Maybank is rolling out a home loan refinancing package that offers home owners stability and assurance amidst volatile times, at no cost if they meet certain criteria. Available for loans of any amount up to 70% of valuation price, the special rates are also open to new home buyers, and applicable to owner-occupied and completed properties only.
To enjoy the attractive rates, refinancing customers need not incur the usual legal and valuation fees, as these will be fully subsidized by Maybank if the loan amount is S$400,000 and above for private properties, or S$250,000 and above for HDB flats. Those with lower loan amounts are also entitled to the 3-year fixed rates, but will not be fully subsidized for the legal and valuation fees.
Additionally, there is a cashback of S$888 for refinanced loan amounts of S$888,000 or more.
The 3-year fixed rate package works out to an average of 2.23% p.a. over 3 years, and is even lower than the HDB concessionary rate of 2.60% p.a.
“Owning a home is a long-term commitment, and prudent financing considerations should extend beyond short-term SIBOR fluctuations,” says Helen Neo, head, consumer banking. “The current SIBOR is already close to the 10-year historical low in July 2003, and fluctuations within 3-year periods can vary as widely as 3%. There is no guarantee that SIBOR will keep trending downwards. We are confident that people will welcome the peace of mind that fixed rate packages can offer particularly in such times of volatility.”
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