You can refinance your HDB housing loan with one from a financial institution (FI) that is regulated by the Monetary Authority of Singapore. However, once you have refinanced your HDB housing loan with an FI, you cannot refinance that loan with us subsequently.

Upon the FI's confirmation of the loan to be granted, your appointed solicitor will need to submit the accepted Letter of Offer to the managing HDB Branch to apply for refinancing of housing loan. The Branch will provide a redemption statement to the solicitor on the amount of outstanding loan to discharge on the completion date. From the date of the application, the refinancing will take about 6 to 8 weeks to complete.

For enquiries, you can write to us using the e-Feedback form.

SPR households who obtain citizenship

A Singapore Permanent Resident (SPR) household has to take a housing loan from an FI to finance the flat purchase, if required. You will not be allowed to refinance the loan with an HDB housing loan even if you subsequently obtain Singapore Citizenship and may eligible for one. You could apply for an HDB housing loan for your next flat purchase if you meet the prevailing eligibility conditions.

Options for households in arrears for housing loan taken from FIs

Flat owners who have taken a housing loan from an FI and are facing difficulties in repaying their loan instalments are advised to consider the following options:

  • Approach the FI early to work out viable repayment options to resolve mortgage arrears
  • Refinance the loan with another FI offering a more manageable interest rate
  • Rent out spare bedroom(s) to generate additional income
  • Include working family members as joint owners to help pay for the loan instalment/ arrears
  • Sell the existing flat and right-size to a more affordable flat
For more information, please refer to the Association of Banks in Singapore (ABS)’s website under Consumer Banking > Consumer Guide > Home Loans.