HDB loan to a bank loan?
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.
How do I calculate the total debt servicing ratio (TDSR) and mortgage servicing ratio (MSR) for my HDB loan refinancing application?
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 towards your home loan, usually capped at 30%, as stipulated by the Monetary Authority of Singapore.
What is the maximum loan-to-value (LTV) limit for HDB loan refinancing?
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.
Are there any restrictions on the type of HDB flats that can be refinanced?
Generally, all types of HDB flats are eligible for refinancing, but some lenders might have specific restrictions.
How long does the HDB loan refinancing process typically take, from application to approval?
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.
Can I refinance my HDB loan if I am currently on a fixed-rate interest package?
Yes, but breaking a fixed-rate package early could result in penalties.
What are the upfront costs involved in HDB loan refinancing?
Upfront costs can include legal fees, valuation fees, and any penalties for breaking your current mortgage.
Is there a minimum outstanding loan amount required to be eligible for HDB loan refinancing?
Yes, lenders often have a minimum loan amount for refinancing, which varies from bank to bank.
Can I refinance if I have outstanding HDB grants?
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.
Can I refinance my HDB loan if I have a joint tenancy with someone else?
Yes, refinancing a 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.
Can I refinance my HDB loan if I am currently unemployed or self-employed?
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.
Can I refinance my HDB loan if my property has a remaining lease of less than 60 years?
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.
Can I refinance my HDB loan if I have additional properties under my name?
Yes, but owning additional properties might affect your loan-to-value (LTV) ratio and thereby the rates you’re offered.
Can I refinance my HDB loan if I have outstanding credit card debts or other loans?
You can, but high levels of other debts may impact your total debt servicing ratio (TDSR), affecting your loan eligibility and interest rates.
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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.
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Through our partner law firms, you receive special discounted fees for your HDB refinancing.
DollarBack Rewards
Receive cash rewards when you refinance your existing HDB mortgage loans with us today.
Refinance Your HDB Loan With DollarBack Mortgage
At DollarBack Mortgage, we prioritise a seamless and efficient collaboration between our mortgage consultants and partner law firms, guaranteeing that 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.
