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  5. Refinancing

Refinancing

  • refinancingrefinancing

    The power is in your hand

    Refinance your residential or commercial property with UOB to enjoy great savings. Plus, unlock the potential of greater financial flexibility today!

  • Go Green Home LoanGo Green Home Loan

    Wake up to greener living with
    a UOB Go Green Home Loan

    Designed to support your needs not only for sustainable living but reducing ownership costs too.

    Go Green Home Loan

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    Full terms and conditions apply.

  • Home LoanHome Loan

    Work and play at home in comfort with up to S$3,400 in cash and Secretlab chairs when you refinance with UOB

    Find out more

    Terms and conditions apply.

  • Hello SORAHello SORA

    Home with SORA

    Welcome to the UOB 3-Month Compounded SORA Home Loan package that gives you better control of your finances.

    SORA

    Apply Now

  • Calculate, valuate and secure your HDB home loan instantlyCalculate, valuate and secure your HDB home loan instantly

    Calculate, valuate and secure your HDB home loan instantly

    A simple way to secure your dream home online with UOB Home Solution

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Overview

As interest rates are constantly changing, a good rate five years ago may not be a good rate now. Why not consider refinancing, especially when interest rates go down? It will also be an opportunity to replace your existing home loan with a new one that may be a better fit for you.

Promotion

Apply for a UOB Property Loan online and obtain instant approval1 within minutes.

Work and play at home in comfort with up to S$3,400 worth of cash and gifts* (inclusive of S$2,200 in cash for refinancing), available exclusively when you apply online. In addition, enjoy attractive rates, a free conversion after lock-in and flexibility in redeeming your home loan when selling your property.

Refinancing of private residential property loan from another financial institution

Criteria Sign up gift*
Min. S$450k home loan S$2,200 Cash^
Min. S$700k home loan Total S$2,800^
(S$2,200 Cash^ + S$600 Secretlab discount code)
Min. S$1,700k home loan Total S$3,400^
(S$2,200 Cash^ + 2x S$600 Secretlab discount codes)

^Subject to min. Refi Housing Loan quantum of S$450k. Refi Housing Loan is defined as a Re-financing Facility for the purchase of private residential property. S$2,200 Cash cannot be stacked with Legal & Valuation subsidies accorded under the Privilege Reserve Exclusive Promotion.

 

New purchase of completed private residential property

Criteria Sign up gift*
Min S$700k home loan S$600 Secretlab discount code
Min S$1,700k home loan 2x S$600 Secretlab discount codes

 

Choose from a range of competitive pricing packages with support from our dedicated mortgage bankers.
Submit your loan application directly to us online to find out more about the UOB Property Loans Online Exclusive* or the 3-Month compounded SORA Home Loan package from our bankers!

Apply Now

 

For Singaporeans and PRs:
Click on "APPLY NOW" to apply for a new UOB Home Loan with forms pre-filled by retrieving your personal information with MyInfo. Applications submitted between 8.30am to 9pm daily will be processed instantly. Applications received outside these times will be processed the next working day.

For Foreigners and U.S. Persons:
Please leave us with your details so we can contact and assist you. (This does not constitute an online application and the sign up gift will not be applicable.)

1Instant approval refers to a conditional approval for a UOB Property Loan, and is granted based on the information provided by the applicant. It is processed and approved by UOB, and is subject to the applicable terms and conditions, including the necessary documentation verification and completion.

*Terms and Conditions:

  • This Promotion is only valid from 22 September 2021 to 12 November 2021 (“Promo Period”).
  • Promotion is only valid for Private Residential Property, for new purchase or refinancing from another bank and selected loan packages only.
  • Application must be submitted online during the Promo Period by clicking the “Apply Now” button above. Letter of Offer issued by UOB in connection with the application submitted for the property loan must be accepted by 19 November 2021.
  • An application submitted online and subsequently amended to revise the applicant names will not be eligible for the Sign up gift.
  • Submission of your details via our Contact Us form does not constitute an application and the Sign up gift will not be applicable.
  • For the purposes of this Promotion, “Private Residential Property” means a private residential property situated or located in Singapore and which has been issued with a Temporary Occupation Permit.
  • Limited to one gift per Letter of Offer accepted in accordance with these Terms and Conditions.
  • All property loan applications are subject to approval and acceptance by UOB. UOB shall not be required to give any reason or prior notice for any rejection of property loan application and shall not be liable or responsible to any party for any rejection of any property loan application. No payment or compensation whether in cash, credit, or kind will be made for any rejection of any property loan application.
  • The Letter of Offer shall contain such terms and conditions as UOB may require in relation to each property loan and $2,200 Cash applicable for refinancing.
  • This Promotion is applicable to selected packages only and 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, cash rebate, gifting, rewards 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)).
  • For new purchase, the property loan amount will be computed based on, amongst others, the purchase price of the completed private residential property less the value of the gift awarded to you.
  • This promotion is not applicable to any of the following property loans:-
    • property loans involving the restructuring or re-pricing of existing property loans already taken out with UOB;
    • property loans involving application for additional facility(ies) which shall be secured against property(ies) that is/are already mortgaged to UOB;
    • where the property loan is a bridging loan.
  • The Bank may, at its discretion, reclaim the reward or charge to and debit an amount equivalent to the value of the reward, if already awarded from the Borrower’s account, if the property loan approved under this Promotion is subsequently cancelled.
  • UOB shall have absolute discretion on all matters regarding the Promotion, including determining the applicable reward to be awarded to eligible participants under this Promotion.
  • UOB shall have the absolute discretion and right to determine and vary any offers and/or benefits under this Promotion from time to time without notice and without liability to any person.
  • The gift is not exchangeable for cash, credit or kind, in full or in part, and is not replaceable if lost, damaged or stolen. No reservation, refund or exchange of the gift is allowed. Gifts are on a first-come-first-served basis, whilst stocks last and subject to availability. UOB shall not be required to notify and/or update on the stock availability of the gift.
  • Gifts must be redeemed within the stipulated redemption period. UOB will not extend the redemption period for any reason whatsoever.
  • Gifts are on a first-come-first-served basis, whilst stocks last and subject to availability. UOB shall not be required to notify and/or update on the stock availability.
  • By participating in this Promotion and in addition to any other consent you have already provided to UOB and any right of UOB under applicable laws, you consent to UOB and the necessary third parties collecting, using and disclosing your personal data for the purposes of this Promotion and to contact you, including by voice call or text message.
  • UOB may change these terms or suspend/terminate the Promotion without giving notice.

Benefits

money-dollar-coins

Lower your monthly payments

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business-enhancement

Pay off your mortgage faster

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private-home

Unlock cash value from your property

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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.

 

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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.

 

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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.

 

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Home Loan Packages

Choose from our wide range of loan packages to suit your financing needs.
Enjoy flexible options to pay down your loan partially or customise your loan to ensure you get the most out of it.

  2 Year Fixed Rate Floating Rate SORA
Special Features
  • 1 free conversion after 24 months from the date of first disbursement.
  • Flexibility to prepay your loan / sell your property.
  • Flexibility to prepay your loan / sell your property.
  • 1 free conversion if ML increases during the lock-in period.
  • Flexibility to prepay your loan.
  • 1 free conversion after 12 months from the date of first disbursement.
Year 1 1.45% p.a. (fixed) ML + 0.65% p.a. 3M Compounded SORA + 0.98% p.a.
Year 2 1.45% p.a. (fixed) ML + 0.65% p.a. 3M Compounded SORA + 0.98% p.a.
Year 3 3M Compounded SORA + 1.29% p.a. ML + 0.65% p.a. 3M Compounded SORA + 1.40% p.a.
Year 4 and thereafter 3M Compounded SORA + 1.60% p.a. ML + 0.65% p.a. 3M Compounded SORA + 1.40% p.a.
Lock in period 2 years 2 years 2 years
Other benefits Submit your application online & our banker will be in touch with you to share more on our limited time promotional offers, including rewards of up to S$3,400. Valid only for direct applications without third party referrals. T&Cs apply.
Additional notes Promotional rates are available for a limited period and only valid for completed residential properties in Singapore, for your new purchase or refinancing from another bank/HDB. Subject to minimum loan size.
Rate for Year 3 & thereafter is pegged to the 3-month Compounded SORA that is published on MAS' website. It is currently at 0.1715% p.a. (as at 17 Dec 2021). Find out more on SORA. Pegged to the Bank’s Board Rate that is calculated based on factors affecting the Bank's cost of business which include but are not limited to market rates, funding costs, credit costs, and acquisition costs. The current ML is at 0.85% p.a. Pegged to the 3-month Compounded SORA that is published on MAS' website.  It is currently at 0.1715% p.a. (as at 17 Dec 2021). Find out more on SORA.

 

3M Compounded SORA refers to the 3-Month Compounded SORA that is published on MAS’ website. It is currently at 0.1715% p.a. (as at 17 Dec 2021). Find out more on SORA.

  • 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.

Submit your loan application online now and our banker will be in touch with you to share more about the 3-Month compounded SORA Home Loan package.

Apply Now

Aligned to market best practices.

SORA (Singapore Overnight Rate Average) has been selected as the new interest rate benchmark in Singapore.

How does a 3-Month Compounded SORA work?

Illustration of 3-Month Compounded SORA

The 3-Month Compounded SORA is updated every 3 months.

 

 

D% and E% are 3-Month Compounded* SORA published by MAS on 4 Mar 2021 and 4 Jun 2021 respectively.

 

Find out more on how SORA works here

 

*Further reading material on use of SORA in financial contracts:
Association of Banks Singapore, SIBOR REFORM AND THE FUTURE LANDSCAPE FOR SGD INTEREST RATE BENCHMARKS, 29 July 2020 https://abs.org.sg/docs/library/sibor-reform-and-the-future-landscape-for-sgd-interest-rate-benchmarks.pdf

 
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Other Common Questions

 

Depending on the terms of your existing mortgage, you may face prepayment penalties or subsidy clawbacks when you refinance. It usually makes financial sense to refinance if you can get interest rates that is lower than the rate you are currently paying.


You may wish to consider the following issues to determine if it is the right time to refinance your home loan:

  • What is the remaining tenor on my existing home loan?
  • How long do I plan to reside in my home or hold it as an investment?
  • How much lower will my monthly instalments be after refinancing?
  • Are there any upfront costs for refinancing?
  • What is the current economic value of my home?

Apply Now

NEW! Switch and save easily with our instant Home Loan approval1.

Apply Online

 

For Singaporeans and PRs:
Click on "APPLY NOW" to apply for a new UOB Home Loan with forms pre-filled by retrieving your personal information with MyInfo. Applications submitted between 8.30am to 9pm daily will be processed instantly. Applications received outside these times will be processed the next working day.  

For Foreigners and U.S. Persons:
Please leave us with your details so we can contact and assist you.

*Terms and Conditions apply

1Instant approval refers to a conditional approval for a UOB Property Loan, and is granted based on the information provided by the applicant. It is processed and approved by UOB, and is subject to the applicable terms and conditions, including the necessary documentation verification and completion.

More Information

  • The Board Rate (BR) quoted is applicable only for the loan package that you are interested in (eg. HDB flat financing at fixed rate). The financial indicator(s) against which that BR is benchmarked, such as the SIBOR, Prime Rate or CPF rate, will also be disclosed. The current applicable Board Rate is 0.85% p.a.
  • The BR offered for your loan package may be different from BRs offered to other customers for different loan packages.
  • The BR can be changed by the bank anytime, by giving 30 days' notice, depending on market conditions and/or changes in the financial indicator(s) against which the BR is benchmarked. This 30-day notice requirement does not apply to home loans benchmarked against market indices.
  • The loan repayment schedule for the loan package that you have chosen is available in either hard copy (on request) or soft copy in the form of a home loan calculator on the bank's website.
  • The Association of Banks in Singapore's (ABS) Consumer Guide on Home Loans is available and you are encouraged to get a copy from the bank and read it before committing to a loan. This guide is also available on the MoneySENSE and ABS websites in four official languages.

This publication is strictly for information purposes only and shall not be transmitted, disclosed, copied or relied upon by any person for whatever purpose. This publication is not an offer, recommendation, solicitation or advice to buy or sell any investment product. Nothing in this document constitutes accounting, legal, regulatory, tax, financial or other advice. You should consult your own professional advisors about issues discussed herein. While the information provided in this publication is believed to be accurate as at the date of publishing, UOB makes no representation or warranty, and accepts no responsibility or liability for its completeness or accuracy.