Financing Guide
Refinancing a Housing Loan in Singapore: HDB to Bank, Bank to Bank and the MAS Rules
Refinancing means replacing your current housing loan with a new one, usually to get a better rate. The rules differ by loan type: you can move from HDB to a bank, but not back. And MAS caps the tenure of a refinanced loan, though it sets no loan-to-value limit.
HDB loan to bank loan
- You can refinance an HDB housing loan with a loan from a financial institution regulated by MAS, and HDB says there is no penalty for refinancing an HDB loan to a bank.
- Once you refinance with a bank, you cannot refinance back to HDB.
- After the bank confirms the loan, your appointed solicitor submits the accepted Letter of Offer to the managing HDB Branch. HDB gives the solicitor a redemption statement of the amount to discharge on the completion date. From application, refinancing takes about 6 to 8 weeks.
- PR households whose flat purchase needed a bank loan cannot refinance into an HDB loan even if they later become citizens. They can apply for an HDB loan for their next flat if eligible.
Before switching, compare the full picture in HDB loan vs bank loan, since the one-way door matters.
Bank loan to another bank
You can refinance a bank loan with the same or a different institution, subject to the terms of your current loan such as the lock-in period. You cannot refinance a bank loan to an HDB loan. Check for early repayment charges and any legal subsidy clawback, which can wipe out the saving on a short-lead switch.
What MAS requires on a refinanced loan
| Rule | What MAS says |
|---|---|
| Maximum tenure | HDB flats: 30 years minus X. Non-HDB: 35 years minus X. X is the number of years since the first housing loan on the property was first disbursed |
| Loan-to-value | No regulatory LTV limit on refinanced loans. A bank can lend up to the full outstanding amount if you meet its credit assessment |
| MSR or TDSR, owner-occupied | Not required, but you must still meet the bank's credit assessment |
| MSR or TDSR, investment property | Required, unless you commit to a debt reduction plan of at least 3% of the outstanding balance over up to 3 years and meet the bank's credit assessment |
The tenure cap means refinancing does not restart the clock. A flat whose loan started 10 years ago can be refinanced for at most 20 more years under the HDB-flat cap. See TDSR vs MSR for how the ratios work when they do apply.
Practical checklist
- Get your outstanding balance and any early repayment or lock-in terms from your current lender.
- Compare offers on the rate, whether it is fixed or floating, the lock-in, the legal subsidy and its clawback, and valuation fees.
- Add up one-off costs (legal, valuation, any penalty) against the interest saved over the time you will keep the loan.
- Time the switch for after any lock-in or clawback window.
- If you use CPF for the instalments, remember the monthly instalment, and your CPF refund obligations on sale, continue to apply. See CPF accrued interest.
If you are struggling with a bank loan
HDB suggests approaching your bank early to work out repayment options, refinancing with another bank at a more manageable rate, renting out a spare bedroom, adding working family members as joint owners, or selling and right-sizing. See HDB loan financial assistance for the HDB-loan equivalents.
FAQ
Can I refinance my HDB loan to a bank loan?
Yes, without penalty from HDB. You cannot later refinance back to an HDB loan.
How long does refinancing an HDB loan take?
About 6 to 8 weeks from the date of application to HDB.
Is there a maximum LTV when I refinance?
MAS sets no regulatory LTV limit on refinanced loans. The bank can lend up to the outstanding amount if you pass its credit assessment.
Does TDSR apply when I refinance my home?
Not for an owner-occupied property, though the bank still assesses credit. It does apply to investment properties unless a debt reduction plan is agreed.
Can I extend my loan when I refinance?
Only up to the MAS cap: 30 years for an HDB flat or 35 for other property, minus the years since the first loan was disbursed.
Figures current as of October 2026, from HDB and MAS pages. Banks set their own packages, fees and lock-ins, and rates change often. This guide is general information only and is not financial advice. Get a written quote including all costs before switching.
Considering a switch and want to sanity-check your numbers? Use PropLeh's Maximum Loan Calculator, or message us on WhatsApp.