New policy on refinancing – Singapore real estate for sale/ rent
Where a borrower applies for a refinancing facility in respect of any balance outstanding under a residential property loan, the sum of the tenure of the refinancing facility and the number of years since the first residential property loan was granted to the borrower, cannot exceed 35 years. Singapore real estate for sale/ rent.
For example, the borrower had taken up a loan for his house 20 years ago and he wants to refinance his existing loan. Under the new refinancing rule, the borrower can only take up a max of 15 year tenure for his refinancing scheme.
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