Private Property Refinancing in Singapore: A 2026 Guide

By KAPVOY Advisory·21 October 2026

Refinancing a private property in Singapore means replacing your current home loan with a new one from a different bank or financial institution. You do it to get a lower interest rate, change your loan terms or release cash. The rules are friendlier than many owners expect: there is no regulatory loan-to-value limit on refinanced housing loans, as long as the lender considers you creditworthy. The main limits are the loan tenure cap, your lock-in period and the lender's own credit checks.

This guide covers what the rules say, what refinancing costs, when to move and how to compare offers.

TL;DR

You can refinance a private property only through a bank or other financial institution. Staying with your current bank is called repricing, a separate option.
MAS sets no loan-to-value limit on refinancing. It does cap the tenure at 35 years minus the years since your first loan was disbursed.
The Total Debt Servicing Ratio (TDSR) generally does not apply to refinancing an owner-occupied home. Cash-out loans have their own rules.
Check your lock-in period first. Leaving early often costs around 1.5% of the outstanding loan, plus legal and valuation fees that new lenders sometimes subsidize.
Start comparing 3 to 6 months before your lock-in ends. We compare 30+ lenders and charge only when funding succeeds.

What private property refinancing means
The MAS rules that apply
Repricing or refinancing: which one fits you
What refinancing costs
Lock-in periods and when to start
Cash-out refinancing against your property
How we approach it
What lenders look at
Mistakes that cost owners money
Refinance with us
FAQ
Sources

What private property refinancing means

You take a new loan from a new lender. That loan pays off your existing mortgage in full. From then on, you repay the new lender under the new rate, tenure and conditions.

This applies to condominiums, executive condominiums past their privatization point, landed homes and other non-HDB residential property. HDB flats follow a separate set of rules. The CPF Board explains how an HDB loan differs from a bank loan. Our HDB refinance timing guide covers that route.

Owners usually refinance for one of four reasons:

A lower rate. Your promotional rate has ended and your current package now costs more than newer offers.
Stability. You want to move from a floating rate to a fixed one, or the other way round. Our note on fixed versus floating home loans lists three questions that settle it.
Lower monthly payments. You extend the remaining tenure, within the legal cap, to ease cash flow.
Cash. You release equity from the property for business or other needs. This is a separate product, covered below.

The MAS rules that apply

Three rules shape most refinancing decisions. Here they are in plain terms.

Loan-to-value: no regulatory limit

For a new purchase, MAS limits how much you can borrow against the property's value. For refinancing, MAS states there is no such limit provided the borrower is deemed creditworthy. In practice, each lender still decides how much it will lend against your property. Its valuation and your credit profile drive that number.

Tenure cap: 35 years minus time elapsed

The maximum tenure for a refinanced non-HDB loan is 35 years minus the years since the first housing loan for that property was disbursed.

A quick example: if your first loan for the property was disbursed 8 years ago, the longest tenure you can take on a refinanced loan is 27 years. The cap counts from the original disbursement, not from the day you refinance. Shorter tenures are always allowed.

TDSR: usually not applied to owner-occupied refinancing

MAS has clarified that TDSR will not apply to refinancing of owner-occupied residential mortgages. For other property loans, the TDSR threshold is 55% of monthly income for loans with an OTP granted on or after 16 December 2021.

Two cautions. First, this exemption is for owner-occupied homes. If you are refinancing an investment property, check how the rule applies to you before you plan around it. Second, lenders still run their own credit assessment. A TDSR exemption does not mean automatic approval.

Repricing or refinancing: which one fits you

Repricing means staying with your current bank and moving to one of its newer packages. Refinancing means switching to another lender. The CPF Board notes that the two differ in cost and speed.

| | Repricing | Refinancing | |---|---|---| | Lender | Your current bank | A new bank or financial institution | | Speed | Usually faster | Slower, as the new lender runs full checks | | Admin cost | Often lower | Legal and valuation work, sometimes subsidized | | Rate | May be less competitive | New lenders may offer more to win your loan | | Lock-in | May reset, so check | Early exit may trigger a penalty |

Neither route always wins. A small rate gap on a small loan may not justify switching. A large gap on a large balance usually does. We walk through the numbers in our guide to repricing versus refinancing in Singapore.

What refinancing costs

Budget for these items before you decide.

Lock-in penalty. If you leave within the lock-in period, the penalty is typically around 1.5% of the outstanding loan. On a S$800,000 balance, 1.5% is S$12,000. Check your own letter of offer for the exact figure.
Legal fees. The new lender's appointed law firm prepares the new mortgage documents. The CPF Board lists legal and valuation fees among the costs to account for. Many lenders subsidize some or all of these fees for loans above a certain size. Ask each lender for its terms in writing.
Valuation fees. The new lender values your property. This is sometimes absorbed by the lender.
Subsidy clawbacks. If a previous lender gave you a legal or valuation subsidy, leaving within its clawback period can mean paying it back. Our article on subsidy traps and clawbacks explains how to read those clauses.

The true saving is the interest you avoid minus these one-off costs. Calculate it over the period you expect to keep the loan, not just the first year.

A simple break-even check

Suppose your outstanding loan is S$900,000. A new package would cut your interest cost by S$250 a month. One-off costs after subsidies come to S$3,000. Break-even is 12 months. If you plan to sell or refinance again within a year, the switch does not pay. If you will hold the loan for five years, it does. The figures here are illustrative, not an offer or a market quote.

Lock-in periods and when to start

A lock-in period is the stretch during which your loan carries a penalty for early repayment. Packages commonly have lock-ins of one to five years. Our guide to 1 to 5 year lock-ins explains how to find yours and plan around it.

The practical timeline:

Find your lock-in end date in your letter of offer or by asking your bank.
Start comparing 3 to 6 months earlier. Lenders need time to value the property and process documents. Banks also have notice periods for redemption. Our timing guide covers the sequence.
Collect your documents while you wait: NRIC, income proof, your latest mortgage statement and the property details.
Submit and compare formal offers side by side, not just headline rates.
Serve notice on the current lender at the right moment, so the new loan completes just as the lock-in ends.

If your property is worth less than your outstanding loan, you have a harder case. See our article on underwater loans and refinance options.

Cash-out refinancing against your property

Some owners refinance to release equity. Business owners often do this to fund working capital or an expansion. MAS says mortgage equity withdrawal loans are exempt from TDSR where the loan-to-value ratio does not exceed 50%. Above that level the rule applies, so the amount you can release depends on your income as well as your equity.

Before choosing this route, weigh the risk. You are securing a business or personal need against your home. If the cash is for a business, compare it with unsecured options such as a working capital loan or invoice financing. Our property financing page outlines the equity release option.

Cash-out refinancing against your property — overview diagram

How we approach it

We are a broker, not a bank. Banks offer their own products. We compare more than 30 banks and non-bank lenders for each client and submit to several at once. That matters when one lender declines you or prices you poorly, because the others still see your application.

How we approach it — overview diagram

We have no lender referral arrangements. We are paid only by the borrower, only when funding succeeds. The fee is 3-5% of the approved loan amount, and there are no upfront or consultation fees. Check the fee terms with us before you proceed, so the figure is clear on your own loan amount. Compare that with what you would save, and with any broker who asks for a fee before delivering anything. Our article on broker fees and contracts in Singapore shows what to check.

Our honest view: if your current bank offers a good repricing deal and your lock-in has not ended, staying put can be the right call. We would rather tell you that than submit an application that does not help you.

— Viknesh

What lenders look at

Without a loan-to-value limit, approval comes down to the lender's own assessment. Expect them to review:

Income and employment. Payslips, tax assessments and CPF contributions for employees. Self-employed owners usually provide business accounts.
Existing debts. Credit cards, car loans and other property loans.
Repayment record. Missed payments on your current mortgage count against you.
Property value and type. The lender's valuation, not your estimate, sets the base.
Remaining tenure. The 35-year cap limits how long you can stretch the loan.

The Association of Banks in Singapore's home loan guide (updated 1 October 2025) explains home loans and refinancing in more detail.

If a bank has declined you, do not just reapply to others at random. Each application leaves a credit trail. It is better to match the lender to your profile first. Our piece on banks versus moneylenders explains why licensed moneylenders are rarely the answer for a mortgage.

Mistakes that cost owners money

Comparing only the first-year rate. Look at the rate after the promotional period and at the benchmark it is pegged to.
Ignoring the lock-in. A S$12,000 penalty can wipe out several years of savings.
Overlooking the clawback. An earlier subsidy may be repayable.
Stretching tenure without reason. A longer tenure lowers the monthly payment but raises total interest.
Refinancing too often. Each switch brings legal and valuation work, even when subsidized.
Not asking for written terms. Subsidy conditions, clawback periods and penalties should all be on paper.

Refinance with us

If you want a comparison across many lenders without paying upfront, our private property mortgage page shows how we handle applications. You can also start from the Property Financing Guide or go straight to our home page for a free eligibility check. We match your profile to lenders most likely to approve, and you hear from a personal broker throughout.

FAQ

How do I refinance my private property?

Check your lock-in end date, then compare offers from several lenders 3 to 6 months before it ends. Prepare your income documents and mortgage statement, submit applications, and compare the formal offers including legal and valuation terms. Once you accept one, the new lender pays off your old loan and you repay the new one.

What is the maximum loan tenure when refinancing a private property?

It is 35 years minus the years that have passed since your first loan was disbursed. If your first loan started 10 years ago, the longest tenure available is 25 years. You can always choose a shorter one.

Can I refinance my own home?

Yes, if you own the property and the lender approves you. For an owner-occupied home, TDSR generally does not apply, but the lender still checks your income, debts and repayment record. You can refinance only through a bank or other financial institution.

What is the difference between repricing and refinancing?

Repricing keeps you with your current bank on a new package. Refinancing moves your loan to a new lender. Repricing is often faster and cheaper to process, while refinancing may bring a more competitive rate. Compare the savings against the one-off costs for your loan size.