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COMPARE CONDO HOUSING LOAN RATES

What sets DollarBack Mortgage apart in the competitive condo and EC housing loan market in Singapore? It's our exceptional array of advantages that make us the top choice for investors and homeowners:

Professional Mortgage Advice: Our experienced consultants are dedicated to finding not just any bank loan when you purchase a private condo or EC, but the perfect one that meets your unique needs, whether for Building Under Construction (BUC), newly completed, or resale properties.

Access to Special Rates: Get special access to the most affordable condo housing loan rates in 2024. We will negotiate with over 16 major banks to make sure you receive the most fitting interest rates and special terms.

Hassle-Free Mortgage Review: DollarBack Mortgage monitors the lock-in period of your private condo or EC housing loan, alerting you when it’s time for refinancing, ensuring you never pay a day of higher interest.

Exclusve rewards

Discounted Legal Fees
Up to $900
Dollarback Cash Rewards
Up to $3,300
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EXPLORE YOUR CONDO HOUSING LOAN OPTIONS WITH REPUTABLE BANKS

DollarBack Mortgage is your gateway to an array of exceptional banking solutions tailored for your private condo and EC home loan needs in Singapore. Whether you’re considering a new loan for a private condo or looking to refinance an existing bank loan, we present a diverse array of lending choices from trusted financial giants like DBS, UOB, Standard Chartered, Maybank, Citibank, HSBC, CIMB Bank, and OCBC Bank.

Explore offerings from these leading banks in Singapore that align with your aspirations, budget, and lifestyle. Our comprehensive comparison platform makes it easy for you to analyse different interest rates, benefits, and conditions suitable for your private condo or EC. It’s your opportunity to choose a financial partner that truly understands your investment goals and property needs.

With DollarBack Mortgage, you’re not just finding a loan; you’re building a future with your new private condo or EC. Compare rates now and take advantage of our expertise in private condo and EC housing loans in Singapore. Embrace the confidence, flexibility, and exclusive rewards that only DollarBack Mortgage can deliver.

Explore Your Condo
Housing Loan
Options With
Reputable Banks

Understanding
How Condo Housing
Loans Work
In Singapore

Understanding
Condo Housing
Loan Eligibility

Housing Loan Rates
For Condos

Navigating Condo
Housing Loan Jargon

Reviews By
Our Satisfied BUC
Loan Customers

Frequently Asked
Questions About
Condo and EC Loans

Find The Perfect
Condo Housing Loan
For Your Ideal
Residence

UNDERSTANDING HOW CONDO HOUSING LOANS WORK IN SINGAPORE

Investing in a private condo or EC in Singapore requires the understanding of how bank loans for property and the payment structure work. The payment includes several components, such as option fees, down payment, legal fees, and stamp duties. Let’s explore this topic in depth to grasp the intricacies involved for the purchase of your dream home.

You will have to pay an option fee of 5% of the purchase price in cheque when you buy a private condo or EC in Singapore.

For a private condo or EC bank loan in Singapore, you will be required to pay 20% of the purchase price as the down payment. This down payment is structured in stages: 15% must be paid within eight weeks. The remaining 5% is due upon the completion of the foundation. You have the option to use your CPF Ordinary Account (OA) savings to cover the 20% down payment, as long as you secure a 75% housing loan from the bank. If your CPF savings are not sufficient, the remaining amount must be topped up with cash.

Bridging loans are a type of short-term financing used to bridge the gap between the purchase of a new condo and the sale of an existing one in Singapore. They have become increasingly popular due to high property costs and limited financing options in the property market.

  • Usage: Bridging loans can be used to purchase condos.
  • Interest Rates and Terms: Bridging loans typically have interest rates ranging from 5% to 6% per month, with a short repayment term, usually up to six months.
  • Collateral Requirements: They require property as collateral, potentially putting it at risk if a default occurs.
  • Advantages: They offer quick approval, immediate access to funds, and short repayment terms, making them an advantageous choice in a competitive market.
  • Borrowing Limit: You can borrow up to 25% of the buying price of the new property, depending on the sale of your previous property.
  • Application Documents: Required documents include the Option to Purchase (OTP) document, CPF withdrawal statements, and outstanding bank loan statements.

You may use cash or CPF savings to pay for the legal fees and stamp duties. It might take some time for the withdrawal of CPF Savings for the payment. Please inform your appointed lawyer in advance to avoid any delay.

Interest rates for private condos or EC housing loans may fluctuate according to market conditions. Always keep an eye on refinancing options to capitalise on lower interest rates.

Housing loans for private condos or ECs often come with a lock-in period of two or three years. Bank penalties apply for early repayment or refinancing within this period.

Utilising cash for payment of your private condo or EC housing loan can unlock several benefits:

  • More CPF Money for Retirement: By using cash, you preserve CPF savings for retirement, benefiting from attractive interest rates.
  • No Need to Pay Back CPF Used: Unlike CPF withdrawals that requires one to pay back the accrued interest, cash payments don’t have the accrued interest component to be refunded.
  • Taking Advantage of CPF Returns: Servicing loan repayments with cash helps homeowners capitalise on risk-free returns.
  • Avoiding CPF Withdrawal Limits: Using cash sidesteps the risk of hitting the CPF withdrawal limit, avoiding potential issues related to OA depletion.

Your choice between cash and CPF for condo and EC bank loans must be an informed decision. Understanding the option fee, down payment requirements, legal fees, stamp duties, interest rates, and lock-in periods helps you choose the right mode of payment. Remember to evaluate both current financial situations and future needs, recognising that the right decision now can positively impact your overall financial strategy and long-term stability.

UNDERSTANDING CONDO HOUSING LOAN ELIGIBILITY

Purchasing a private condo or EC in Singapore is a significant investment, and understanding your eligibility for a bank loan is a crucial step in this journey. From the maximum Loan-to-Value (LTV) ratio to the use of CPF funds and special requirements for those without regular income, various factors influence your eligibility. Here’s a detailed look at these aspects:

For first-time condo or EC buyers, the maximum Loan-to-Value (LTV) ratio in Singapore typically stands at 75%. This means that the bank can lend up to 75% of the condo’s valuation or purchase price, whichever is lower. The remaining 25% will constitute the down payment, which must be paid upfront. The tenure for such loans can vary significantly depending on factors such as the buyer’s age, the loan type, and the lending institution’s policies. Generally, a maximum tenure of up to 30 years or until the borrower reaches 65 years of age is standard.

CPF’s OA can be utilised by eligible Singapore citizens and Permanent Residents for the initial down payment of a private condo or EC. The amount of CPF that can be used is subject to various rules and restrictions and is often based on factors such as the buyer’s age, financial standing, and the property’s remaining lease. By using CPF funds for the down payment, you may reduce the amount of cash needed upfront. However, it’s essential to consult with a financial expert or mortgage specialist to understand how this might affect your corresponding bank loan qualification.

In Singapore, obtaining a private condo or EC housing loan without a regular income presents unique challenges and requires careful consideration of other factors. Banks may look at alternative sources of wealth, such as investments or assets, to assess your ability to service the loan. Some banks may have specific products or tailored loan packages for individuals without traditional income sources. However, these typically come with a lower LTV ratio and may require a higher down payment. It’s also common to find stricter eligibility criteria and additional safeguards such as collateral or guarantors.

When it comes to obtaining a condo housing loan in Singapore, bank-indicated property valuations play a pivotal role in ensuring a fair transaction for all parties involved. These valuations set the stage for determining loan eligibility and pricing, particularly in the competitive real estate markets like that of Singapore. For individuals seeking a loan for a private condo or EC, these bank assessments offer a transparent framework to gauge their loan-to-value ratio.

In the bustling real estate market of Singapore, where demand for private condo and EC homes remains high, these bank-indicated valuations take on additional importance. They provide an impartial financial yardstick that ensures equitable dealings for those taking out a home loan from banks. By setting clear financial guidelines, these valuations ultimately assist potential homeowners in making informed decisions, thus enhancing the integrity of the loan acquisition process.

BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* 2 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Limited Promo* 1 Year Fixed 2.95%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 2 Year Fixed 3.00%
Fixed
3.00%
Fixed
4.20%
Floating
4.20%
4.20%
4.20%
OCBC 2 Year Fixed 3.05%
Fixed
3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 1 Year Fixed 3.05%
Fixed
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
OCBC 1 Year Fixed 3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 2 Year Fixed 3.05%
Fixed
3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 3 Year Fixed 3.35%
Fixed
3.35%
Fixed
3.35%
Fixed
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%

NAVIGATING CONDO HOUSING LOAN JARGON

Navigating the condo housing loan process in Singapore can be confusing with various technical terms and acronyms. This section aims to clarify the jargon, offering you a more straightforward understanding of what you’re getting into.

Additional Buyer’s Stamp Duty (ABSD) – This is an extra tax levied on specific property purchases, in addition to the standard Buyer’s Stamp Duty. It primarily affects Singaporeans buying second and subsequent properties, as well as foreign buyers.

Bridging Loans – Short-term loans used to cover the gap between the purchase of a new property and the sale of an existing one. They come with higher interest rates and are usually repayable within six months.

Buyer’s Stamp Duty (BSD) – A tax paid by the buyer upon the purchase of a property. It is calculated based on the property’s purchase price or market value, whichever is higher.

Down Payment – The initial upfront portion you pay for your home, which is not covered by the loan. In Singapore, this is typically 20% of the private condo or EC’s price.

Interest Rates – The cost of borrowing money, typically expressed as a percentage of the bank’s loan amount on an annual basis.

Legal Fees – The costs associated with legal services for property transactions, including conveyancing, document handling, and legal consultations.

Loan-to-Value (LTV) Ratio – A measure used by lenders to determine housing loan eligibility. It is the ratio of the mortgage amount to the appraised value of the condo. For first-time buyers in Singapore, this is often up to 75% of the property’s value.

Lock-in Period – A period during which you are contractually obligated to stick with your current lender. Exiting or refinancing the loan within this period may incur penalties.

Option Fee – A non-refundable fee paid when you obtain an Option to Purchase (OTP), a necessary step in the property-buying process in Singapore.

Stamp Duties – Taxes paid to the government upon the purchase of a property. These include both Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty.

Total Debt Servicing Ratio (TDSR) – A financial metric used to assess loan affordability, determining the proportion of your income spent on repaying debts. In Singapore, this ratio is usually capped at 60%.

This guide aims to simplify complex terminology, making the process more understandable for prospective homeowners and investors in Singapore.

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FREQUENTLY ASKED QUESTIONS ABOUT PRIVATE CONDO AND EC HOUSING LOANS

Understanding the Loan-to-Value (LTV) ratio is essential when planning your down payment for a condo bank loan. In Singapore, the LTV ratio can go up to 75%, which essentially means you are responsible for a down payment that covers the remaining 25% of the property value. A lower LTV ratio might be imposed if you have existing loans, further increasing your initial cash outlay.

For condo purchases in Singapore, the maximum Loan-to-Value (LTV) ratio stands at 75%, making the minimum cash down payment 25%. However, if you have other existing bank loans, the LTV could be reduced, raising the down payment requirement. Being aware of these percentages is critical for effective financial planning.

Loan terms can differ based on whether you are buying a new or resale condo in Singapore. New condos, especially those still under construction, may offer progressive payment schemes. In contrast, resale condos usually require a more substantial initial down payment. Therefore, the loan terms can vary, impacting your financial planning and strategy.

The TDSR is a crucial factor in determining your eligibility for a condo bank loan in Singapore. If your TDSR is high, the bank might reject your loan application. Improving your TDSR involves either increasing your monthly income or reducing other financial liabilities. You might also consider consolidating your debts to improve your loan eligibility.

If you’re buying a condo in Singapore, you’ll face two stamp duties: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD). For Singapore Citizens, BSD rates are 1% for the first S$180,000, 2% for the next S$180,000, and 3% thereafter. Permanent Residents pay a flat 5% BSD, and foreigners are charged 20%.

Recent changes in April 2023 adjusted ABSD rates. For Singapore Citizens, these are now 0% for the first property, 20% for the second, and 30% for additional properties. Permanent Residents pay 5% for the first property and 30-35% for additional ones. Foreigners are charged a 60% ABSD on all properties.

Initially introduced in 2011 to curb property speculation, ABSD serves to regulate the housing market. The highest ABSD rate among co-buyers is applied when purchasing jointly. Second-time buyers may qualify for ABSD remission by selling their first property within six months of acquiring the second. Being aware of these rates is crucial for prospective condo buyers in Singapore.

In Singapore, CPF OA funds can be used to pay BSD and ABSD under certain conditions. For resale properties, pay these duties in cash first, then reimburse from your CPF within two to three weeks. For under-construction properties, you can pay directly from CPF. Keep in mind, if this is a second property, you’ll need to set aside the Basic Retirement Sum in CPF before using the excess for stamp duties. CPF can also cover survey fees but not other property-related charges. Upfront cash payment may be needed as stamp duty is due within 14 days. If the developer has already paid the stamp duty, CPF reimbursement is not possible.

In Singapore, the maximum loan tenure of 35 years significantly influences your monthly repayment amounts to the bank. Opting for a longer tenure can reduce your monthly obligations but will generally result in paying more interest over the housing loan’s lifetime for your condo. Thus, it’s vital to carefully consider the implications of loan tenure on your long-term financial situation.

DollarBack Mortgage’s preliminary In-Principle Approval (IPA) provides a comprehensive evaluation of your financial health, offering you a snapshot of your housing loan eligibility for a condo purchase. This service evaluates your income, existing debts, and property value to generate a tailored Loan-to-Value ratio and loan package recommendations.

For an accurate comparison by DollarBack Mortgage, it’s crucial to prepare specific documents such as identification proof, income statements, existing loan summaries, and property-related documents. This allows DollarBack Mortgage to offer a detailed and customised loan comparison that aligns with your financial situation.

Absolutely, DollarBack Mortgage offers comprehensive services that guide you through each stage of the housing loan application process. From loan comparison to legal paperwork and administrative tasks, DollarBack Mortgage is there to ensure that the process is as smooth as possible, eliminating any potential stumbling blocks you might potentially encounter when purchasing a condo.

Yes, foreigners face unique eligibility criteria for condo bank loans in Singapore, including potentially lower Loan-to-Value ratios and additional documentation requirements. These might include proof of employment and verified income statements. These stricter criteria often require foreigners to make higher down payments compared to Singaporean citizens.

Loan tenure affects several aspects of your condo housing loan, including your monthly repayments and the total interest paid over time. A longer tenure may reduce the monthly burden but can lead to higher interest payments in the long run. Your financial stability, long-term plans, and market interest rates should guide your decision on loan tenure.

In Singapore, the age of the borrower does impact condo bank loan terms. Loans usually need to be fully repaid by the time the borrower reaches 65 to 70 years of age. As you approach these age limits, the maximum loan tenure available for you may be reduced, affecting your monthly repayments and overall loan eligibility.

Generally, condo bank loans in Singapore are restricted to financing the property’s purchase price. For renovation and other additional costs, separate financing options must be considered. Being aware of these limitations helps you budget appropriately and avoid financial strain.

Early redemption or prepayment of a condo housing loan often results in penalties, particularly if done within a specified lock-in period. These penalties can be hefty and may offset any financial gains from early repayment. Always review the terms and conditions carefully to understand the financial implications of prepayment.

SECURING THE BEST CONDO HOUSING LOAN FOR YOU

Customised Mortgage And Rewards

Be assured of securing the maximum bank loan needed for your private property purchase before placing the Option Fee. Our preliminary IPA process can be done in as fast as 15 mins. Get bank indicated property valuations from us to ensure that you get a fair deal and be guaranteed of professional conveyancing through our partner law firms.

Property Conveyancing

Our mortgage consultants will recommend various strategies and negotiate for exceptional conditions for your housing loan with major banks in Singapore. This is to ensure you have the flexibility in your new private property for either your own stay or as an investment to generate rental income. Enjoy exclusive rewards and promotions offered by us for your mortgage.

Hassle-Free Mortgage Review

DollarBack Mortgage tracks the lock-in period of your housing loan for your new private property so that you get alerted by our mortgage consultants when it is time for a refinancing. We then start the process of getting you the best refinancing home loan deal in Singapore so that you don't pay a single day of higher interest.

RELATED SERVICES

Refinance Your Private Property

As we have close working relationships with all major banks in Singapore and have a network of over 50 mortgage bankers, we are constantly updated with special home loan refinance packages for your condo.

Find out more about private property refinancing here

Property Conveyancing

Save up to S$900 in conveyancing fees with reputable law firms on all panels of major banks in Singapore.

Find out more about conveyancing here

IPA / AIP Application

Our mortgage consultants conduct a preliminary evaluation to calculate the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) for your loan amount as quickly as 15 minutes.

Find out more about IPA and AIP here

FIND THE PERFECT CONDO HOUSING LOAN FOR YOUR IDEAL RESIDENCE

Exploring options for a bank loan for your ideal condo? Our specialised services are crafted to suit your unique needs, presenting the best private property home loan rates Singapore has to offer. 

Whether you’re looking to purchase a new or resale condo or EC, our dedicated mortgage consultants stand ready to navigate you through the available options, assuring a smooth and rewarding process.

Take the next step in acquiring your dream home with a tailored bank loan.

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