Ravi Chandran
Whether you plan to consolidate your debts or are looking to take advantage of better rates, HSBC has home loan refinancing options to best suit your needs. What is more, is you can enjoy savings on your monthly repayments by refinancing your existing Home Loan with HSBC and receive up to S$2,500 cash incentive which comes with SIBOR-pegged package for housing loans.
There are several options available with HSBC’s standard interest rate plans home loan refinancing options.
Table of Contents
Promotion for the home loan refinancing options is offered by HSBC to customers
- who apply for a home loan or a home equity loan with a minimum loan quantum of S$200,000 and with a 2 year or 3 year lock-in period in respect of full or partial repayment of the loan (each, a “Loan”),
- whose Loan applications are received by HSBC on or before 30 June 2020 and approved by HSBC by 15 July 2020, and (iii) who accept the relevant facility letter in respect of their Loan (the “Facility Letter”) by 15 July 2020 (“Eligible Customers”).
The promotion is valid till 30 June 2020, or such other date as may be determined by HSBC at its discretion. Eligible Customers whose Loans relate to completed residential properties in Singapore and who have obtained the relevant Temporary Occupation Permit in respect of such properties shall enjoy the relevant interest rates set out above in respect of such Loans.
SIBOR refers to the 1-month or 3-month Singapore Interbank Offered Rate for Singapore Dollar fixed at 11am Singapore time by the Association of Banks in Singapore (ABS) on the first business day of the relevant calendar month. Promotion is not valid with other offers, promotions or exclusive schemes unless otherwise stated.
Terms and conditions governing for the home loan refinancing options will be set out in the Facility Letter.
The Bank may, at its discretion, revise these terms and conditions or withdraw this Promotion at any
time without prior notice. These terms and conditions are governed by the laws of the Republic of Singapore and the parties submit to the non-exclusive jurisdiction of the courts of Singapore.
SIBOR-pegged Package Promotion Terms and Conditions
SIBOR-pegged home loan refinancing options
Enjoy flexibility of no lock-in with our attractive SIBOR-pegged packages.
| Bank | HSBC Premier | HSBC Advance | HSBC Personal Banking |
|---|---|---|---|
| Year 1 to 3 | SIBOR + 0.80% p.a. | SIBOR + 0.85% p.a. | SIBOR + 1.00% p.a. |
| Thereafter | SIBOR + 1.00% p.a. | SIBOR + 1.00% p.a. | SIBOR + 1.00% p.a. |
| Bank | HSBC Premier | HSBC Advance | HSBC Personal Banking |
|---|---|---|---|
| Year 1 to 3 | SIBOR + 0.90% p.a. | SIBOR + 0.95% p.a. | SIBOR + 1.10% p.a. |
| Thereafter | SIBOR + 1.10% p.a. | SIBOR + 1.10% p.a. | SIBOR + 1.10% p.a. |
SIBOR-pegged package applies only to minimum loan quantum of S$200,000. Completed property refers to properties with minimum Temporary Occupation Permit (TOP) issued. Properties under construction refers to properties under construction prior to TOP.
SIBOR refers to the 1-month or 3-month Singapore Interbank Offered Rate for Singapore Dollar fixed at 11 a.m Singapore time by the Association of Banks in Singapore (ABS) on the first business day of the calendar month. The applicable interest rates, discounts and terms are subject to changes and HSBC’s right of review.
Fixed rate loan
With HSBC, you can also enjoy stability by fixing your interest rate for initial years. If you want to find out the latest fixed rate packages and Mortage Specialists will be able to help you with such home loan refinancing options.
SmartMortgage
HSBC’s SmartMortgage links your home loan account with a current account, reducing interest on your home loan by offsetting interest earned on your current account.
This simple, effective link between your home loan and current account through SmartMortgage will help you:
- Reduce the interest payable on your mortgage
With SmartMortgage, the interest earned on your current account* will offset the interest payable on your home loan. Paying less interest means that you can save more and pay off your home loan in less time.
- Manage your finances the way you want
With SmartMortgage, your current account* is linked to your home loan, giving you flexibility to maximise control in the management of your finances and savings. Plus you can choose to have no lock-in, or lock-in periods of up to three years.
| Bank | HSBC Premier | HSBC Advance |
|---|---|---|
| Year 1 to 3 | SIBOR + 0.80% p.a. | SIBOR + 0.85% p.a. |
| Thereafter | SIBOR + 1.00% p.a. | SIBOR + 1.00% p.a. |
With SmartMortgage current account terms and conditions for home loan refinancing options, the Bank reserves the right to adjust the SmartMortgage Current Account interest rate.
SIBOR-pegged SmartMortgage terms and conditions
SIBOR refers to the 1-month or 3-month Singapore Interbank Offered Rate for Singapore Dollar fixed at 11 a.m Singapore time by the Association of Banks in Singapore (ABS) on the first business day of the calendar month.
The applicable interest rates, discounts and terms are subject to changes and HSBC’s right of review.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme by law.
How to secure the best home loan refinancing options
if you are concerned about salary increases and your ability to purchase the dream home? Don’t worry because trusted mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner.
Mortgage brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. You should also find out more about money saving tips.
Whether you are looking for a new home loan or to refinance, the Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all their services are free of charge. So it’s all worth it to secure a loan through them. While you are at it, you should also look for advice on a new home loan, and on refinancing advice.
