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Compare The Best Home Loan Rates in Singapore

New Home Loans
Refinance Home Loan
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How to Get a Home Loan in Singapore?

  • Know your loan eligibility

    Wondering how much you can borrow? We can help you with that. Your loan amount is determined by your Total Debt Servicing Ratio (TDSR) or Mortgage Servicing Ratio (MSR) implemented by banks. Reach out to us, so you can find out your loan eligibility quickly.

  • Get your In-Principle Approval (IPA)

    Gone are the days when you’d have to visit banks for your In-Principle Approval. We’ve streamlined the process to make it easier and faster for you to get one. Simply gather the required documents, submit everything to us and wait for approval.

  • Apply for home loan

    Once you get your IPA, you’re all set for the next step – getting the best home loan in Singapore. If you’re buying an HDB flat, you can apply for an HDB housing loan or a bank loan. If you’re eyeing a private property, you can only get a home loan from banks or financial institutions.

Home Loan for Private Property in Singapore

Financing for private properties can only be done through banks or other financial institutions. Private property buyers with varying risk tolerance and monthly instalment budget can choose from a wide range of home loan packages. If you’re looking at financing a private property that’s still under construction (BUC), it’s ideal to choose a housing loan without a lock-in period, so that you can refinance to a lower interest rate eventually. For completed or resale private properties, there are competitive home loans with fixed or floating interest rates from major banks in Singapore. Do note that HDB loan is not applicable to private properties.
BUC (Building Under Construction) and Resale Interest Rates
PROPERTY STATUSBANKPRODUCTLOCK-INYEAR 1 RATEHIGHLIGHTS
BUCOCBCOCBC 3-month SIBOR (BUC)0 years1.24%
BUCMaybankMaybank 3-months SIBOR (BUC)0 years1.29%
BUCStandard CharteredSC Bank 3-month SIBOR (BUC)(2)0 years1.29%
ResaleMaybankMaybank 3-month SIBOR 1 year1.29%
ResaleStandard CharteredSC Bank 3-month SIBOR (2)2 years1.29%
ResaleCIMBCIMB 2yrs Fixed (Preferred)2 years1.3%
Get more rates

Home Loan for HDB in Singapore

HDB home buyers have the option of applying for an HDB housing loan as long as at least one buyer is Singaporean. Aside from this, they must meet the maximum household income, private property ownership, and commercial property ownership eligibility conditions. If you qualify, you can choose to take out an HDB loan for your BTO or resale flat purchase. Choosing a BTO flat means that you’re not in a rush to move into a new home yet. At times, other home buyers go for a resale flat because they simply can’t wait to buy a home. Location is also a key consideration for them.
BTO (Build To Order) and Resale Interest Rates
PROPERTY STATUSBANKPRODUCTLOCK-INYEAR 1 RATEHIGHLIGHTS
ResaleMaybankMaybank 3-month SIBOR 1 year1.29%
ResaleStandard CharteredSC Bank 3-month SIBOR (2)2 years1.29%
ResaleHSBCHSBC 1-month SIBOR (1)2 years1.3%
Get more rates

Bank Loan vs HDB Loan

We know that home buyers in Singapore are always faced with the dilemma of choosing between a bank loan or an HDB loan. Several factors come into play in the decision-making process. The final decision boils down to financial capacity.
Typically, risk-averse HDB home buyers decide on getting an HDB mortgage. Why? Because HDB is perceived to be more lenient on repayments. The 10% downpayment is also less heavy on the pocket.
While bank loan interest rates fluctuate, they’re usually lower than HDB’s fixed interest rate of 2.6%, With banks, home buyers have more options to choose from. They offer home loan packages with a fixed or floating interest rate. Moreover, all you really need is a good credit score.
Whether you’re an HDB buyer under an HDB home loan package or a private property buyer tied to a bank loan, you can refinance your home loan to save on monthly instalments in the long run.
Let's Compare
FeatureBank LoanHDB Loan
Interest Rate1.95 - 2.8%2.6%
Loan-to-Value (LTV) Ratio75%90%
Downpayment5% CashCash/CPF

Things to Know When Choosing Your Home Loan

Fixed Rates

As the name suggests, a fixed interest rate allows you to lock in a fixed rate for 2–5 years, depending on your chosen loan tenure. This means your monthly instalments will be the same until the next cycle of your loan tenure or when the lender changes the rate under certain circumstances. With this type of interest rate, you’ll be able to allocate your budget for the monthly instalments properly since the rates are more stable and fixed. However, at the end of your fixed rate loan tenure, your home loan package will change to a floating rate. Because of this, most home buyers refinance to a fixed loan once again.

Floating Rates

There are 3 different types of floating rates in Singapore. Board rates, SIBOR-pegged floating rates and fixed deposit. These rates are variable, which means they can go up or down at any time.

How these rates fluctuate is dependent on the different factors summarised below.

Board RateSIBORFixed Deposit Rate
In a nutshellInterest rate changes based on the bank’s internal decisions.Fluctuates based on interbank interest rates.Rates change based on the bank’s fixed deposit rates.
VolatilityUsually increases quarterly.Rates can go up or down drastically as it reacts to U.S. Fed rates.Movement depends on internal factors set by the bank
Frequency of ChangeDepends on market conditions. Sometimes, the rate stays the same for more than a year. At times, it can change more than once a year.Rate tends to move up or down, but it usually stabilises and remains the same for at least 6 months to 1 year.Relatively stable since fixed deposit rates don’t change frequently.
TransparencyNot transparent because the rates are set internallyHighly transparent because the rates are published and monitoredPartially transparent because the deposit rates are published

Home Loan Lock-in Period

The lock-in period depends on your chosen home loan package. Typically, it’s between 1–5 years. In the case of a fixed interest rate home loan, your monthly repayments will be the same for the duration of your lock-in period.

Fees & Penalty

If you choose to pay your loan in advance during the lock-in period, you may be charged an early repayment fee of 1%–1.5%, depending on your loan package. These days, if you sell your property within the lock-in period, some banks will waive the penalty fee especially when there’s a waiver clause included in your home loan package. If there’s none, you may enter a negotiation with your bank to waive the fee. In some cases, banks do grant the waiver especially when the borrower returns to the same bank with a new loan.

Promotions

Apply for a home loan through us and receive up to $500 worth of Takashimaya vouchers.

Things to Know When Choosing Your Home Loan

Fixed Rates

As the name suggests, a fixed interest rate allows you to lock in a fixed rate for 2–5 years, depending on your chosen loan tenure. This means your monthly instalments will be the same until the next cycle of your loan tenure or when the lender changes the rate under certain circumstances. With this type of interest rate, you’ll be able to allocate your budget for the monthly instalments properly since the rates are more stable and fixed. However, at the end of your fixed rate loan tenure, your home loan package will change to a floating rate. Because of this, most home buyers refinance to a fixed loan once again.

Floating Rates

There are 3 different types of floating rates in Singapore. Board rates, SIBOR-pegged floating rates and fixed deposit. These rates are variable, which means they can go up or down at any time.

How these rates fluctuate is dependent on the different factors summarised below.

Home Loan Lock-in Period

The lock-in period depends on your chosen home loan package. Typically, it’s between 1–5 years. In the case of a fixed interest rate home loan, your monthly repayments will be the same for the duration of your lock-in period.

Fees & Penalty

If you choose to pay your loan in advance during the lock-in period, you may be charged an early repayment fee of 1%–1.5%, depending on your loan package. These days, if you sell your property within the lock-in period, some banks will waive the penalty fee especially when there’s a waiver clause included in your home loan package. If there’s none, you may enter a negotiation with your bank to waive the fee. In some cases, banks do grant the waiver especially when the borrower returns to the same bank with a new loan.

Promotions

Apply for a home loan through us and receive up to $500 worth of Takashimaya vouchers.

Things to Know When Choosing Your Home Loan

Board RateSIBORFixed Deposit Rate
In a nutshellInterest rate changes based on the bank’s internal decisions.Fluctuates based on interbank interest rates.Rates change based on the bank’s fixed deposit rates.
VolatilityUsually increases quarterly.Rates can go up or down drastically as it reacts to U.S. Fed rates.Movement depends on internal factors set by the bank
Frequency of ChangeDepends on market conditions. Sometimes, the rate stays the same for more than a year. At times, it can change more than once a year.Rate tends to move up or down, but it usually stabilises and remains the same for at least 6 months to 1 year.Relatively stable since fixed deposit rates don’t change frequently.
TransparencyNot transparent because the rates are set internallyHighly transparent because the rates are published and monitoredPartially transparent because the deposit rates are published

How To Apply for a Home Loan

1

Compare the best home loan packages

At MoneySmart, we give you an overview of the latest home loan packages available in the market. With just a few clicks, you’ll be able to compare the best interest rates from our financial partners.

2

Get in touch with our Mortgage Specialist

From knowing your loan eligibility to getting your IPA, we’ll fill you in with all the pertinent details regarding HDB mortgage and private property loan. Our Mortgage Specialists will help you throughout the process and give you unbiased advice.

3

Apply for your home loan

Once you have your IPA, we can get started with your home loan application. We understand that this is a major life decision and we’re here to guide you. With our help, the home loan application process can be completed within 2 working days. Although, some foreign banks may take up to a week to complete.

Hi, I am Cris

More about me

I am a loan consultant at MoneySmart. My team is here to help you make the right mortgage choices. Book a call so that we can review your needs.

Book a call now

Why Get Your Home Loan Through Us?

Simple, Fast, Convenient

Leave your home loan research to us and we will break it down for you in simple terms. Our Mortgage Specialist will contact you directly so you can save time for other important things in life.

We compare so you get better deals

Feeling so spoilt for choice you cannot decide? Settling for the first option is like being forced to marry the first person you come across on a dating app. Don’t feel pressured. We compare across all banks in Singapore to ensure that you get the best deals.

Most importantly it's free!

Our service to you is free. But, of course we are not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.

Why Get Your Home Loan Through Us?

HDB landscape

We have helped 5,024 Singaporeans choose and apply for their home loans

I am a fan of MoneySmart for a long time. It’s like a one-stop shop to know what are the best deals. Saves time because there is no need to go to other sources anymore. More than that, I trust them with their information

Aaron Wong

Having refinanced previously through MoneySmart, I can say with confidence that the entire process was very smooth and pleasant. The brokers are exceptionally helpful and it only took a few weeks

Jenny Chua

Nobody wants to buy a house right now, but to find the right information, websites like Moneysmart are greatly helpful

Tan Shau Huan

We Work with All Major Mortgage Providers

  • OCBC Home Loan Logo
  • UOB Home Loan Logo
  • DBS Home Loan Logo
  • Standard Chartered Logo
  • HSBC Home Loan Logo
  • Citibank Home Loan Logo
  • Maybank Home Loan Logo
  • CIMB Home Loan Logo
  • Hong Leong Finance Home Loan Logo
  • Bank of China Home Loan Logo
  • RHB Home Loan Logo

Helpful Mortgage Loan Calculators, Tools, and Trends

TDSR Calculator

Check how much you can borrow

Property Tax Calculator

Check how much tax you will have to pay annually

Stamp Duty Calculator

Check how much tax you will have to pay

MSR Calculator

Check amount usable for HDB and EC housing loan

Mortgage Calculator

Check monthly repayments for your home loan

Progressive Payment Calculator

Check how much you pay at each stage of construction

Property Valuation Calculator

Check valuation of any residential property in Singapore

SIBOR Rates & Trends

See SIBOR rate historical chart

SOR Rates & Trends

See SOR rate historical chart

SIBOR vs SOR

See SIBOR and SOR rate historical chart

Helpful Mortgage Loan Calculators, Tools, and Trends

Learn More about Home Loans

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3 Key Factors You Should Know When Using Your CPF to Purchase Property

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Frequently Asked Questions

Which bank’s home loan is the best currently?

Home loan packages from banks are changing ever so rapidly during this period of time when the interest rates environment is volatile. This means that there is no one bank that will constantly offer the best package. Comparison is where our expertise lies. Use our website to compare different packages in a systematic and simple manner. On top of that, our advisers will also drop you a call to further clarify any doubts and refer you to the bank that best suits your needs.

What is the best home loan interest rate?

The best home loan interest rate is subjective. A fixed interest rate package is usually higher since you are paying a premium for stability. This is viewed as the best package for someone who is risk-averse but might not be the best for someone who is willing to take a little more risk and enjoy more savings with a floating rate package. Compare different packages using MoneySmart’s website and contact our mortgage specialists. They will clarify your doubts and refer you to the bank that best suits your needs.

Should I go to the bank directly or go with MoneySmart?

MoneySmart is a one-stop solution when it comes to getting a housing loan. We are able to offer packages from all the banks in Singapore as we are partners with all of them. After our advice, trusted mortgage specialists from specific banks selected by MoneySmart will reach out to you directly to assist you with the loan application.

The benefit of using MoneySmart is that you don’t need to walk into every individual branch from different banks and you do not need to wait for days for a specialist from the bank to give you a call.

The packages that you get through MoneySmart is either the same as what the banks are offering you or even lower. Best of all, our service is free. The banks pay us a standard referral fee so we are able to provide unbiased advice and recommendations to you.

Is my interest rate fixed during the lock-in period?

No, this is a common misconception. Your rates are not fixed during the lock-in period unless you specifically take up a Fixed Rate package.

Can foreigners get a home loan in Singapore?

It’s possible for foreigners to apply for a home loan in Singapore. However, it’s only limited to bank loans for private properties. Foreigners don’t qualify for an HDB home loan.

What is SIBOR Rate?

SIBOR a.k.a. Singapore Interbank Offered Rate is a type of floating rate used by banks for their mortgage packages. In a nutshell, SIBOR is based on the interest rates used by banks in Singapore when they lend or borrow unsecured funds from each other.

Can I get a home loan with bad credit?

While it may be challenging to apply for a home loan with bad credit, banks will first assess your credit standing and financial health. After which, they can either consider your application by granting a lower loan amount or completely reject it.

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