Compare The Best Mortgage Home Loan Rates in Singapore

Refinance Home LoanNew Home Loan

How do I get a bank home loan?

  • Your max loan amount

    Wondering how much HDB, condo, or landed property home loan you can get from the bank? Your maximum loan amount is determined by the loans you currently have – measured by the Total Debt Servicing Ratio (TDSR) or Mortgage Servicing Ratio (MSR), which you can calculate with our home mortgage loan calculators.

  • In-Principle Approval (IPA)

    Next, you need to get a HDB Loan Eligibility (HLE) if you intend to take a home loan from HDB, or an In-Principle Approval (IPA) if you are getting a mortgage loan from the bank. But, what are they? A HLE or IPA is simply a letter issued by HDB or the bank, stating (and promising you) the maximum home loan amount you can take.

  • Apply for a home loan

    Once you get your IPA, you’ll have around 30 days to pay the Option To Purchase (OTP) fee for your HDB or private property before your IPA expires. After that, you'll have 21 days (or a few months for new HDB BTO) to exercise your OTP by making the relevant down payment, and getting your preferred bank home loan approved and submitted before your OTP expires.

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Types of Home Loans in Singapore

  • Private Property

    In Singapore, private properties refer to landed houses, Executive Condominiums (EC), and condominiums.
    Read More →

  • HDB

    Buying a HDB resale flat, a new HDB BTO (Built-to-Order), or a HDB SBF (Sale of Balance Flat), these are all considered HDB properties.
    Read More →

  • HDB Loan vs. Bank Loan

    Not too sure if you should get a home loan from HDB or from a bank? Here are the pros and cons you should consider.
    Read More →

Home Loans For Private Properties

  • Buying a private or landed property in Singapore? You can only finance a mortgage through banks or other financial institutions. Depending on your risk tolerance and monthly instalment budget, you can choose from a wide range of home loan interest rates and packages.

  • Private properties still under construction (BUC)

    If your condo, private or landed property is still building or under construction, it’s best to choose a bank loan without a lock-in period so that you can reprice or refinance to a lower interest rate eventually.

  • Completed or resale private properties

    If you are buying a completed or resale private property, there are competitive home loans with fixed or floating interest rates from major banks in Singapore that you can choose from. Do note that you cannot take HDB loans for private properties.

  • Check out the latest mortgage home loan interest rates offered by major banks in Singapore for resale private properties, and private properties that are still under construction (BUC) below:

Home Loans For Private PropertiesHome Loans For Private Properties

BUC (Building Under Construction) and Resale Interest Rates

PROPERTY STATUSBANKPRODUCTLOCK-INYEAR 1 RATE
BUCOCBCOCBC 3 Month SIBOR Floating Rate0 years1.24%
BUCMaybankMaybank 3 Month SIBOR Floating Rate0 years1.29%
BUCStandard CharteredSCB 3 Month SIBOR (BUC 2) Floating Rate0 years1.29%
ResaleMaybankMaybank 3 Month SIBOR Floating Rate1 year1.29%
ResaleStandard CharteredSCB 3 Month SIBOR (2) Floating Rate2 years1.29%
ResaleCIMBCIMB 2 Years Fixed Interest Rate (Preferred)2 years1.3%

Home Loan for HDB in Singapore

  • If you're buying a HDB in Singapore, you can apply for the HDB housing loan if either you or your spouse is a Singaporean. However, your income must be lower than the maximum household income limit, and you cannot own any private or commercial properties to qualify. What is the HDB housing loan interest rate? It's 2.6% and it's calculated this way: take the current CPF Ordinary Account interest rate, and add 0.1% to it. That's to say, the HDB housing loan interest rate can theoretically change if your CPFOA interest rate changes – but it's well known that these interest rates are unlikely to change.

  • Check out the latest mortgage home loan interest rates offered by banks for HDB BTO and resale HDBs below:

Home Loan for HDB in SingaporeHome Loan for HDB in Singapore

HDB BTO (Build To Order) and Resale Interest Rates

Property StatusBankProductLock-inYear 1 Rate
ResaleMaybankMaybank 3 Month SIBOR Floating Rate1 year1.29%
ResaleStandard CharteredSCB 3 Month SIBOR (2) Floating Rate2 years1.29%
ResaleHSBCHSBC 1 Month SIBOR (1) Floating Rate2 years1.3%
BTOMaybankMaybank 5 Years Fixed Interest Rate5 years1.4%
BTOStandard CharteredSCB 3 Years Fixed Interest Rate3 years1.25%
BTOHSBCHSBC 3 Years Fixed Interest Rate3 years1.3%

HDB Loan vs Bank Loan

  • "Which is better – HDB loan or bank loan? Should I get a home loan from my bank? How does a HDB bank loan work?" If you're struggling with these questions, fret not. Whether you get a HDB loan or bank loan, it really depends on your financial capability and risk profile. If you are someone who prefers not to take risks with your finances, then the HDB mortgage loan will suit you. Why? Because HDB housing loan's interest rate is fixed at 2.6%, has a lower 10% downpayment (that's further split into 2 payments), and is known to be lenient on mortgage repayments.

  • If you are open to financial risks, have financial discipline to reprice and refinance your mortgage every few years, and have a good credit score, then you should consider the wide variety of bank home loan packages – with fixed or floating SIBOR interest rates that are lower than HDB's interest rate.

HDB Loan vs Bank LoanHDB Loan vs Bank Loan

What is the difference between Bank Loans and HDB Loans?

FeatureBank LoanHDB Loan
Interest Rate1.95-2.8%2.6%
Loan-to-Value (LTV) Ratio75%90%
Downpayment5% CashCash/CPF

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How To Choose The Best Home Loan?

Which home loan is best for me? If you've browsed through the different banks' mortgage loans, you'll realise there are numerous packages and interest rates you can choose from – and lots of jargons to boot. SIBOR, LTV, lock-in period, floating, fixed interest rates. What are they and what do these words mean? Before you even choose your home loan package, you should first understand these jargons.

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Home Loan Interest Rates

A fixed interest rate simply means the interest rate that you pay for your home loan will be the same for the next 2 to 5 years – depending on your lock-in period. This way, your monthly instalments will be the same until your lock-in period ends – unless your bank suddenly changes the interest rate. With fixed interest rates, it will be easier for you to manage your cash flow since your payments are fixed. However, at the end of your lock-in period, your home loan interest rate will likely increase or change to a floating rate. Because of this, you should call your bank to reprice or refinance to a preferred low interest rate again.
What is a floating interest rate? There are 3 types of floating interest rates in Singapore: board rates, SIBOR floating rates, and fixed deposit. These are considered variable interest rates, which means they can go up or down at any time. How these rates fluctuate depends on market conditions and volatility as summarised below:

Floating Interest Rates: How Is It Determined?

Board RateSIBORFixed Deposit Rate
In a nutshellThe bank decides what the board interest rate should beBased on SIBOR aka the Singapore Interbank Offered Rate (which is the interest rate banks pay when they borrow money from other banks)Based on the bank’s fixed deposit rates
VolatilityInterest rate usually increases quarterlySIBOR rates are volatile as it reacts to US Federal interest ratesRates' movements are set by the bank
Frequency of ChangeDepends on market conditions. Interest rate may stay the same for more than a year or change more than once a yearSIBOR rates fluctuate, but it usually stabilises and remains the same for at least 6 months to 1 yearRelatively stable since fixed deposit rates don’t change frequently
TransparencyNot transparent because board interest rates are set internally by the banksHighly transparent because SIBOR rates are published and monitoredPartially transparent because the deposit rates are published on banks' websites

Home Loan Glossary

  • Lock-In Period

    A home loan's lock-in period refers to the number of years you are contracted to stay with the bank to complete your home loan package, and it usually spans 1 to 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.

  • Early Repayment Fee or Penalty

    If you have extra cash on hand and want to pay off your home loan, note that you will be charged an early repayment fee of 1% to 1.5% (if your lock-in period hasn't ended).

  • Penalty

    If you want to sell your property but you are still serving your lock-in period for your home loan, you theoretically need to pay a penalty fee for early termination. However, take out your home loan contract and check if it has a waiver clause. If you have, then your penalty fee will be waived. If there isn't, you will enter a negotiation with your bank to waive the fee – especially if you plan to return to the same bank with a new home loan.

  • Loan To Value (LTV)

    LTV refers to Loan To Value, and it is a ratio that banks use to evaluate the risk involved when lending you money. You will often see it as a percentage – up to 75% of the property's value for bank mortgage loans, and up to 90% for HDB housing loans in Singapore. To the bank, if you have a high LTV (for e.g. you took the maximum 75% limit in Singapore), you are considered a higher risk borrower since you pretty much bought your house using loaned money.

Home Loan GlossaryHome Loan Glossary

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How Do I Apply For A Home Loan?

Now that you understand the different types of HDB and bank home mortgage loans in Singapore, you're ready to compare, find the best home loan, apply for your IPA (In-Principle Approval), and apply for your home loan. Sounds like a lot of work? Yes it is, but you can do them all here with our mortgage specialists helping you along (for free!).

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Applying for a Home Loan

  • Step 1Compare the best home loans

    First, you'll need to compare the latest home loan interest rates and packages available on the market. Let us do the heavy lifting for you. Simply fill up a quiz and our mortgage specialists will compare and prepare a list of the best home loans for you.

  • Step 2Speak to a mortgage specialist

    Are you eligible for a home loan? How to get an IPA? Should you take a bank loan or HDB loan? Moneysmart's home loan mortgage specialists will help you with your applications, answer your questions, and give you unbiased advice.

  • Step 3Apply for your home loan

    Once you have your IPA, you can then apply for your home loan. With our mortgage specialists' help, your home loan application process can be completed within 2 working days – although some foreign banks may take up to a week to approve applications.

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?Why Get Your Home Loan Through Us?

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Home Loans Beginner Guides

Here are 3 home loan beginner guides that you can read and bookmark for easy reference:

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.