Refinancing

Lower your monthly payments

There are different ways of achieving lower monthly repayments. You can switch to another loan type, such as from a fixed-rate loan to a floating-rate one. Alternatively, you can consider extending the tenor of your loan. However, bear in mind that while your monthly repayment would go down if you were to extend your loan tenor, you will end up paying more in interest expenses over the duration of the loan.

Pay off your mortgage faster

When you reduce the interest rates on your existing loan, you also reduce the interest component and increase the principal component of your monthly instalments. Thus, you will pay down your loan principal over a shorter tenor.

On the same note, if you would like to shorten your repayment schedule by reducing your loan tenor and can afford the increase in monthly instalments you could save a significant amount of money by reducing the interest that you will pay over the full duration of the loan. Although this may mean higher monthly repayments, you will own your home faster and be free of mortgage debt sooner.

Unlock cash value from your property

With property appreciation, your residential or commercial property is likely to be worth more now than when you first took up your original loan. Tap into the appreciated value of your property to do great things – expand your business, have a home makeover or go on a luxury vacation.

Terms and conditions

3M Compounded SORA refers to the 3-Month Compounded SORA that is published on MAS' website.

• Above rates quoted are indicative and valid for completed residential properties in Singapore, for new purchase or refinancing from another bank/HDB.
• Rates are subject to min. loan size.
• Rates and benefits will only be confirmed upon issuance of Letter of Offer. The Letter of Offer shall contain such terms and conditions as UOB may require in relation to each property loan.
• Rates and benefits are subject to changes without prior notice.

*Loan Online Exclusive promotion is not valid with agent referrals, Introduce A Friend, welcome back and/or third party referral payment, and shall not be applicable to individuals who have received other benefits, and/or administrative concessions from UOB on his/her existing or new property loan(s) (including, but not limited, to a waiver or reduction of any fee payable or penalty incurred by applicant(s)).

^#This means that, in the event that the redemption of the Loan is due to sale of the Property and this redemption is within the Lock in Period, the redemption fee will be reduced by 50% subject to UOB’s receipt of satisfactory documentary evidence of the sale of the Property. In addition, the Borrower will be eligible for a refund of the reduced redemption fee paid to UOB if the Borrower fulfills the following conditions:(i) the Borrower accepts a new loan from UOB of which the new loan amount is equal or higher than the redeemed loan amount;(ii) such new loan is accepted by the Borrower within 6 months from date of redemption of the Loan;(iii) the Borrower furnishes a signed copy of the Letter of Offer; and(iv) such other condition(s) as may be determined by UOB.

^{^}This means that no prepayment penalty will be applicable to the first prepayment request made per year during the Lock in period and the prepayment amount for such request is cap at 20% of the original loan amount.

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