Home Loan Refinancing Frequently Asked Questions
What can I use Home Loan Refinancing for?
A Home Loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing. There are more specialized loan products available if you need to finance your renovation or education.
Do you qualify for a Home Loan Refinancing?
Here are some qualifying criteria you must fulfill:
- Singaporean/PR or foreigners may apply for a Home Loan Refinancing
- Age between 21-65
- Singaporean/PR must be earning at least $20,000 per annum and foreigners must be earning at least $40,000 per annum.
How much can you borrow with a Home Loan Refinancing?
You can borrow anywhere from 2-6x your monthly income up to a cap of $200,000.
What are Home Loan Refinancing tenures like?
The tenures for Home Loan Refinancing can range from 1 to 7 years. The longer your tenure the lower your monthly payments but the more interest you incur.
Are there additional bank fees with Home Loan Refinancing?
Some banks charge a fixed processing fee and other banks charge up to 3% of the approved loan amount.
What documents are needed to apply for a Home Loan Refinancing?
These are the documents you will need to submit:
- Photocopy of your NRIC (both sides)
- If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment
- If you are self employed, you’ll need your latest 2 years of Income Tax Notice of Assessment
What is the lowest Home Loan Refinancing interest rate?
Banks revise their Home Loan Refinancing rates from time to time. Home Loan Refinancing rates usually range from 6%-10% per annum. Contact us on +65 8868 1818 for the latest Home Loan Refinancing interest rates across all banks offering Home Loan Refinancing or fill in the Enquiry Form