hOW we get you the best HDB REFINANCE Promotions
Common questions for a HDB Refinancing
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 preferential refinance interest rates depending on your loan amount and specific needs.
DollarBack Mortgage has close partnerships with over 21 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 ECs with the 5 year MOP met are eligible for a cash out loan.
Yes, you can change 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.