What should I do if I wish to refinance the housing loan for my property?
You will have to authorise your lawyer (by signing the Letter of Authorisation, Declaration, Consent & Agreement) to submit your application on your behalf if you wish to refinance the housing loan for your property.
The following documents are required:
1. Final/latest statement from the existing financier; and
2. Letter of offer from the new financier stating the type and quantum of the new loan.
Please note that your current CPF monthly instalment payment to the existing financier (if any) will cease upon the approval of the application submitted by your lawyer.
If you are an HDB flat owner intending to use your CPF savings for the monthly instalment payment, but are not currently covered under the Home Protection Scheme (HPS)
, you will need to submit an HPS application online using your Singpass after receiving notification that your application has been processed. Your eligibility for HPS cover is subject to approval and your good health. While your HPS application is being processed, you can use your CPF savings to pay your monthly housing loan instalments.
If you are already insured by HPS or exempted from HPS, you can find out more below:
What will happen to my Home Protection Scheme cover if I have refinanced my housing loan?