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Home Loan Refinancing Rates at UOB are Great!

 In Home Loan Refinancing

The United Overseas Bank, or UOB in short, is quite the powerhouse in the Singaporean financial market. It is a bank that has stood the test of time, and as its name implies, is found in different countries in the world.

As such, it is also a great refinancing alternative when it comes to your home loans here in Singapore. Interest rates go down so often, and this can set you up with an interesting opportunity to apply for a home loan that is better than your currently existing one now!

With that mentioned, here is a simple overview of UOB’s refinancing options. While I may not be able to tackle everything, I will give you the gist of the things that you must know when it comes to this matter.

To get a detailed view of this, contact our experts for a FREE consultation.

UOB home loan refinancing rates are considered to be one of the best by loan standards. While there is no fixed rate for this (since they will literally adjust according to your background when deemed necessary), you can expect great things with this bank in general.

With that much said in general (and I tried to make it as simple as possible for you), let us check out the refinancing options in UOB.

Lower your Monthly Payments

Yes, you can lower your monthly payments with a perfectly valid option from UOB! If you are engaged in a fixed-rate loan, you can prompt to switch to a floating-rate loan in UOB. They offer completely fair rates that are dependent on the current economical situation.

However, this is not a surefire way of lowering your monthly loan payments, as there are times that it can go higher than your fixed-rate counterpart, but it can certainly help in the long run.

Another option is to extend the tenor of your loan. However, while this can certainly lower the amount of loan that you’re paying every month, this can accumulate more interest charges than your existing tenor by the end of the term.

Pay Off Your Mortgage Faster

Contrary to the option above, you can reduce your tenor and pay off the loan faster than you’re supposed to. Of course, this means that you need to step up and elevate the amount of your monthly payments, but that also means that you can finish your loan in a quicker time possible.

An alternative is to reduce the interest rates of your existing loan. This will increase the principal component and enable you to pay your loan principal in a shorter tenor. The choice is yours!

One quick note to mention is that they also depend their rates on SORA, or the Singapore Overnight Rate Average. They combine this rate with their fixed-rate packages to achieve the best results for their customers. The flexibility and the timeliness this rate brings gives borrowers the fairness they need when paying off their monthly loan dues.

In simpler terms, they change the rate every three months, so if it goes lower, you’ll have less of a torture of waiting for the rate to go down as opposed to other banks of its tier.

Conclusion

These are just some of the refinancing options that are available in the United Overseas Bank. They also offer private home loans which are flexible in their own right. This is what they call the UOB Home Solution and you can also be given this flexible rate that depends on the SORA. Furthermore, you can combine fixed-rate and floating-rate loans in your plan, giving you more comfort when paying off loans.

Secure your future now by refinancing with UOB! Contact Home Loan Whiz to know more.

wayne quek
Wayne is a Chartered Financial Analyst (CFA), and holds a Bachelor of Business Management (Finance) from Singapore Management University (SMU). A successful Relationship Manager during his time with DBS and HSBC, Wayne used his expertise in financial markets to help his clients build up comprehensive investment portfolios. The entrepreneur is also the founder of Home Loan Whiz, a mortgage consulting firm that assists clients with selecting ideal mortgages for their needs.
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