Best Housing Loans in Singapore - Exclusive Rewards!
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Best Mortgage Loans Singapore - Feb 2020
Housing Loans for Private Property
The best housing loan rates for a private property in Singapore depend on a variety of factors such as the loan amount size, nature of the property specifically if it is a resale or a building under construction (BUC) property as well as the interest rate types.
Home loans for completed resale private properties have 2 different interest rate types which are Fixed or Floating. Fixed rates as the name suggests do not change for a certain period of your loan tenure.
Floating rates on the other hand depend on the nature of the base rate which consists of Fixed Deposit Rates, 1 month, 3 month or 6 month SIBOR and the Bank’s Board Rate. Mortgages for BUC properties only have floating rates offered due to the nature of disbursement of these loans which follow a schedule.
*Interest rates depend on your specific loan quantum, features required and loan pegFind
Housing Loans for HDB
Home loans for HDB properties in Singapore can be taken from a bank in Singapore or directly from the Housing and Development Board (HDB).
The main difference between the two are the interest rates offered. Housing loans taken directly from HDB are usually fixed at 0.1% above the CPF Ordinary Account (OA) rate (currently at 2.50%).
For HDB home owners who prefer a longer term stable monthly repayment for budgeting purposes, a HDB loan is recommended. While HDB loans have interest rates which are higher than bank loans, the amount of down payment required for a HDB purchase is lesser than a bank loan. This allows for less cash and CPF outlays thus making a HDB purchase much more affordable.
*Interest rates depend on your specific loan quantum, features required and loan peg
Why DollarBack Mortgage?
At our core, we are mortgage brokers who curate and analyse over 145 home loans across 16 banks in Singapore.
But we are also property owners who know what it feels like to be navigating the complex environment of mortgage interest rates. We know the world of banking and how cold and cruel it can be.
Our consultants take things a step further and stay away from just advising on the lowest interest rates. We know the pitfalls, loopholes and little tricks commonly used in the banking industry to trap many unsuspecting home owners.
Our job is only done when you understand the risks, macro-economic environment and interest rate trends both globally and domestically.
At DollarBack Mortgage, our aim is to educate and provide insights so that you are equipped with the know how and knowledge in identifying the best home loans in the market.
We strive to ensure that every home owner maximises all savings that can be enjoyed. Our commitment to this goal is exemplified by the rewards we offer which essentially is giving back a portion of our fees earned.
Yes, we are a for profit business but we are also in the business of making your largest investment in life a truly rewarding and fulfilling one.
Our rewards are offered for a home loan refinance and a new property purchase in Singapore. Cash rewards are only offered for refinancing of home loans and not for new mortgages taken for a property purchase. Cash rewards for a home loan refinance can be used to cover almost if not all upfront costs in terms of legal and property valuation fees. We do from time to time increase the cash rewards offered for exceptional situations or for promotional periods.
A DollarBack Mortgage Consultant will advice on the discounted legal fees offered from our panel of partner conveyancing law firms during your home loan application process.
To find out the exact rewards amount offered, click on the ‘Details’ tab under each banner.
Cash Bonus!*SGD Value Equivalent*
- DollarBack Exclusive
- Tiered Reward
- Residential Property
Legal Fees Rebate!*SGD Value Equivalent*
- Min 500k loan
- Major Law Firms
- Completed Property
Capitaland / Taka*SGD Value Equivalent*
- Choice of Either
- Tiered Vouchers
- Residential Property
Legal Fee Savings!*SGD Value Equivalent*
- Selected Law Firms
- Tiered Reward
- Residential Property
Latest Tips & Tricks
One piece of popular wisdom is to “refinance often to keep rates down”. This may even be what the mortgage banker told you to do…
In this article, we’ll talk about the impact that TDSR has on your home loan, as well the options you can take in case you can’t meet the TDSR requirements…
Many people only take a home loan once or twice in their lives. To help you along, here are some “must ask” questions to put on your list…
Unlike a conventional loan, you should never choose a home loan package based on…
Our Mortgage Advisory Process
- Type of Home Mortgage Loan in Singapore
Let us know if you are looking to refinance a home loan, getting a mortgage for your new property purchase or need assistance with an In Principle Approval (IPA). Our mortgage consultants will deep dive to explain and find out if you require specific features like a waiver due to sale, partial redemption without any penalties or a free conversion option. We will also perform Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) calculations to let you know the indicative mortgage loan amount you qualify for.
- Best Home Loan Recommendation
We will explain what the different interest rate packages mean such as a fixed rate and a floating rate (SIBOR, Board & Fixed Deposit). Our mortgage consultants will also show and explain the underlying and common overlooked differences to identify the lowest home loans in Singapore. A breakdown of monthly instalments and interest costs will be provided together with an overview of the home loan fees applicable.
- Housing Loan Application and Approval
Once a specific mortgage package is selected, a home loan specialist from the bank (we work with DBS, OCBC, UOB, Maybank, HSBC, Standard Chartered and 10 other banks in Singapore) will be personally assigned to process your home loan application. At this point, both a DollarBack Mortgage consultant and the bank's home loan specialist will provide consistent updates on the progress of your application. Upon approval, the bank's letter of offer will be explained by the home loan specialist.
- Property Conveyancing
After the bank's letter of offer has been signed, a partner law firm will contact you directly to explain the legal processes and requirements. Our panel of law firms work with almost all Singapore banks.
If there is a lock in period for your home loan, we will send an update for a review of your interest rate once your lock in period ends. For BUC properties which do not have a lock in period in the mortgages, we will review your interest rates once TOP of your development is reached and once again at issuance of CSC.
The best mortgage rates are offered periodically by banks and no one bank would have the best rates. Special approvals for the lowest home loan rates can be requested if you have a preferred bank in Singapore. We provide advice on the best home loans to suit your needs and we negotiate for the lowest interest rates across 16 banks in Singapore.
The Loan To Value Limit (LTV) is simply the percentage of your property’s price/ value that the bank will be able to provide you a loan with. The maximum LTV value according to regulations is at 75% for new purchases and 80% for refinancing.
Let’s say that you have recently purchased a property at $1,000,000.
A bank will therefore be able to give you a maximum housing loan amount of:
Purchase price ($1,000,000) x LTV (75%) = $750,000
For HDB and private properties, the maximum loan is 75% of the property value.
For commercial properties, the maximum loan is 80% of the property value.
Total Debt Servicing Ratio (TDSR) is a ratio of your total monthly debt obligations to your monthly gross salary. The TDSR ratio is at a maximum of 60% for home loan applications. This means your total monthly debt obligations cannot exceed 60% of your total monthly gross salary.
*TDSR is applicable to HDB, Private and Commercial Properties.
Mortgage Servicing Ratio (MSR) is a ratio of your applied monthly home loan installment to your monthly gross salary. The MSR ratio is at a maximum of 30%.
*MSR only applies to HDB properties.
Not at all. DollarBack Mortgage is paid by banks for every successful home loan application. Our service to you is Completely Free!