If I am servicing a bank loan for my HDB flat, can I extend the loan tenure if I refinance the loan?
The maximum loan tenure cannot exceed 30 years for HDB flats and 35 years for private properties, but the actual tenure that you’re offered may be shorter depending on your age and the years left on your property.
If the tenure of your original home loan was reduced by your age or lease of your property, then refinancing would not help you extend your tenure.
In addition, banks tend to look at when you purchased your property, and deduct that period from the tenure they are willing to offer you.
The only time when refinancing can help you get a longer tenure is if you took a short tenure loan previously, and would now like to stretch it to the maximum period you’re entitled to.