Maybank Home Loan Refinancing

If you are servicing an existing mortgage but considering switching to another home loan provider, you may have chanced upon Maybank Singapore’s range of refinancing mortgage loans.

A subsidiary of Maybank Group, Maybank Singapore is known to provide affordable home loans and refinancing loans for existing HDB, Executive Condominium (EC) or private property homeowners. With the recent interest rate benchmark reform in Singapore, all banks including Maybank have switched over to the new benchmark, Singapore Overnight Rate Average (SORA), instead of pricing based on the former Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR). To find out more about SORA vs SIBOR vs SOR rates, refer to our comparison page.

Their competitive first-year mortgage interest rates, which increase after 1 to 3 years, start from 1.10% for a SORA floating-rate package (the current 3-month Compounded SORA rate at 0.1313% as of August 2021), up to 1.30% for a fixed-rate package. Let’s take a look at what they have to offer and find out if their packages are suitable for you.

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Why Choose To Refinance With Maybank Home Loans?

With a total of S$81.5 billion total assets (as per its latest annual report) and part of Maybank Group, the 4th largest bank in Southeast Asia by assets, Maybank Singapore has been offering home loan refinancing packages with attractive promotions to homeowners for decades. 


Over 6 decades of credibility

Maybank Singapore has been given the “A1/P-1” credit ratings by S&P, which is recognised globally as a high credit assessment. 


Cash voucher promotion

Receive a cash voucher (up to S$300) when you refinance with Maybank as an existing homeowner.


BUC refinancing loans

While many banks have stopped offering Buildings Under Construction (BUC) packages with no lock-in period since the switch to SORA-pegged housing loans, Maybank is one of the few banks in Singapore offering a 3-month (3M) SORA-pegged BUC refinance loan package with no lock-in period.


Board interest rate (SRFR2) 

Also known as Singapore Residential Financing Rate 2, SRFR2 is one of Maybank’s board interest rates, and it is currently at 4.85% p.a. (as of August 2021). Some of Maybank’s fixed-rate packages are pegged to this internal board rate as it is an alternative to other interest rate benchmarks like Singapore Interbank Offered Rate (SIBOR) or Singapore Overnight Rate Average (SORA).

Maybank Private Property/Executive Condominium Refinance Loans

Maybank’s latest refinancing packages for executive condominiums and private properties are based on the 3-month Compounded SORA rate, Maybank Board (SRFR2) rate and Maybank fixed rates.


Here’s an example to illustrate: If you’re planning to refinance a condominium costing $1,000,000 while taking up a Maybank SORA-pegged (3M SORA + 0.90% p.a.) home loan, you’re most likely to be offered a loan of $750,000 with a tenure of 25 years by Maybank. 


This is taking into consideration that Maybank approves your refinancing loan application by assessing your Loan-to-Value (LTV) limit first. LTV is the amount that you are allowed to borrow from Maybank based on Maybank’s assessment on your total monthly income and other financial liabilities and loans you may have.


If you’ve paid at least 25% of your property’s price or more, you’ll be able to move your entire loan balance (75% or less) to this new Maybank home loan and refinance it. 


If not, you’ll only be allowed to loan up to 75% from the bank, which means the outstanding amount will still have to be paid by your CPF or in cash to bring it in line with the LTV.


Let’s assume that you’ve only paid 15% of your downpayment (and you’re left with 5% to be paid in cash and the other 5% by CPF), so the estimated math will be as follows.


Your remaining downpayment:

$50,000 by CPF + $50,000 in Cash = $100,000

(at least 5% of the property price to be paid in cash and 5% to be paid in CPF)


Your estimated interest to pay for the first month:

Maybank’s spread = 0.90%

3-month Compounded SORA = 0.1313%

0.1313% (3M Compounded SORA) + 0.90% (bank’s spread) = approx. 1.10%

1.10% x $750,000 = $8,250

$8,250 ÷ 12 months = $688

(based on the 3-month Compounded SORA rate at 0.1313% as of August 2021 which will fluctuate over time)


Your estimated monthly instalment:

$2,861

(based on the above prevailing 3-month Compounded SORA rate)


Estimated total payment over 25 years:

$750,000 (principal amount) + $108,188 (in interest) = $858,188


*All above calculations are estimated using MoneySmart’s Refinancing Calculator.


You may refer to the table below for an overview of the refinancing rates for executive condominium and private properties.

Maybank Private Property/Executive Condominium Refinance Rates

Maybank SORA rateMaybank Fixed Board (SRFR2) rateMaybank Fixed Board (SRFR2) rate
Year 1 interest rate3M SORA + 0.90% p.a.1.30% p.a. 1.30% p.a.
Year 2 interest rate3M SORA + 0.90% p.a.1.30% p.a. 1.30% p.a.
Year 3 and thereafter interest rate3M SORA + 1.40% p.a.

SRFR2*

*The SRFR2 rate is at 4.85% p.a. (as of August 2021).

1.30% p.a. (SRFR2 rate applies from Year 4 onwards)
Lock-in period1 year2 years3 years
Minimum loan$300,000 (1 free conversion after 12 months from the date of first disbursement)$100,000$100,000
Partial repayment fee1.50% of the amount repaid1.50% of the amount repaid1.50% of the amount repaid
Cancellation fee0.75% of undisbursed loan amount0.75% of undisbursed loan amount0.75% of undisbursed loan amount

Maybank Building Under Construction (BUC) Refinance Loans

If you’re looking to refinance your home loan for a BUC, Maybank currently offers the 3-month Compounded SORA rate for its BUC refinance loan package.

Maybank BUC Refinance Rates

Year 1 interest rate

Year 2 interest rate

Year 3 and thereafter interest rate

Lock-in period

Minimum loan

Partial repayment fee

Cancellation fee

Maybank SORA rate

3M SORA + 0.90% p.a.

3M SORA + 0.90% p.a.

3M SORA + 1.40% p.a.

None

$300,000 (One-time free conversion to be exercised from TOP to within 6 months from TOP)

1.50% of the amount repaid

0.75% of undisbursed loan amount

Maybank HDB Refinance Loans

For Maybank’s HDB refinancing loans, there are 3 types of packages which you can consider: the 3-month Compounded SORA rate, the Maybank 2-Year Fixed Board (SRFR2) rate or the 3-Year Fixed Board (SRFR2) rate.


The 3-month (3M) Compounded SORA rate package may be for you if you’re looking at a floating-rate option, as it gives you the additional benefit of repricing your housing loan at no cost after 12 months from the date of your first disbursement.


Ranging from 1.30% p.a. to 1.74% p.a., Maybank’s floating and fixed-rate housing loan rates are much lower than the HDB concessionary loan which has an interest of 2.6% p.a.


However, being a bank loan, the required downpayment (25% of loan amount) is higher for Maybank’s housing loan package than the HDB concessionary loan (10% of loan amount). You’ll need to top up any shortfall from the 25% downpayment before you can refinance your home loan with Maybank.


Let’s imagine that you have decided to switch your HDB loan to Maybank’s 2-year Fixed Rate package at 1.30% p.a. 


In this example, let’s assume that you’ve paid at least 25% of your property’s price and you’re eligible to move your entire loan balance to this new Maybank housing loan and refinance it. The outstanding loan is $300,000 and you’re looking at a 20-year loan tenure.


So, the breakdown of the calculation would be something like this.


Your estimated interest to pay for the first month:

1.30% x $300,000 = $3,900

$3,900 ÷ 12 months = $325

(based on Maybank’s prevailing fixed interest rate of 1.30% for this package)


Your estimated monthly instalment multiply by 20 years:

$1,420.21 x 20 x 12 months = $340,850 (so this amount should equate to the total payment over 20 years)


In the subsequent months, your interest charges are based on the outstanding balance of the loan at any given time, and the balance decreases as more principal is repaid.


Estimated total payment over 20 years:

$300,000 (principal amount) + $40,850 (in interest) = $340,850


As compared to the HDB concessionary loan with a 2.60% p.a. that results in a monthly instalment of $1,604.36, you and your partner will save $184.15 per month by switching to this Maybank 2-year fixed-rate package.


Previous monthly instalment vs. Maybank monthly instalment:

2.60% p.a. vs 1.40% p.a.

$1,604.36 - $1,420.21= $184.15


Estimated savings in the first 2 years of refinancing with Maybank:

$184.15 x 12 months x 2 years = $4,420


*All above calculations are estimated using MoneySmart’s Refinancing Calculator.

Maybank HDB Refinance Rates

Maybank SORA rateMaybank Fixed Board (SRFR2) rateMaybank Fixed Board (SRFR2) rate
Year 1 interest rate3M SORA + 0.90% p.a.1.30% p.a. 1.30% p.a.
Year 2 interest rate3M SORA + 0.90% p.a.1.30% p.a. 1.30% p.a.
Year 3 and thereafter interest rate3M SORA + 1.40% p.a.

SRFR2*

*The SRFR2 rate is at 4.85% p.a. (as of August 2021).

1.30% p.a. (SRFR2 rate applies from Year 4 onwards)
Lock-in period1 year2 years3 years
Minimum loan$300,000 (1 free conversion after 12 months from the date of first disbursement)$100,000$100,000
Partial repayment fee1.50% of the amount repaid1.50% of the amount repaid1.50% of the amount repaid
Cancellation fee0.75% of undisbursed loan amount0.75% of undisbursed loan amount0.75% of undisbursed loan amount

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How To Apply For Your Maybank Home Loan Refinancing

Is this your first time refinancing your housing loan? Don’t worry if you’re unsure of what to do, we’re here to guide you along and help you out every step of the way.

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Maybank Home Loan Refinancing Application Process and Fees

Here are 5 steps to the Maybank Home Loan refinancing process

Step 1

Have the required documents ready

Before you start comparing through us, get the necessary documents for refinancing ready and check if your existing mortgage has passed the lock-in period.

The documents required for application include:

  • Your SingPass MyInfo login
  • NRIC
  • Proof of income (latest 3 months computerised payslips, latest CPF public / private property withdrawal statement, latest Income Tax Notice of Assessment)
  • Latest available statement for all existing credit facilities
  • HDB flat information and financial information value confirmed by HDB / Private property information

Step 2

Pick your preferred refinancing package

We’ll do the legwork and recommend the best housing loan refinancing package for you while you sit back and relax after submitting your documents.

Next, we’ll advise you and liaise with Maybank on your behalf after you’ve picked your new home loan package.

Step 3

Get your refinancing loan approval

If you have not paid the remaining downpayment (in cash or CPF), our mortgage specialist team and a Maybank-appointed lawyer/your own hired lawyer will remind you to do so.

You’ll be able to move your entire loan balance (75% or less) to the new Maybank home loan and refinance it after you’ve paid at least 25% of your property’s price or more. If not, you’ll only be allowed to loan up to 75% from Maybank.

Thereafter, we’ll help you process your home loan refinancing application process, and your housing loan refinancing approval will be done at this stage.

Step 4

Fees and other costs involved

A law firm and valuation company will be engaged during your refinancing process, which will incur legal and valuation fees. Our mortgage specialist team will liaise with Maybank and arrange for either Maybank’s panel of lawyers and valuers or your preferred lawyer from an external law firm to complete this refinancing process.

An estimate of the stamp fees, legal fees and disbursements, property tax, income tax, etc. that will be incurred in the purchase of the property, will be provided by the lawyer.

Once that is done, you’ll need to set an agreed time and date for you to visit the law firm to sign any necessary documents and also for the valuers to conduct a visit to your home.

Step 5

Complete your refinance loan purchase

Your application and refinance loan purchase process is finally completed! Now all you need to do is look forward to an email notification and confirmation from Maybank regarding your new loan disbursement and monthly instalment amount.

Why Refinance With Maybank Through Us?

Simple, fast, convenient

Leave your home loan research to us and we’ll break it down for you in simple terms. Our Mortgage Specialist will contact you directly to help you in refinancing your home loan with Maybank.

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Vouchers

Get up to S$640 worth of gifts ranging from Xiaomi Robot Vacuum Cleaner to Apple 32GB iPad when you apply for your home loan through us.

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Receive up to $640 worth of gifts when you refinance your home loan with us!

Learn More

Maybank Home Loan Singapore Review 2019 – Which Mortgage to Choose from Maybank

Best Home Loans in Singapore (2020) — How to Pick the Best Mortgage for Your Property

How to Refinance Your Home Loan in Singapore & Save Money on Your Mortgage

Frequently Asked Questions

What is Maybank’s current board rate?

Maybank’s current board rate is known as the Singapore Residential Financing Rate 2 (SRFR2). It is one of Maybank’s board interest rates, and it is currently at 4.85% p.a. (as of August 2021).

Will I be able to use CPF to pay my monthly instalments?

Yes, you can use your CPF to pay your monthly instalments, provided that your property has a remaining lease of more than 30 years. If it is less than 30 years, you’ll have to make direct payment to the property developer/vendor to buy a residential property.

Are there fees and taxes to pay when refinancing a home loan?

Yes. Besides the downpayment, you’ll have to set aside an amount to pay for legal fees, buyer’s stamp duty fee, property tax, income tax and fire insurance, just to name a few. The types of fees and taxes to pay also depends on whether you’re getting a new housing loan or switching to another bank by refinancing your current home loan. Our mortgage specialist team will advise you as you go through the application process.

Is valuation necessary for my refinancing process?

Yes. A valuer will be appointed by Maybank to assess the market value of your property. To arrange for a valuation done, you can reach out to Maybank via their Customer Service hotline at 1800-629 2265, or leave it to our mortgage specialist team to help you out.

Do I need to get fire insurance?

Yes. It is compulsory for HDB homeowners and private residential property homeowners to purchase fire insurance.

Is a longer or shorter loan tenure better when refinancing?

It depends on how much you can afford to pay off every month in your instalments. Increasing your tenure helps lower the monthly repayment amount, which eases your cash-flow. Meanwhile, shortening your loan tenure lets you clear off your loan faster and reduces your total interest paid.