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As one of the best mortgage brokers in Singapore, our mortgage specialists provide professional advisory and help you with a comparison of the lowest housing loan interest rates in Singapore. We cover all aspects from buying your dream HDB home or private condo, to refinancing your home loans. Enjoy cash rewards, vouchers and special features for your mortgage and maximise your savings.

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Banks with the Best Mortgage Loan Rates In Singapore (June 2024)

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Floating Rate Vs Fixed Rate Home Loans

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Explore our comprehensive list of home loan services, each designed to empower you with the best mortgage solutions for your needs.

Find The Best Mortgage Loan Here

DollarBack Mortgage stands as a beacon of trust and expertise in the mortgage industry, backed by years of experience and a track record of excellence. Our team comprises seasoned professionals who possess a deep understanding of the intricacies of the mortgage landscape, ensuring that our clients receive the most informed and reliable guidance.

Our strategic collaborations with 16 major banks in Singapore including DBS, OCBC, UOB, Maybank, HSBC, and Standard Chartered, underscore our commitment to providing clients with a diverse range of mortgage loan packages tailored to their unique needs. These partnerships grant us access to a comprehensive array of loans, enabling us to deliver the optimal solution for each client’s specific financial goals.

Our commitment to affordability is showcased through discounted legal fees, helping clients save significantly during the mortgage loan process. Moreover, we’re not content with just securing your dream home; we go above and beyond by ensuring you receive cash rewards that could total up to $3,300.

Awards and Accolades

DollarBack Mortgage’s dedication to excellence has not gone unnoticed. We’ve been certified Best in Singapore and featured on Smart Singapore. These accolades and accreditations stand as a testament to our unwavering commitment to serving our clients with unparalleled professionalism and proficiency.

Banks with the Best Mortgage Loan Rates In Singapore

Gain access to a comparison of all major banks in Singapore with lowest and best fixed rate packages, SIBOR home loans, Fixed Deposit rate (FHR) loans, SORA home loans and Board Rate packages. Our mortgage consultants match your requirements, such as having a no lock-in period loan or waiving any penalties according to your specific needs. Be the first to know if there’s a better mortgage package launching in 3 days’ time.

Mortgage Loan Rates For Resale Private Properties

If you’re looking for a condo loan or one for landed property, the majority of banks are able to offer competitive home loan interest rates due to the loan size. Deciding on which is the cheapest mortgage loan involves analysing not only the interest rates but the flexibility of the mortgage package as well. The following banks currently offer the best fixed and floating rates for home loan packages:

Best Fixed Mortgage Rates for a Resale Condo or Landed Home (June 2024)

BANK LOAN TYPE Year 1 Year 2
Promo 1 +1 Yr Fixed 2.83% 2.83%
Promo 2 Yr Fixed 2.80% 2.80%
OCBC 3 Yr Fixed 2.90%  2.90% 
DBS 3 Yr Fixed 2.95% 2.95%
SCB 2 Yr Fixed 2.95% 2.95%
Maybank 2 Yr Fixed 2.95% 2.95%
DBS 2 Yr Fixed 3.00% 3.00%
DBS 5 Yr Fixed 3.75% 3.75%

Best Floating Mortgage Rates for a Resale Condo or Landed Home (June 2024)

BANK LOAN TYPE Year 1 Year 2
Promo 3M SORA +0.28% +0.28%
Maybank 3M SORA +0.45% +0.45%
BOC 3M SORA +0.50% +0.50%
DBS 3M SORA +0.55% +0.55%
SCB 3M SORA +0.60% +0.60%
DBS FHR6 +0.95% +0.95%

Which bank has the best mortgage housing loan for a resale private property?

As fixed rates for private property loans, which are currently being offered vary from 2 years to 5 years, a 2-year or 3-year fixed rate would be a viable option to minimise interest expense while enjoying stability on a fixed rate.

Maybank and Standard Chartered currently have the best fixed rate home loan with the lowest 2-year and 3-year fixed interest rates for private properties. Standard Chartered is also able to provide even lower interest rates with a priority relationship established with the bank and does not require any lock-in period of funds.

Both Standard Chartered and Maybank also currently have the best home loan floating rate for private properties due to their low bank spread and shortest lock-in period of 1 year for their 3M SORA interest rate package. When SORA rates continue to increase, having a shorter lock-in period allows borrowers to switch to a different interest rate package quickly, reducing interest expenses.

Mortgage Loan Rates For Resale HDB

Mortgage loans for a resale HDB property are categorised into either fixed or floating rates and usually come with a lock-in period. All major banks in Singapore aggressively compete to offer attractive interest rates for HDB home loans due to the market size of HDB properties.

Best Fixed Mortgage Rates for a Resale HDB Flat (June 2024)

BANK LOAN TYPE Year 1 Year 2
Promo 2 Yr Fixed 2.85% 2.85%
Promo 1 + 1 Yr Fixed 2.88%  2.88% 
DBS 2 Yr Fixed 2.90%  2.90% 
DBS 5 Yr Fixed 3.75%  3.75% 

Best Floating Mortgage Rates for a Resale HDB Flat (June 2024)

BANK LOAN TYPE Year 1 Year 2
DBS CHR +0.10% +0.10%
Maybank 3M SORA +0.55% +0.55%
DBS 3M SORA +0.60% +0.60%
DBS FHR6 +0.95% +0.95%

Which bank has the best mortgage housing loan for a resale HDB flat?

For the purchase of an HDB property, which has a Minimum Occupancy Period (MOP) of 5 years, chances are homeowners would prefer a stable interest rate without having to pay too much of a premium for that period.

As current interest rates are almost at an all-time high after 9 years, and considering the diverse fixed rate options available, DBS currently offers the best fixed rate mortgage for a resale HDB property.

Additionally, due to the uptrend in prices of resale HDB units, for an HDB bank loan amount above $600k, a strong point can be made for a floating rate loan due to the chunky interest savings that can be enjoyed in our current declining interest rate environment.

Taking into account that striking a good balance between interest rate volatility and maximising interest savings is key, DBS has the best floating rate package via its CHR and fixed deposit home loan package (FHR6).

The fixed deposit rate housing loan option from DBS sets itself apart because it is currently the only bank, which has a floating rate pegged to a fixed deposit rate rather than a 3M SORA rate like the majority of other banks.

DollarBack Mortgage specialists can assist you through the home loan application process for your new HDB home and advise you to make the best financial decision for yourself.

Since banks do change their home loan packages and interest rates every month or so, we keep ourselves fully updated to help you get a “better” deal than what is published on the bank’s website.

Private Property Mortgage Loan Refinancing

2021 was the year of extremely low-interest rates where banks in Singapore were competing hard to attract customers by providing the best deals on home loan packages. Since the general consensus is that mortgage rates might be going down in 2024, there is no better time to consider refinancing your home loan if you haven’t yet.

Let’s take a look at the best refinancing options by banks in Singapore.

Best Fixed Mortgage Rates for a Refinancing (June 2024)

BANK LOAN TYPE Year 1 Year 2
Promo 2 Yr Fixed 2.80% 2.80%
Promo  1+1 Yr Fixed 2.83% 2.83%
OCBC 2 Yr Fixed 2.90%  2.90% 
DBS 2 Yr Fixed 2.90% 2.90%
SCB 2 Yr Fixed 2.90% 2.90%
Maybank 2 Yr Fixed 2.90% 2.90%
DBS 2 Yr Fixed 2.90% 2.90%
DBS 5 Yr Fixed 3.75% 3.75%

Best Floating Mortgage Rates for a Refinancing (June 2024)

BANK LOAN TYPE Year 1 Year 2
Promo 3M SORA +0.28% +0.28%
Maybank 3M SORA +0.50% +0.50%
BOC 3M SORA +0.50% +0.50%
DBS 3M SORA +0.55% +0.55%
SCB 3M SORA +0.60% +0.60%
DBS FHR6 +0.95% +0.95%

Which bank has the best mortgage housing loan for a refinancing?

Taking into account that the current interest rate environment is historically higher, private property owners with a low-risk appetite will favour a fixed interest rate, particularly with an option to convert to a different interest rate package after the first year.

Bank of China currently offers such a feature (commonly referred to as a free repricing or conversion) on their 2-year and 3-year fixed rate mortgage packages. As the majority of fixed rate mortgage options come with at least a 2-year lock-in period, being able to change to a different rate package completely free of charge within the lock-in period is definitely an attractive offer.

Therefore, the best mortgage loan for a private property refinancing would be from Bank of China on a fixed rate with a free repricing within the lock-in period and a 100% waiver of penalties in the event of a sale.

Resale HDB Mortgage Loan Refinancing

Refinancing your HDB loan to a bank loan may not be a good idea during this high interest rate environment, especially if you don’t intend to move to a new place anytime soon. It can also bring you significant cost savings.

Let’s say you take a loan amount of $350,000 with a loan tenure of 25 years. With an HDB loan at 2.6% p.a., your monthly repayments will be approx. $1,604, of which say $758 goes towards interest. So you would pay about $126,000 in interest by the end of the loan tenure. For the same loan amount and tenure, a bank loan at 3.50% p.a. would translate into monthly repayment of about $1,752. If $1,020 goes towards interest, you would pay about $176,000 in interest by the end of the loan tenure.

The difference you see (about $50,000) is no small change! Therefore, at the current mortgage rates, we do not recommend refinancing from an HDB loan to a bank loan. If you are, however, already on a bank loan for your HDB and are looking to refinance to a different bank, have a look at the list of banks with the best HDB loan refinancing packages and the highest rebates and rewards.

Best Fixed Mortgage Rates for a HDB Refinancing (June 2024)

BANK LOAN TYPE Year 1 Year 2
Promo 2 Yr Fixed 2.88% 2.88%
UOB 2 Yr Fixed 2.95%  2.95% 
DBS 2 Yr Fixed 2.95%  2.95% 
DBS 3 Yr Fixed 3.65%  3.65% 

Best Floating Mortgage Rates for HDB Loan Refinancing (June 2024)

BANK LOAN TYPE Year 1 Year 2
DBS CHR +0.10% +0.10%
Maybank 3M SORA +0.55% +0.55%
DBS 3M SORA +0.60% +0.60%
DBS FHR6 +0.95% +0.95%

Which bank is the best for a HDB loan refinance?

For an HDB loan refinance, the best bank would be DBS not only because it has one of the lowest interest rates but also because it provides a cash reward of $2,000 for loan amounts above $200k to fully offset all upfront refinancing fees.

Taking into account that the total upfront fees for an HDB refinance come up to around $1,800 to $1,900 and all other banks generally provide subsidies between $1,400 to $1,800, DBS has the slight edge for you to enjoy net cash rewards even after all the upfront fees are fully covered.

Mortgage Loan For BUC Condo

Buying a new private property that is still under construction (BUC) is very common in Singapore. When you are buying a BUC property, you have the option of paying for your new home progressively to the developer in stages, rather than all at once. This is known as the Progressive Payment Scheme (PPS).

Basically, this scheme allows you to pay for a property according to the stage of construction it is at.

A typical Progressive Payment Scheme (PPS) for a BUC condo looks like this:

Percentage of purchase price Stage / Progress
OTP (Option to Purchase) fee in cash 5%
Upon signing the Sale & Purchase Agreement / within 8 weeks immediately after the date of OTP 15%
Loan disbursal and monthly repayments begin from here
Foundation work 10%
Reinforced concrete framework 10%
Partition walls 5%
Roofing/Ceilings 5%
Internal plumbing and plastering, door and window frames, and wiring 5%
Roads, drains, and car parks 5%
Receipt of TOP (residents can move in) 25%
Completion (receipt of Certificate of Statutory Completion) 15%
Total 100%

So, should you get a BUC home loan before your new home is completed? Well, yes. We’ll tell you why.

The structure of the progressive payment scheme in the table above clearly shows that buyers can’t wait for the TOP (Temporary Occupation Permit) date to get their housing loan.

One important thing to note here is that since your payments are progressive (based on the stage of construction), the mortgage home loan is also disbursed portion by portion by the bank, according to the agreed payment schedule.

It is also a prerequisite for the buyer to get their BUC home loan approved first for CPF to disburse funds, which you will need to cover the remaining downpayment and other fees before the OTP expires. Therefore, you must get your BUC loan as early as possible after putting down your option fee of 5%.

Let’s take a look at the list of banks offering the best home loan interest rate packages for BUC properties:

Best BUC Home Loan Rates (June 2024)

BANK LOAN TYPE Year 1 to 4
Promo 3M SORA +0.35%
Maybank 3M SORA +0.40%
DBS 3M SORA +0.45%
SCB 3M SORA +0.45%
DBS FHR6 +1.05%

Which bank has the best mortgage housing loan for a BUC condo?

DBS is currently the best bank for a BUC home loan, as it has one of the best floating rates and offers flexibility within its mortgage package.

Apart from providing two free switches to a different interest rate package from the first loan disbursement to 6 months after the Temporary Occupancy Period (TOP), it also allows for a waiver of penalties on any unreleased loan amount in the event the property is sold.

For a building under construction condo (BUC), due to the staggered repayment schedule and general appreciative nature as it reaches TOP, many homeowners or investors choose to sell their units once their keys are ready to be collected.

However, with 15% of the mortgage still left to be released by the bank by the time the unit has been fully built, that would mean penalties of around a few thousands if the property is sold.

Therefore, by having the flexibility of a penalty waiver without the opportunity cost of a premium in the mortgage interest rates, DBS stands out specifically as the best bank for a BUC home loan.

Since BUCs require a specific type of home loan that has a unique payment structure and works differently from completed home loans, it is important to plan ahead for your home loan. You can get in touch with our mortgage experts and consultants who can help you get the best deal possible while there’s enough time!

SORA Rate Today

In 2021, Singapore banks shifted from using  Singapore Interbank Offered Rate (SIBOR) and Swap Offer Rate (SOR) benchmarks to the new Singapore Overnight Rate Average (SORA) benchmark for their variable-rate home loans, following regulations from the Monetary Authority of Singapore (MAS). SORA, determined by average borrowing rates in Singapore’s SGD cash market, is now considered a more credible benchmark than SIBOR and SOR.

Stay updated on the dynamic landscape of mortgage loan rates with our real-time insights, including the latest updates on the SORA rate today. We keep you informed, ensuring you have the most up-to-date information to make confident decisions about your home loan, tailored to the ever-changing market conditions.

How To Choose A Mortgage Loan For Your Property?

Based on your property type/status, you can choose from different mortgage loan options offered by all major banks in Singapore. Be sure to also know what to ask about when getting a mortgage loan, so that it makes the comparison process of the different options much easier.

Young couples looking to buy an under-construction HDB BTO (Built to Order) or a resale/completed HDB flat often go with the HDB concessionary loan, mainly due to its low cash downpayment benefit and no early repayment penalties.

If you are looking to buy a resale completed private property in Singapore or one that is still under construction (BUC), or simply want to refinance your home loan, you have a lot of bank loan options to choose from.

Here’s a summary of the two main types of home loan options available for different properties in Singapore:

Housing Loan for Private Properties (Condos and Landed Homes)

When buying a completed private property in Singapore or a project that is still under construction, you can choose from a wide range of home loan interest rates and packages depending on your monthly instalment budget and risk tolerance.

For private property (still under construction): It is best suggested to pick a floating rate bank loan without a lock-in period. It lets you reprice or refinance to a lower rate in the near future.

For private property (completed or resale): You get to choose from competitive home loan packages from major banks offering fixed or floating interest rates. Please note that HDB loans are not available for executive condominiums (EC).

Housing Loan for HDB Properties

Looking to finance your HDB flat? You can apply for an HDB housing loan, which is also the most common choice for all Singaporeans looking to become first-time homeowners. It is the most lenient of home loans that require paying almost nothing in cash if you have enough CPF savings.

However, it comes with certain income and citizenship restrictions, such as having an income that is lower than the maximum household income limit; you must not own any other property locally or overseas, and others.

Also, the HDB home loan rate is fixed at 2.6% (which can theoretically change). That said, HDB flat buyers can opt for a bank loan which has its own set of pros and cons. 

For HDB BTO (under construction): You can either get an HDB loan or a floating rate bank loan.

For HDB flat (resale or completed BTO): You can get a full range of loan options, including HDB loan and a fixed or floating rate bank loan.

Benefits of Home Loan Comparison

Comparison services offer a wealth of advantages for mortgage seekers, empowering you to make well-informed decisions, optimise savings and secure the ideal home loan for your needs.

  • Best Interest Rates: Pinpoint the most competitive interest rates, tailored to your budget and goals.
  • Save On Upfront Fees: Avoid surprises by understanding upfront fees across different packages.
  • Maximise Cash Rewards: Discover options with attractive cash benefits in addition to favourable rates.
  • Choose Confidently: Streamline decisions with comprehensive insights, eliminating confusion.
  • Efficiency: Save time and effort by accessing concise overviews of mortgage options.

Current Home Loan Trends

While mortgage rates are anticipated to decrease, the exact timing remains uncertain. The impact of US Fed rate hikes, economic health, global interest rates, and Singapore’s monetary policies collectively influence mortgage loan rates. Although rates have risen, predictions suggest moderation in the second half of 2024, with uncertainties linked to inflation and economic conditions. 

Furthermore, the shift from SIBOR and SOR to SORA as the benchmark interest rate by local banks in Singapore, as per MAS regulations, has also introduced uncertainties. 

To secure the best home loan rates, staying informed, monitoring creditworthiness, comparing loans, and seeking guidance from experts like DollarBack Mortgage’s consultants, are recommended to navigate this evolving landscape.

BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* 2 Year Fixed 2.80 (EMI)%
Fixed
2.80 (EMI)%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Limited Promo* 1 + 1 Year Fixed 2.83%
Fixed
2.83%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Maybank 1 + 1 Year Fixed 2.85%
Fixed
2.85%
Fixed
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
DBS 2 Year Fixed 2.85%
Fixed
2.85%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
OCBC 3 Year Fixed 2.85%
Fixed
2.85%
Fixed
2.85%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 2 Year Fixed 2.95%
Fixed
2.95%
Fixed
4.20%
Floating
4.20%
4.20%
4.20%
OCBC 2 Year Fixed 2.95%
Fixed
2.95%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 2 Year Fixed 2.95%
Fixed
2.95%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
CIMB 2 Year Fixed 3.10%
Fixed
3.10%
Fixed
4.10%
Floating
Floating%
Floating
4.10%
Floating
4.10%
Floating
BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* Board Rate 2.60%
2.60%
2.60%
2.60%
2.60%
2.60%
Limited Promo* 3-month SORA 3.79%
3.79%
4.45%
4.70%
4.70%
4.70%
DBS FHR6 3.95%
3.95%
3.95%
3.95%
3.95%
3.95%
Maybank 3-month SORA 4.15%
4.15%
4.70%
4.70%
4.70%
4.70%
SCB 3-month SORA 4.20%
4.20%
4.70%
4.70%
4.70%
4.70%
OCBC 3-month SORA 4.30%
4.30%
4.70%
4.70%
4.70%
4.70%
HSBC 1-month SORA 4.20%
4.20%
4.70%
4.70%
4.70%
4.70%

How To Apply For A Home Loan In SIngapore

Our experienced consultants are with you every step of the way, from application to conveyancing. Even after approval, we provide updates and assistance, ensuring a seamless process and ongoing support.

Start your journey to your dream home with our capable hands.

Step 1: Identify Your Needs

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.

Step 2: Select The Best Home Loan

Through our close network with over 16 banks, we get access to over 145 promotional mortgage packages available in the market on a monthly basis. We will explain what the different interest rate packages mean, such as a fixed rate and a floating rate (SIBOR, Board Rate & Fixed Deposit Rate (FDR).

Our mortgage consultants will help you select the best home loans in Singapore with the lowest interest rates by explaining the underlying differences between each housing loan option. A breakdown of monthly instalments and interest costs will be provided together with an overview of the home loan fees applicable.

Step 3: Submit Your Mortgage Application

Once a specific mortgage package is selected, a home loan specialist from the bank 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.

Step 4: Conveyancing Process

After the bank's letter of offer for your housing loan 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.

Step 5: Consistent Review

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.

Reliable Bank Indicative Property Valuations In 1 Hour!

Experience the convenience of accessing property valuations from 16 major banks – all in one place. Our network of bank panel valuation firms ensures speedy delivery of the highest bank-accepted property valuations for housing loan applications, often in as fast as an hour.

Highest Cash Rewards, Lowest Upfront Fee

DollarBack Mortgage offers homeowners the opportunity to maximise their financial benefits through its refinancing and new home loan programmes for a minimum loan amount of S$300k and above. These packages come with a range of enticing rewards and discounts on legal fees designed to help you make the most of your home loan transactions.

Our cash rewards are offered for any mortgage loan taken from 16 major banks in Singapore.

Get your rewards

View Home Loan Rates From DBS, OCBC, UOB, & More...

Explore home loan rates from 16 major banks in Singapore, including DBS, UOB, Maybank and more, through our comprehensive platform. We bring you a consolidated view of the latest offerings, allowing you to compare and select the best-suited option for your dream home. Make an informed choice and embark on your homeownership journey with confidence.
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Get Rewarded For Your Home Loan!

Refinancing: DollarBack Cash Reward + Legal Fee Subsidy / Rebate

The Dollarback cash rewards associated with refinancing can be substantial, reaching up to $3,300, depending on your loan amount.

Additionally, the bank provided the legal fee subsidy or rebate ranges between $1,600 to $2,000 for HDB refinancing and $1,800 to $3,000 for private property refinancing, further lowering your upfront fees.

Dollarback Cash Rewards + Bank Rebates = Up to $6,300 Total Cash Rewards

To qualify, successfully apply, get approved, and accept the ‘Refinance’ offer while listing ‘DollarBack Mortgage Pte Ltd’ as the referrer on your bank application. 

Eligible recipients receive the legal fee rebate and cash reward within 1 to 2 months after accepting the letter of offer, subject to terms and conditions.

* Legal Fee Subsidy / Rebate is subjected to a minimum loan and is provided by participating banks which may be revised at any time

New Home Loan: Takashimaya or Capitaland Vouchers + Discounted Legal Fees

This package comes with a choice of $3,300 in Takashimaya or Capitaland vouchers, adding a touch of excitement to the benefits.

Paired with discounted legal fees, this package is designed to minimise upfront costs associated with purchasing a new property.

Similar to the refinancing package, the vouchers for new home loans can go up to $3,300, while the discounted legal fees can provide up to $800 in savings, depending on the property type and complexity.

To qualify, apply, get approved, and accept the ‘New Home Loan’ offer while listing ‘DollarBack Mortgage’ as the referrer on your bank application.

Benefit from discounted legal fees by utilising the preferred conveyancing law firm advised by a DollarBack Mortgage consultant. 

Eligible recipients receive the vouchers within 1 to 2 months from the letter of offer acceptance and discounted legal fees from the preferred law firm, subject to terms.

*A DollarBack Mortgage Consultant will advise on the exact amount of discounted legal fees you enjoy

Reviews By Our Satisfied Mortgage Loan Clients

Frequently Asked Questions About Home Loans in Singapore

A fixed-rate loan is a type of bank loan where the interest rate remains constant throughout the loan’s term. A fixed-rate loan carries the advantage that the borrower will always know exactly how much is due each month. The disadvantage is that if interest rates drop significantly, the borrower still continues to pay the higher rate.

A floating rate loan, also known as a variable rate loan, is a type of loan where the interest rate is not fixed but instead adjusts periodically based on a reference rate, often tied to a benchmark like the Alternative Reference Rate (ARR), such as the Singapore Overnight Rate Average (SORA). The advantages of floating rate loans include potential cost savings when interest rates are low, shorter loan terms due to variable rates, and the ability to benefit from falling interest rates. However, the main disadvantage is the uncertainty of interest rate fluctuations, which can lead to higher payments if rates rise.

Fixed Deposit Home Rate (FHR) loans are a type of home loan where the interest rate is pegged to the bank’s fixed deposit rate. The FHR serves as a reference point, determining the interest rate on the loan. FHR loans offer transparency and stability but come with limitations on control and susceptibility to changes in bank rates.

Singapore Overnight Rate Average (SORA) home loans are mortgage loans in Singapore that are linked to the SORA benchmark, which reflects the average rate of unsecured overnight interbank lending transactions. SORA-based home loans offer advantages such as transparency, responsiveness to market conditions, and better comparison among loan packages. However, they can also have higher volatility as rates can vary daily.

A Board Rate Loan, also known as a Mortgage Board Rate (MBR) loan, is a type of home loan in Singapore where the interest rate is set by the bank. This rate is determined internally by the bank and is not publicly disclosed. It can be influenced by various factors, including the bank’s cost of funding the loan and its own financial considerations. Board rate loans can offer tempting low initial rates and flexibility for short-term ownership. However, they come with inherent drawbacks, including lack of transparency, rate uncertainty, and potential rate volatility.

The lock-in period for home loans refers to a specific duration during which borrowers are obligated to maintain their loan with the original lender. If the loan is fully paid off or refinanced before this period ends, a penalty fee is incurred. The lock-in duration usually starts from the moment the bank disburses the initial loan payment based on the loan agreement. While the specific lock-in period can differ among various lenders, it commonly ranges from approximately one to five years.

The Total Debt Servicing Ratio (TDSR) is a financial metric used by banks and financial institutions to assess an individual’s eligibility for a housing loan. TDSR calculates the portion of a borrower’s gross monthly income that can be used to service all debt obligations, including the proposed housing loan. The general rule of thumb is that borrowers should have a TDSR of 60% or lower, meaning that their monthly debt obligations, including the potential housing loan, should not exceed 60% of their gross monthly income.

Banks prefer borrowers with lower TDSR ratios as it signifies a lower level of debt burden and a higher capacity to manage loan repayments. Borrowers with higher TDSR ratios might face challenges in loan approval due to the potential risk associated with their ability to manage additional debt. TDSR helps ensure that borrowers don’t overextend themselves financially and can comfortably manage their loan repayments.

The Maximum Loan Amount (MLA) calculation for your property considers key factors. These include your income (up to 30% of gross income annually), Debt-to-Income Ratio (DTI), credit history, property value, loan tenure, interest rate, and Debt Servicing Ratio (DSR). Bank policies and criteria also influence your MLA.

Yes, you can use your Central Provident Fund (CPF) Ordinary Account savings to pay for the down payment of a bank home loan when purchasing a private property. The CPF Ordinary Account can also be used for monthly housing loan instalments, stamp duties and legal fees. However, you cannot use your CPF Special Account savings for housing purposes.

Repricing a home loan involves switching to a new home loan package offered by the same bank, resulting in revised interest rates and terms without changing the lending institution. This option can be useful during financial hardships. The implications include potential interest rate reductions and adjusted loan terms, enabling borrowers to better manage their mortgage payments and financial situation.

  • Economic Strength: A strong economy can lead to higher rates due to increased borrowing demand.
  • Inflation: High inflation can prompt central banks to raise rates.
  • Government Policies: Monetary policies set by institutions like the Monetary Authority of Singapore (MAS) influence rates. 
  • Global Factors: International economic conditions, including changes in the US Federal Reserve’s rates, affect Singapore’s rates.
  • Loan Tenure: Longer tenures might result in slightly higher rates for lenders.
  • Credit Score: Better credit scores often secure lower interest rates.
  • Interest Rate Type: Fixed rates remain stable while floating rates vary with the market.
  • Loan Amount and Asset Worthiness: Larger loans and asset values can influence rates.
  • Competition and Demand: Market conditions and demand can impact rates.
  • Regulatory Changes: Adjustments in regulations and lending practices can affect rates.

Understanding these factors helps navigate rate fluctuations. Therefore, it is important to consult a mortgage expert to make informed decisions and effectively manage your home loan.

The duration for processing and approving a home loan application in Singapore varies due to factors like bank procedures, documentation completeness, and applicant situation. Generally, this process spans from a few days to several weeks, depending on individual factors and bank procedures. Certain banks offer In-Principle Approvals within two to three days. Prompt submission of complete documents can accelerate the mortgage loan approval process.

In most cases, bank home loans are designed specifically for residential properties, such as houses and apartments, and may not be suitable for purchasing commercial properties or land. Commercial property loans are usually available for buying commercial properties like shops, offices, and industrial spaces. Commercial property loans often have different eligibility criteria, interest rates, and loan-to-value ratios compared to home loans. Generally, commercial property loans coverage starts from 80% to 90% of the property’s value, while home loans usually offer higher coverage for residential properties of up to 90%. It’s important to consult with financial institutions or experts to understand the specific options available for purchasing commercial properties or land. Always consider the differences in fees, terms, and requirements between home loans and commercial property loans

When choosing a bank for your home loan, you should take into account several key factors that will shape your overall loan experience and costs. Considerations when choosing a housing loan include:

  • Long-term impact of interest rate on repayments
  • Transparent fee structures
  • Availability of sufficient loan amount
  • Suitable loan tenure options
  • Quality of customer service
  • Speed of loan approval
  • Repayment flexibility
  • Additional benefits offered
  • Bank’s market reputation
  • Prepayment and foreclosure policies
  • Convenient online access

Making an informed decision about your home loan provider can result in both financial savings and a smoother journey throughout the repayment process.

Yes, you can apply for a joint housing loan with a co-applicant where multiple individuals become co-borrowers and share the responsibility of loan repayment. For married couples, this commonly occurs when both spouses contribute income to meet the loan amount needed. Co-borrowing extends to other relationships like siblings, relatives, friends, or investors. Co-borrowing serves purposes such as ownership, increasing qualifying income, and boosting combined credit scores for loan approval. Averaging the credit scores of co-borrowers helps banks assess loan eligibility. However, complications can arise if co-borrowers split, requiring one to be released for another loan. It’s vital to address such issues before entering into co-borrowing arrangements.

For first-time buyers of HDB flats in Singapore, there are several grants available to enhance the affordability of your mortgage loans:

  • Enhanced CPF Housing Grant (EHG): Open to local couples/families with an average monthly income of $9,000 or less, this grant applies to HDB BTO and resale flats. The grant amount, ranging from $5,000 to $80,000, is inversely proportional to income. Singles aged 35+ with income below $4,500 can receive $2,500 to $40,000.
  • HDB Resale Flat Family Grant: Designed for first-timer couples/families buying a resale flat, Singaporean citizens can get $50,000 (2- to 4-room) or $40,000 (5-room and up). Citizen-PR couples get a reduced grant, with the potential to regain it later. Singles aged 35+ earning less than $7,000 can access $25,000 or $20,000 grants.
  • Proximity Housing Grant (PHG): Available to resale flat buyers living within 4km of parents. This grant can be combined with others. It provides buyers $20,000 for staying near parents and $30,000 for living with extended family. Singles aged 35+ can also benefit.
  • HDB Executive Condo (EC) Family Grant: First-time EC buyers earning $12,000 or less can access $10,000 to $30,000 grants, based on income.
  • DollarBack Mortgage Cash Reward: Get cashback rewards up to $3,300 when you apply for a refinance or new home loan with DollarBack Mortgage, plus additional benefits such as legal fee discounts for a lower upfront fee.

These grants significantly reduce financial barriers for first-time buyers, making homeownership more achievable and affordable.

Yes, you can use your CPF (Central Provident Fund) savings to repay your home loan in part or in full before its maturity. It’s important to note that CPF savings from your Ordinary Account (OA) can be used for this purpose. The process of utilising your CPF savings to partially or fully repay your housing loan varies based on the type of loan you’ve acquired.

To use your CPF savings for HDB loan repayment, ensure you have enough funds in your CPF Ordinary Account and know your maximum usage limit. You can apply online through the HDB website or complete a CPF withdrawal form at an HDB Branch. Online applications take about three working days, while branch submissions take around three to five working days for processing. 

For bank loans, first seek approval from your housing loan provider. Then, ensure you have sufficient CPF Ordinary Account savings and check your usage limits on the Homeownership dashboard. Next, submit an online application using your Singpass. If you’re repaying the full loan, remember to attach the bank’s redemption statement and your lawyer’s legal bill (if applicable) to the application. Your request will typically be processed within five working days.

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