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Cash-out refinancing is only applicable for private properties. Due to HDB rulings preventing cash out of HDB property. Cash out refinancing (also known as taking up an equity loan) is when you would like to use your property as a collateral because you want cash in hand, perhaps for personal investments or to start up a small company etc… Fill out the enquiry form on the right to find out which banks in Singapore give the best rates for cash out refinancing.
The maximum loan tenure is 75 years minus your current age and the minimum loan amount is $100,000.
Find out what the maximum cash out you are eligible for by doing the simple calculations below.
*CMV refers to the Current Market Value of property (which is done by the bank that you would like to refinance to).
Cash Out Refinancing Calculation:
CMV – 70% of the CMV = Figure A
Figure A - CPF contribution of both borrowers = Figure B
Figure B - Outstanding loan amount with current bank = Amount of Cash Out
An equity loan is simply cash out refinancing for a property that has been fully paid for. SmartLoans can help you do the valuation for the property you would like to cash out for.
CMV – 70% of the CMV = Figure A
Figure A - CPF usage for the property = Equity Cash Out
SmartLoans.sg can help you get the best rates for cash out refinancing. As banks change their rates frequently, we will refer you the bank that can give you the best rates at that point of time. SmartLoans.sg provides this service free of charge, as we’re compensated from the banks. It’s a win-win for you, you get the best cash out refinancing rates and it won’t cost you a thing! Send us an enquiry to find out more now!
