UOB Home Loan Refinancing

Refinancing your home loan with UOB via its fully-digital home loan solutions may bring greater convenience and savings on interest every month.

Designed for existing HDB, Executive Condominium (EC) and private property homeowners, their housing loan refinancing packages’ rates are pegged to their own board (ML) interest rate or the Singapore Overnight Rate Average (SORA) rate, ranging from 1.30% p.a. to 1.74% p.a. (depending on your loan tenure).

In addition, you can look forward to benefits including promotions with cash rebates, a free repricing after your lock-in period ends and more, when you sign up for any of UOB’s home loan refinancing packages.

Note that all of UOB’s mortgage refinance loans are now based on their ML board rate, fixed rate and the SORA rate, as the SOR and SIBOR rates are being gradually phased out in the next 3 or 4 years. If you’d like to learn more about the SORA vs SIBOR vs SOR rates, you can read about it on our comparison page.

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Why Choose To Refinance With UOB Home Loans?

Refinancing with UOB is more than just about enjoying more savings on your monthly instalments. There’s a plethora of benefits to take advantage of if you’re considering UOB’s refinancing options. 


Welcome cash gift

At the moment, you can enjoy a S$2,200 Cash gift when you refinance your housing loan with UOB (subject to a minimum loan amount of $450,000)*.


*Cash gift offer information accurate as of 2 August 2021.


Over 8 decades of credibility

With over 80 years of track record as a trusted lender with 22% market share of Singapore’s private residential home loan business, UOB offers home loan refinancing packages with competitive interest rates for private properties and HDB homeowners.


Innovative digital home loans solution

From determining your preferred housing loan amount with UOB’s Affordability Calculator, to getting your loan approved within minutes online, the UOB Digital Home Solution is a one-stop platform for you to enjoy a seamless and hassle-free home loan purchase experience, even if you’re on the go.


Complimentary repricing for each package

If you’re an existing UOB home loan customer, you’ll get to enjoy free repricing of your housing loan at no cost once you’ve completed your lock-in period.


UOB board (ML) interest rate

UOB offers housing loan refinancing packages pegged to ML, which is the bank’s board rate, and an alternative to other interest rate benchmarks like Singapore Interbank Offered Rate (SIBOR) or Singapore Overnight Rate Average (SORA). The ML rate is calculated based on factors affecting UOB’s cost of business such as market rates, funding costs, credit costs, acquisition costs, just to name a few. 


UOB Property Loan Reduced Instalment Plan

As long as you have proof of an income reduction of at least 25 per cent or loss of employment due to the COVID-19 pandemic, you’ll be eligible for this. Up to 60% of your loan’s monthly instalment will be reduced, but your loan account should not be more than 90 days past due. You can find out more terms and conditions here.

UOB Private Property/Executive Condominium Refinance Loans

Due to the recent interest rate benchmark reform in Singapore, UOB has switched over to the new benchmark, Singapore Overnight Rate Average (SORA), instead of pricing their packages based on the former Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR), to comply with Monetary Authority of Singapore (MAS) regulations. 


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


Here’s an example to illustrate: You plan to refinance a condominium costing $1,000,000 while taking up a UOB SORA-pegged (3M SORA + 1.20% p.a.) home loan of $750,000 with a tenure of 25 years. 


Before UOB approves your refinancing loan application, your Loan-to-Value (LTV) limit will be confirmed first. LTV is the amount that you are allowed to borrow from UOB based on UOB’s assessment on your total monthly income and other ongoing loans or financial liabilities you may have.


If you’ve not repaid at least 25% of your property’s purchase price when you decide to switch over to UOB from another bank, you may need to top-up extra cash or CPF to bring it in line with the LTV. In the case that 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 UOB 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.


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:

UOB’s spread = 1.20%

3-month Compounded SORA = 0.1332%

0.1332% (3M Compounded SORA) + 1.20% (bank’s spread) = approx. 1.34%

1.34% x $750,000 = $10,050

$10,050 ÷ 12 months = $838

(based on the 3-month Compounded SORA rate which will fluctuate over time)


Your estimated monthly instalment:

$2,944   

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


Estimated total payment over 25 years:

$750,000 (principal amount) + $133,041 (in interest) = $883,041


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


Below is an overview of the refinancing rates for executive condominium and private properties.

UOB Private Property/Executive Condominium Refinance Rates

UOB SORA rateUOB Board (ML) rateUOB Fixed rateUOB Fixed rate (for new loans only)
Year 1 interest rate3M SORA + 1.20% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a.1.30% p.a.
Year 2 interest rate3M SORA + 1.30% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a.1.30% p.a.
Year 3 and thereafter interest rate3M SORA + 1.40% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.) 3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.)
Lock-in period2 years2 years2 years 2 years
Minimum loan$100,000 (1 free conversion after 12 months from the date of first disbursement)$100,000 (1 free conversion if ML increases during the lock-in period)$100,000 (1 free conversion after 24 months from the date of first disbursement)$100,000 (1 free conversion after 24 months from the date of first disbursement)
Partial repayment fee1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000) 1.50% of the amount repaid (min. $5,000)
Cancellation fee1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount 1.50% of undisbursed loan amount

UOB HDB Refinance Loans

For UOB’s HDB refinancing loans, you may want to consider the 2-year Fixed rate package which has the lowest interest rate at 1.30% among all its HDB refinancing packages. However, this special rate is only for first-time UOB customers who are switching from another bank.


If you’re looking at a floating-rate option, the 3-month (3M) Compounded SORA rate package and the UOB Board (ML) rate package may be for you, 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, or when the ML rate increase during the lock-in period.


UOB’s floating and fixed-rate housing loan rates are much lower i.e. ranging from 1.30% p.a. to 1.74% p.a., as compared to the HDB concessionary loan offered by CPF which has an interest of 2.6% p.a.


For example, assuming that you and your partner have decided to switch from the HDB concession loan to a $300,000 loan with a tenure of 20 years for your resale HDB flat. Both of you are keen on taking up the 2-year Fixed Rate package (1.30% p.a.) with UOB instead of a floating-rate package. 


Similar to what was highlighted in the above example of refinancing a condominium, UOB’s Loan-to-Value (LTV) limit will apply when you switch over from your HDB concessionary loan. 


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 (75% or less) to this new UOB housing loan and refinance it. 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 UOB’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 UOB 2-year fixed-rate package.


Previous monthly instalment vs. UOB monthly instalment:

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

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


Estimated savings in the first 5 years of refinancing with UOB:

$184.15 x 12 months x 5 years = $11,049


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

UOB HDB Refinance Rates

UOB SORA rateUOB Board (ML) rateUOB Fixed rateUOB Fixed rate (for new loans only)
Year 1 interest rate3M SORA + 1.25% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a. 1.30% p.a.
Year 2 interest rate3M SORA + 1.25% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a. 1.30% p.a.
Year 3 and thereafter interest rate3M SORA + 1.40% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.) 3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.)
Lock-in period1 year2 years2 years 2 years
Minimum loan$100,000 (1 free conversion after 12 months from the date of first disbursement)$100,000 (1 free conversion if ML increases during the lock-in period)$100,000 (1 free conversion after 24 months from the date of first disbursement) $100,000 (1 free conversion after 24 months from the date of first disbursement)
Partial repayment fee1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000) 1.50% of the amount repaid (min. $5,000)
Cancellation fee1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount 1.50% of undisbursed loan amount

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How To Apply For Your UOB Home Loan Refinancing

Making the decision to refinance your housing loan may seem a little daunting at the beginning, especially if you’re a first-timer. Fret not, we’re here to help you out and make it a simpler and hassle-free experience.

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UOB Home Loan Refinancing Application Process and Fees

Here are 5 steps to the UOB Home Loan refinancing process

Step 1

Get your documents ready for application

To get things started, you’ve got to prepare the necessary documents for refinancing and check if your existing mortgage has passed the lock-in period. Start comparing through us to know the different options available.

The documents required for application include:

  • UOB refinancing application form
  • NRIC
  • Proof of income (CPF contribution history up to the last 12 months, latest Income Tax Notice of Assessment, latest computerised payslip)
  • Latest available statement for all existing credit facilities
  • HDB flat information and financial information value confirmed by HDB / Private property information

Step 2

Select your preferred refinancing package

Once you’ve submitted your documents, we’ll do the legwork and figure out the best housing loan refinancing package for you.

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

Step 3

Approval of your home loan refinancing

Our mortgage specialist team and a UOB-appointed lawyer/your own hired lawyer will inform you to pay the remaining downpayment in cash or CPF if you have not done so.

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 the new UOB home loan and refinance it. If not, you’ll only be allowed to loan up to 75% from UOB.

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

Payment of fees and charges

During your refinancing process, you’ll need to engage a law firm and valuation company, which incur legal and valuation fees. Our mortgage specialist team will check with UOB and arrange for either UOB’s panel of lawyers and valuers or your preferred lawyer from an external law firm to complete this refinancing process.

Your lawyer will then give you 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. After that, 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 application

Your application is done! UOB will send you an email notification and confirmation on your new loan disbursement and monthly instalment amount.

Why You Should Apply for UOB Home Loan Refinancing Through Us

Save time & effort

Live a stress-free life as we take charge of your home loan application. With the help of our mortgage team, you’ll get the proper guidance you need for a smooth transition when it comes to refinancing your home loan with UOB.

Get better deals

There’s an array of home loan packages in the market. Lucky for you, it’s in our DNA to compare and assess home loan packages offered by different banks in Singapore. By doing so, we ensure that you get only the best home loan refinancing rate.

No strings attached

Reach out to us for financial advice at zero cost. Yes, our service is free of charge. We simply get a standard referral fee from banks for our services. Even so, we put our customers first and provide unbiased advice.

UOB refinance promotion

Switch to a lower interest rate home loan package through us and enjoy up to $640 worth of gifts ranging from Samsung Digital lock to Apple 32GB iPad.

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Get up to $640 worth of gifts when you refinance with Moneysmart!

Learn More

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5 Questions to Ask Yourself Before Refinancing Home Loans in Singapore

Refinancing vs Repricing: What's the Difference?

Frequently Asked Questions

How do I calculate my UOB home loan refinance monthly repayment?

If you already have a new home loan package in mind, there’s a quick and simple way for you to find out if that’s the best deal for you. Simply enter your remaining loan amount, loan term and interest rate in our Refinancing Calculator to find out the amount you can save when you refinance.

How many times can I refinance my home loan?

You can refinance your home loan more than once. There’s no limit as long as you’re able to lower your monthly repayments and refinance at the right time.

What is the current UOB board rate?

UOB’s ML rate is the bank’s board rate. The ML rate is currently at 0.85% p.a. (as of July 2021) and may fluctuate over time according to market rates, funding costs, credit costs, acquisition costs, and other factors affecting UOB’s cost of business.

Can I use my CPF to pay my monthly instalments?

Yes, unless your property has a remaining lease of less than 30 years. Then you’ll need to make direct payment to the property developer/vendor to buy a residential property.

How will the valuation be done for my refinancing process?

OB will appoint a valuer to assess the market value of your property. To arrange for a valuation done, you can reach out to UOB via email to Mortgage Relations team at [email protected] or call their Home Loans hotline at 1800 388 2121 (Mon to Sun, 8am to 8pm). If this valuation is lower than your purchase price, you’ll have to pay the difference in cash before any loan can be disbursed.

What are the fees and taxes to pay when buying / refinancing a home loan?

When you’re purchasing a new or resale home, 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.

Is fire insurance necessary?

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

Will increasing my loan tenure be better when refinancing?

Yes and no, as this depends on how much you can afford to pay off every month in your instalments. Increasing your tenure helps lower the monthly repayment, which eases your cash-flow, but may lead to an increase in the total amount that you pay. If shortening your loan tenure lets you clear off your loan faster, it can be a better choice as it usually comes with lower interest rates and similar monthly instalments.