UOB Home Loans

UOB is known for their fully-digital home loan solutions which makes it convenient for you as a homebuyer to enjoy an end-to-end home buying service via their partner agencies’ mobile apps. As one of the major local banks in town with 22% market share of Singapore’s private residential housing loan business, UOB home loan packages offer attractive interest rates for private properties and HDBs whether you’re a new homeowner or an experienced property buyer.

Previously, UOB’s mortgage products were linked to fixed deposits and floating interest rate benchmarks such as the Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR). As the SOR rate and SIBOR rate would be phased out in the next 3 or 4 years, and be replaced by the SORA (Singapore Overnight Rate Average) rate, UOB’s housing loans are now pegged to the prevailing board rate or Singapore Overnight Rate Average (SORA). Learn more about the differences between these 3 rates on our SORA vs SIBOR vs SOR comparison page.

To find out if UOB’s packages are for you, let’s take a look at what they have to offer.

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Why Choose UOB Home Loans?

With a total of $432 billion in total assets (as per its latest annual report), UOB is Singapore’s third largest banking group with a global network of more than 500 branches and offices.

It is known as one of the most digital-forward banks in Singapore, being the first to digitalise all consumer banking product applications including home loans services that offers home loan packages for both HDBs and private properties.

UOB used to offer packages with no lock-in period for Buildings Under Construction (BUC), however, they’re currently reviewing their BUC offerings since the switch to SORA-pegged housing loans.

Over 80 years of track record

UOB has been rated with the "AA-" and "Aa1 '' credit ratings, which are among the highest in the world and was accorded the “Best SME Bank in Asia Pacific & Singapore” by The Asian Banker at the International Excellence in Retail Financial Service Awards.

UOB Digital Home Solution

You’ll be able to enjoy a seamless home loan purchase experience with Singapore’s first digital home solution launched by UOB. From determining your preferred home loan amount with the UOB home loan calculator, to getting your home loan approved within minutes online, tap on this end-to-end home buying service at your convenience.

Free conversion for every package

UOB home loan customers can enjoy this one-time privilege at no cost once you’ve completed your lock-in period.

Board interest rate (ML)

ML is one of the home loan interest rates offered by UOB. An alternative to other interest rate benchmarks like Singapore Interbank Offered Rate (SIBOR) or Singapore Overnight Rate Average (SORA), this board rate is calculated and set by UOB.

UOB Property Loan Reduced Instalment Plan

If you’ve suffered some sort of income reduction of at least 25 per cent or loss of employment due to the COVID-19 pandemic, you’ll be eligible for this plan. It’ll help you reduce up to 60% of your loan’s monthly instalment. Note that your loan account should not be more than 90 days past due.

UOB Private Property/Executive Condominium Home Loans

Are you considering buying an executive condominium or private residential property soon? You can compare UOB’s fixed and floating housing loan rates for these properties before you decide on one.


UOB’s floating-rate vs SORA-pegged packages


There are two types of floating-rate mortgages — either pegged to ML (UOB’s board rate which is currently at 0.85% p.a.) or the Singapore Overnight Rate Average (SORA).


UOB’s 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. The rate refresh for UOB’s SORA-pegged packages is every 3 months as the 3-month Compounded SORA rate is updated every 3 months (validated and calculated by the Monetary Authority of Singapore.)


A mark-up, which is called a “spread”, is also charged by UOB in addition to the 3-month Compounded SORA rate. This is a common practice by most banks in Singapore and these 2 components form the total interest rate that determines your monthly payments.


Although both the SORA rate and UOB’s ML rate are validated by MAS, the ML rate isn’t as transparent as compared to the SORA rate due to the fact that ML rate is solely determined by UOB.


Here’s an example to help you understand better: You and your partner plan to buy a private property (it can be either a condominium or landed property) costing $1,500,000.


After UOB assesses your loan-to-value (LTV) ratio, which is your maximum borrowing capacity (75% of the property price), you’re eligible for a UOB home loan of $1,125,000 with a tenure of 25 years. Assuming the total monthly income for the two of you is $15,000, and you’ve picked the 2-year Fixed rate package of 1.30% p.a. (for new loans) the estimated math will be as follows with the help of MoneySmart’s Mortgage Calculator.


Your downpayment:

$300,000 by CPF + $75,000 in Cash = $375,000

(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 $4,395 to $4,628

(based on the increasing interest rate 3M SORA + up to 1.60% p.a. from Year 3 and thereafter)


Other one-time payments*:

$45,000 (buyer’s stamp duties) + $3,000 (legal fee) + $400 (valuation fee) = $48,400


Estimated total payment over 25 years:

$1,500,000 + $48,400 = $1,548,400    


*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-$400 due to the valuation report required. 


Below is an overview of UOB’s housing loan rates for executive condominiums and private properties, for you to have an easier comparison.

UOB Private Property/Executive Condominium Home Loan Rates

UOB SORA rateUOB Board (ML) rateUOB Fixed rateUOB Fixed rate (for new loans only)
Year 1 interest rate3M SORA + 1.20% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a.1.30% p.a.
Year 2 interest rate3M SORA + 1.30% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a. 1.30% p.a.
Year 3 and thereafter interest rate3M SORA + 1.40% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.)3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.)
Lock-in period2 years2 years2 years2 years
Minimum loan$100,000 (1 free conversion after 12 months from the date of first disbursement)$100,000 (1 free conversion if ML increases during the lock-in period)$100,000 (1 free conversion after 24 months from the date of first disbursement)$100,000 (1 free conversion after 24 months from the date of first disbursement)
Partial repayment fee1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)
Cancellation fee1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount

UOB HDB Home Loans

For HDB home loans, UOB has 4 types of packages including the 3-Month compounded SORA Home Loan, Fixed-rate, Floating-rate, and a combination of fixed-rate and floating-rate, which are alternatives to the HDB loan.


Although UOB mortgage rates are often much lower i.e. ranging from 1.30% p.a. to 1.74% p.a., compared to HDB loan’s 2.6% p.a, taking up a UOB home loan package requires a much higher downpayment of 25% (of which at least 5% must be in cash) than the HDB loan which is only 10% (can be fully paid with CPF).


For example, if you and your spouse are keen on taking up a $300,000 SORA-pegged loan with UOB (1 year lock-in period) for a resale HDB flat and the tenure is over 20 years.


The 3-month Compounded (3M) SORA rate is 0.1332% (as of 8 July 2021), the same rate that all banks in Singapore follow for any SORA-pegged home loan packages. Note that you’ll need to include UOB’s “spread” to the 3-month SORA rate (both will form the total interest rate, and determine your monthly instalment amount).


Your downpayment:

$60,000 by CPF + $15,000 in Cash = $75,000

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


Your estimated interest to pay for the first month:

UOB’s spread = 1.25%

3-month Compounded SORA = 0.1332%

0.1332% (3M Compounded SORA) + 1.25% (bank’s spread) = approx. 1.39%

1.39% x $300,000 = $4,170

$4,170 ÷ 12 months = $347.50

(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. $15,000)


Estimated total payment over 20 years:

$300,000 (principal amount) + $43,802.22 (in interest) = $343,802.22


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


Besides the SORA-pegged package, other floating-rate packages include the UOB Board (ML) rate which you can have a look at below. If you’re more risk-averse, you may want to consider UOB’s fixed-rate loan packages instead of floating-rate ones.

UOB HDB Home Loan Rates

UOB SORA rateUOB Board (ML) rateUOB Fixed rateUOB Fixed rate (for new loans only)
Year 1 interest rate3M SORA + 1.25% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a.1.30% p.a.
Year 2 interest rate3M SORA + 1.25% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

1.40% p.a. 1.30% p.a.
Year 3 and thereafter interest rate3M SORA + 1.40% p.a.

ML* + 0.65% p.a.

*The ML rate is at 0.85% p.a. (as of July 2021).

3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.)3M SORA + 1.30% p.a. (spread can go up to 1.60% p.a.)
Lock-in period1 year2 years2 years2 years
Minimum loan$100,000 (1 free conversion after 12 months from the date of first disbursement)$100,000 (1 free conversion if ML increases during the lock-in period)$100,000 (1 free conversion after 24 months from the date of first disbursement)$100,000 (1 free conversion after 24 months from the date of first disbursement)
Partial repayment fee1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)1.50% of the amount repaid (min. $5,000)
Cancellation fee1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount

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UOB Home Loans Refinancing vs Repricing

Is refinancing or repricing your home loan worth considering?


If your existing home loan charges you more than 1.50% p.a. interest, you might want to consider refinancing or repricing your housing loan as you may be paying more than current market interest rates.


Refinancing is not the same as 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.


Most of UOB’s current home loans refinancing rates do not exceed 1.50% interest, with the highest at 1.74%. So refinancing your housing loan with UOB may help you reduce your monthly repayment amount by switching to a lower interest rate. 


Learn more about these rates and how you can go about refinancing your home loan at our UOB Home Loans Refinancing page.

How To Apply For Your UOB Home Loan

When it comes to applying for your home loan as a new home buyer or someone who is looking to refinance a home loan, we understand that it can be quite daunting at times. That’s why we’d like to make it a more hassle-free and enjoyable experience for you.

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UOB Home Loan Application Process and Fees

Here are 5 steps to the UOB Home Loan application process

Step 1

Get in touch with us and submit your documents

Don’t try and figure out the best housing loan package by yourself. If you can’t decide and unsure of what to do next, get in touch with our mortgage team as soon as possible.

We’ll liaise with the UOB Mortgage Relations team on your behalf and do up a list of recommended UOB Home Loan packages for you to choose from, depending on your loan-to-value (LTV) ratio.

The documents required for application include:

  • Your SingPass MyInfo login
  • 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

Getting your home loan approval

Once you’ve picked your preferred UOB home loan, your application will be processed by our mortgage specialist team.

Thereafter, you’ll sign the Letter of Offer, OTP and other related documents, and your home loan approval will be done at this stage. Also, you’ll need to pick an agreed time with the seller to submit the resale application (if you’re getting a resale flat or private property).

Step 3

Know the relevant fees and charges

You’ll have to 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).

Note that cancelling the loan after signing the Letter of Offer will incur extra costs as you’re required to pay 1.50% of the undisbursed loan amount.

Step 4

Be informed of your appointment date

Our mortgage specialist team and HDB (if you’re purchasing a HDB flat) will notify you of your property purchase completion appointment date.

If you’re buying a private property, your/UOB’s 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

The final step is to make sure you’ve signed all the legal documents for the transfer of property, and paying of legal fees, valuation fees (if applicable).

And you’re ready to collect the keys from the seller and receive your bank letter from UOB on your loan disbursement and monthly instalment amount.

Why You Should Apply For UOB Home Loans Through Us

Save time & effort

Live a stress-free life as we take charge of your home loan application. With the help of our mortgage team, you’ll get the proper guidance you need for a smooth journey towards securing your housing loan.

Get better deals

There’s an array of housing loan packages in the market. Lucky for you, it’s in our DNA to compare and assess home loan packages offered by different banks in Singapore. By doing so, we ensure that you get only the best UOB mortgage rates.

No strings attached

Reach out to us for financial advice at zero cost. Yes, our service is free of charge. We simply get a standard referral fee from banks for our services. Even so, we put our customers first and provide unbiased advice all the time.

UOB home loan promotion

Compare and apply for a home loan package through us, so you can enjoy up to $640 worth of free gifts such as Samsung Digital Lock or Apple 32GB iPad and more . After you apply for a loan, we will send you an email with detailed instructions on how to claim your vouchers.

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Receive up to $640 worth of gifts when you apply for a home loan with us!

Learn More

UOB Home Loan Singapore Review 2019 — Which Mortgage to Choose?

Best Home Loans in Singapore (2020) — How to Pick the Best Mortgage for Your Property

How to Refinance Your Home Loan in Singapore & Save Money on Your Mortgage

Frequently Asked Questions

What is UOB’s ML rate?

UOB’s ML rate is the bank’s board rate. It is calculated based on factors affecting UOB’s cost of business which include market rates, funding costs, credit costs, acquisition costs, just to name a few. The ML rate will fluctuate over time and is currently at 0.85% p.a. (as of July 2021).

How do I repay my UOB home loan?

Once you decide to repay your UOB home loan, you have the option to use cash or CPF savings. Alternatively, if don’t have enough funds, you may use cash and your CPF savings together. If you decide to use your CPF savings, your acting lawyer must seek approval from the CPF Board first.

How do I calculate my UOB monthly repayments?

To find out how much you need to pay on a monthly basis, simply enter your desired loan amount, interest rate and loan tenure in our Mortgage Calculator.

Can I get a UOB home loan for an overseas property?

If you’re planning to purchase an overseas property in Australia, UK, Japan, Thailand or Malaysia, you can apply for UOB overseas property loan. However, do note that only major cities in these countries are covered.

Is fire insurance mandatory for UOB home loan?

Generally, HDB homeowners and private residential property homeowners are required to purchase fire insurance in Singapore.

Is repricing better than refinancing?

Yes and no. Repricing with the same bank that is currently financing your home may not be the cheapest option. But it does save you the legal fees that refinancing with another bank incurs. Our mortgage team can help do the math and figure out which one is more cost-effective for you.

How will the Loan-to-value (LTV) ratio affect your loan?

Loan-to-value (LTV) ratio determines your maximum borrowing capacity (which is usually 75% of the property price) 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 usually computed based on the purchase price or market value of the property, or whichever is higher.

Are legal fees necessary for my loan?

Legal fees are required to be paid to property lawyers only if you purchase a private property or you’re refinancing for a new HDB/executive condo/landed property. It is usually for the processing of your private property’s home loan or part of the refinancing process.