DBS Home Loans

DBS, with a whopping $646 billion in total assets (as per its latest annual report), is the largest bank in Singapore that offers home loan packages for both HDBs and private properties.

Whether you’re looking to purchase your first home loan or to refinance your existing home loan, DBS has a range of packages for you to choose from, with additional benefits including coverage against loss of income, and home loan instalment transactions. If you’d like to find out more about SORA vs SIBOR vs SOR rates, you can read about it on our comparison page.

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Why Choose DBS Home Loans?

As the largest bank in not only Singapore, but also Southeast Asia, with $646 billion in total assets and over 10.7 million consumer banking customers, DBS is one of the most trusted banks with over 5 decades of financial expertise as a major lender. Moreover, it is known for offering benefits such as the DBS Home Payment Care scheme which provides coverage for you in case you lose your income, bonus interest on your savings, and more.

Over 50 years of track record

With over 50 years of track record as a renowned bank offering affordable mortgage loans in Singapore, DBS has the "AA-" and "Aa1 '' credit ratings, which are among the highest in the world. What’s more, it has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years.

Protection against income loss

DBS’ Home Payment Care is an insurance coverage for a period of 6 months that is exclusively for new HDB Home Loan customers who finance their completed HDB flat with DBS. If you’re in this category of new customers, you can be insured with up to 3 monthly Home Loan instalments, capped at S$2,500 per month, Accidental Permanent Disability Benefit of up to S$30,000 and Accidental Death Benefit of up to S$30,000.

Bonus interest on DBS Multiplier account

If you have a DBS Multiplier Account, you can earn bonus interest on your savings as long as you credit your salary. Your DBS housing loan instalments will count towards calculating your monthly bonus interest.

Bridging loans for homes

Most banks offer bridging loans for business enterprises, but DBS is among the few banks which offer bridging loans for homeowners to pay for the downpayment of a new property purchase while waiting for the sale proceeds from the existing property. The tenure of these loans are 6 months, relatively short term, with low fees and competitive interest rates.

Free online home loan calculators

DBS’ mortgage rate and housing loan calculators on their website are useful tools to estimate the costs for either fixed or floating-rate home loans. However, it still helps to compare rates offered by other banks to avoid missing out on better mortgage deals, which is when MoneySmart’s Home Loans comparison wizard can come in handy.

DBS Private Property/Executive Condominium Home Loans

If you’re considering buying an executive condominium or private residential property, DBS offers both fixed and floating home loan rates for these properties.


DBS’ floating-rate vs SORA-pegged packages


DBS offers two types of floating rate mortgages — either FHR6 (DBS’ 6-month fixed deposit interest rate which is published on DBS’ website) or pegged to Singapore Overnight Rate Average (SORA).


DBS’ SORA-pegged packages are based on the SORA rate which is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market. As the name suggests, the 3-month SORA rate is updated every 3 months, validated and calculated by the Monetary Authority of Singapore (MAS), so your home loan package will update every 3 months as well. 


On top of the 3-month SORA rate, DBS also charges a mark-up, which is called a “spread”. These 2 components form the total interest rate, and is what determines your monthly payments.


Unlike the SORA-pegged packages, DBS’ FHR6 home loans are pegged to DBS’ 6-month average fixed deposit rate. Although both the SORA rate and DBS’ FHR6 rate are validated by MAS, the FHR6 rate isn’t as transparent as compared to the SORA rate as it’s still a type of board rate which is still entirely determined by DBS and there is a margin by which DBS can adjust the FHR6 rate.


For example, you and your partner plan to buy a private property (whether it’s a condominium or landed property) costing $1,750,000 while taking up a DBS housing loan (DBS FHR6 rate package with a cap of 2.0% p.a.) of $1,312,500 with a tenure of 24 years.

Disclaimer: These computations are for illustration purposes only. Actual interest rates may vary. 


Assuming the total monthly income for the two of you is $20,000, the estimated math will be as follows with the help of MoneySmart’s Mortgage Calculator.


Your downpayment:


$350,000 by CPF + $87,500 in Cash = $437,500 

(at least 5% of the property price to be paid in cash which comprise of the option fee & option exercise fee, and 20% to be paid in CPF)


Your estimated monthly instalment:

It’ll range from $5,430 to $5,742

(based on prevailing interest rates of 1.5% to 2%)


Other one-time payments*:

$54,600 (buyer’s stamp duties) + $5,250 (legal fee) + $400 (valuation fee) = $60,250


Estimated total payment over 24 years:

$1,750,000 + $60,250 = $1,810,250


*Buyer’s stamp duties fee is usually about 3% to 4% of the purchase price of the private property - a form of tax payable to the government for registration of purchase of the property. Legal fees are often paid to property lawyers for the processing of the private property’s home loan. Banks will usually have their own panel of licensed valuers and the valuation fee for a private property can range from $200 to $400 due to the valuation report required.

DBS HDB Home Loans

If you’re financing an HDB flat, you can opt for either the HDB loan or a bank loan such as a DBS HDB housing loan. 


The most obvious difference is that bank interest rates are often much lower i.e. ranging from 1.00% p.a. to 1.40% p.a., compared to HDB loan’s 2.6% p.a.


However, a bank loan requires a much higher downpayment of 25% (of which at least 5% must be in cash) whereas the HDB loan requires only 10% (can be fully paid with CPF).



Here’s an example to help you understand better:

Disclaimer: These computations are for illustration purposes only. Actual interest rates may vary. 

Assuming that you and your partner are keen on taking up a $500,000 SORA-pegged loan with a tenure of 25 years for a resale HDB flat.


The 3-month Compounded (3M) SORA rate is 0.1332% which is the same rate that all banks in Singapore follow for any SORA-pegged home loan packages.


On top of the 3-month SORA rate, DBS also charges a mark-up, which we call a “spread”. Those 2 components form the total interest rate, and is what determines your monthly payments.


Your downpayment:

$100,000 by CPF + $25,000 in Cash = $125,000 

(20% of the total loan among paid with your CPF and a minimum 5% of the total loan amount paid in cash)


Your interest to pay for the first month:

DBS’ spread = 0.80%

3-month Compounded SORA = 0.1332%

0.1332% (3M Compounded SORA) + 0.80% (bank’s spread) = approx. 0.94%

0.94% x $500,000 = $4,700

$4,700 ÷ 12 months = $392

(based on the 3-month Compounded SORA rate which will fluctuate over time)


Other one-time payments:

$1,000 + $4,000 (option fee + option exercise fee) = $5,000

(this $5,000 is considered a deposit which forms part of the downpayment paid in cash i.e. $25,000)


Total payment over 25 years:

$500,000 (principal amount) + $61,244 (in interest) = $561,244


*All above calculations are estimated using MoneySmart’s Mortgage Calculator.

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DBS Home Loans Refinancing vs Repricing

Should you consider refinancing or repricing your home loan?


Does your existing home loan charge you more than 1.4% interest? If it is, you might want to consider refinancing or repricing your home loan as you’re most likely paying more than what you really need to.


There’s a difference between refinancing and repricing if you’re wondering. While refinancing means financing your current home with another bank instead of the current bank you’re with, repricing refers to switching to a new home loan package offered by the same bank that you’re currently financing your home with.Find out more about these rates and how you can go about refinancing your home loan at our DBS Home Loans Refinancing page.

How To Apply For Your DBS Home Loan

As a new home buyer or a first-timer at refinancing, applying for your mortgage loan can be quite a daunting task. We understand that and would like to give you a hand to make it a more hassle-free and enjoyable experience.

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DBS Home Loan Application Process and Fees

Here are 5 steps to the DBS Home Loan application process

Step 1

Submit your documents through us

Before you get too excited about getting your own home, make sure that your documents are complete and correct. Then leave everything to us and we’ll get the ball rolling.

We’ll liaise with the DBS Home Advice Specialist team on your behalf and do up a list of recommended DBS Home Loan packages for you to choose from, depending on your loan-to-value (LTV) ratio, which is the amount that you are allowed to borrow to finance your home based on your total monthly income and other ongoing loans or financial liabilities you may have.

The documents required for application include:
  • DBS application form
  • NRIC
  • Option to Purchase
  • Proof of income (CPF contribution history up to the last 12 months, latest Income Tax Notice of Assessment, latest computerised payslip)
  • Latest available statement for all existing credit facilities
  • HDB flat information and financial information value confirmed by HDB / Private property information

Step 2

Acceptance of your chosen loan

After you’ve picked your preferred DBS home loan, our mortgage specialist team will help process your application.

Thereafter, you’ll sign the Letter of Offer, OTP and other related documents, and your home loan approval will be done at this stage. If you’re getting a resale flat or private property, this is the time to agree with the seller when to submit the resale application.

Step 3

Fees and charges payable by you

Pay the Option fee to the seller (or pay both the Option fee and Option Exercise fee to the seller, as well as the relevant buyer’s stamp duties fee, if you’re getting a private property).

If you decide to cancel the loan after signing the Letter of Offer, you’ll be required to pay 0.75% of the undisbursed loan amount.

Step 4

Receive your appointment date

Be notified by our mortgage specialist team and HDB (if you’re purchasing a HDB flat) of your property purchase completion appointment date.

If you’re buying a private property, your lawyer will inform you to pay the remaining downpayment in cash or CPF if you have not done so and set a date to sign mortgage documents at the lawyer’s office.

Step 5

Complete your new home or resale purchase

You’re almost there! Just one step closer to getting your new home after you’ve signed all the legal documents for the transfer of property, and paying of legal fees, valuation fees (if applicable).

Finally, collect the keys from the seller and receive your bank letter from DBS on the loan disbursement and the monthly instalment amount.

Why Get Your DBS Home Loan Through Us?

Simple, fast, convenient

Leave your home loan research to us and we’ll 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.

Get better deals

Feeling so spoilt for choice you can't 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 current home loan packages by DBS to ensure that you get the best DBS mortgage deals.

It's free!

Our service to you is free. But, of course we’re 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.

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Frequently Asked Questions

How do I repay my DBS Home Loan?

You may use cash, CPF savings, or cash and CPF (if you have insufficient funds to cover the monthly instalments in full). Do note that if you decide to use your CPF, your acting lawyer must seek approval from the CPF Board first.

How do I calculate my DBS Home Loan monthly payment?

All you have to do is fill in your desired loan amount, interest rate and loan tenure in our Mortgage Calculator to find out how much you need to pay.

What happens if I pay my loan off early?

If you intend to pay off your loan early, you must give a 3-month notice. After which, your title deed will be given back to you upon discharge of your mortgage. Although, you may need to pay for penalties depending on the package you signed up for.

Can I get DBS Home Loan for an overseas property?

Yes, DBS offers overseas property financing for properties in London and Australia at competitive interest rates.

How to do DBS Home Loan partial repayment?

To make a partial repayment, you must submit a request 1 month in advance. You have the option to pay in cash or use your CPF savings.

Can I refinance my DBS home loan?

Yes, you may refinance your DBS Home Loan through us. We’ll help you find the most suitable home loan, so you can save on interest rates.

Is repricing the same as refinancing?

No. Refinancing means switching your current home loan to another bank, while repricing refers to switching to a new home loan package offered by the same bank that you’re currently financing your home with.

Is refinancing a good decision?

It depends on how much you’re currently paying for your home loan. If other banks are offering much lower interest rates, refinancing your home loan with another bank may help reduce your monthly repayment amount. However, refinancing does incur with legal fees so it may not be worth the cost.

What is Loan-to-value (LTV) ratio?

Loan-to-value (LTV) ratio determines the amount that you are allowed to borrow to finance your home based on the bank’s assessment on your total monthly income and other ongoing loans or financial liabilities you may have.

What is the Buyer's stamp duties (BSD) fee?

Buyer’s stamp duties (BSD) fee is usually about 3% to 4% of the purchase price of the private property — a tax payable to the government for registration of purchase of the property. BSD is computed based on the purchase price or market value of the property, whichever is higher.

Do I need to pay legal fees for my private property purchase?

Yes, you need to pay legal fees to property lawyers in order to process your private property’s home loan.

How much are valuation fees?

Banks often have their own panel of licensed valuers. The valuation fee for a private property can range from $200 to $400 due to the valuation report required.