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Compare Home Equity Loans In Singapore

A home equity loan is a powerful financial tool that allows homeowners to leverage the equity they've built in their property to access funds for various purposes. Our expertise in the mortgage industry ensures that you get the most suitable loan options with favourable terms. Whether you're looking to tap into your property's value for a major life expense or a strategic investment, we're here to guide you through the process and provide you with the best home equity loan solutions available in Singapore.

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Choose Top-tier Home Equity Loans In Singapore

Partnering with esteemed institutions like DBS, UOB, Standard Chartered, Maybank, Citibank, HSBC, CIMB Bank, and OCBC Bank, DollarBack Mortgage offers you unparalleled access to top-tier home equity loan solutions in Singapore. Seamlessly harness the value of your property while benefiting from our strong relationships with these major banks, ensuring you secure the best terms and options for your financial needs.

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Compare Equity Loans Across All Major Banks

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What is Home
Equity Loan

Why Choose
Dollarback Mortgage For
Home Equity Loans

Home Equity Loan
Approval Process

Home Equity
Loan Rates

Reviews By Our
Satisfied Refinancing
Package Clients

Frequently Asked
Questions About
Home Equity Loans

How We Get 
You The Best
Home Equity Loan

Start Your Journey To
The Best Home Equity
Loan Process

What Is A Home Equity Loan?

A home equity loan provides private property homeowners with a golden opportunity to tap into the untapped potential of their property’s value. Home equity loans utilise your property as collateral, where you’re capitalising on the increasing ownership of your home with every mortgage payment, thus generating equity. This equity becomes the bedrock for a home equity loan, allowing you to borrow against it. 

While HDB flat owners don’t have this option, private property owners are able to do so. However, this remains contingent on meticulous bank evaluation. Optimal prospects arise with a fully settled private property, preferably one that has appreciated over time.

Yet, it’s vital to note that a home equity loan won’t encompass the entire value of your condominium. Initial deductions involve the outstanding home loan and CPF contributions utilised for its payment. Following bank assessment, the borrowing amount materialises, but it will be less than 100%. Thereafter, you will still be subject to general regulatory limits such as the total debt servicing ratio (TDSR). 

Additionally, a necessary property valuation, entailing a few thousand dollars upfront, is an essential step. Remember, securing a home equity loan isn’t a rapid process; it takes approximately two months, underscoring its unsuitability for urgent financial needs.

The rates of these loans are influenced by factors like the outstanding loan amount, accrued CPF usage, TDSR and the current valuation of your property in Singapore. 

At DollarBack Mortgage, we pride ourselves on our ability to secure the most competitive promotional packages available, all while advocating for special terms that are tailored to your unique financial situation. Our established partnerships with leading banks grant us the leverage to negotiate on your behalf, ensuring that you access the best possible home equity loan rates and terms in the market.

Why Choose DollarBack Mortgage For Home Equity Loans

At DollarBack Mortgage, our primary goal is to empower you to unlock the full potential of your loan amount. Partner with us to unlock benefits such as:

In our relentless pursuit of maximising every dollar for you, we’ve established a formidable alliance with ober 16 esteemed banks. This collaboration allows us to diligently secure the highest property valuation possible. With DollarBack Mortgage, you can rest assured that your property’s worth is elevated to its pinnacle, ensuring you receive the financial advantages you rightfully deserve.

When you choose DollarBack Mortgage, you’re not just securing a home equity loan in Singapore; you’re unlocking a world of exclusive rewards. Picture this: substantial bank subsidies and additional DollarBack Cash Rewards. These enticing incentives are a testament to our commitment to making your home equity loan journey a truly exceptional experience. Beyond financial advantages, these rewards are meticulously crafted to cater to your individual needs, ensuring your journey with us is both financially enriching and distinctly personalised.

With DollarBack Mortgage, you’re not just getting a loan; you’re getting a comprehensive and personalised solution that maximises your financial opportunities.

At DollarBack Mortgage, our team of mortgage consultants stands as a testament to our commitment to your financial success. Armed with a wealth of qualifications and experience, our consultants are your partners in navigating the intricate landscape of home equity loans in Singapore. 

Extensive Networks

DollarBack Mortgage stands apart not just for our adept team, but also for our robust network of specialists in Singapore. This includes astute Interest Rate Product Managers who navigate the intricate market dynamics, seasoned Credit Policy Managers who ensure your financial alignment, diligent Credit Approvers who gauge your financial viability, and trusted Law Firms who safeguard your interests. These collaborative forces converge to offer you a comprehensive solution that goes beyond a mere loan process. With us, you gain not only expert guidance but also a holistic network that ensures every aspect of your home equity loan journey is meticulously addressed.

Expertise & Personalised Guidance 

What truly distinguishes DollarBack Mortgage is the expertise we bring to the table, coupled with our unwavering dedication to providing personalised guidance tailored to your financial aspirations. Our adept consultants aren’t just here to assist; they’re your financial compass, meticulously charting a path that aligns with your goals and preferences. Whether you’re seeking the optimal home equity loan interest rate in Singapore, navigating credit policies, or safeguarding legal matters, our team’s proficiency ensures that you’re equipped with the knowledge and insights needed to make informed decisions. With DollarBack Mortgage, you’re not just another client – you’re a partner on a journey to financial empowerment.

DollarBack Mortgage brings you a game-changing advantage – our cash rewards that have the potential to significantly enhance your home equity loan amount in Singapore. How does this work? By choosing us, you gain access to a financial boost that bolsters your loan capacity, allowing you to secure a larger amount than you might have thought possible. 

But that’s not all. What truly sets us apart is our commitment to your financial journey. Our cash rewards are an additional bonus to amplify your equity loan as upfront costs are covered through bank rebates. This means that as you aim higher, we’ve got your financial groundwork covered, making the cash rewards a compelling bonus that transforms your equity loan experience.

Understanding Home Equity Loan Eligibility

Navigating the landscape of home equity loan eligibility in Singapore involves a comprehensive understanding of key parameters.

Private Property Only:

Apologies, HDB flat owners, the transformation of your flat into a cash asset isn’t within reach. Home equity loans are exclusively available for private property holders, with each application subject to thorough bank evaluation. The most promising prospects lie within fully paid-up private properties, particularly those that have appreciated over time. For Executive Condominium (EC) owners, eligibility surfaces post the completion of the 5-year Minimum Occupation Period (MOP). Also, if you still owe money on your existing home loan, you must get your loan from the same bank.

Minimum Property Occupation:

A pivotal criterion hinges on the property’s occupancy duration. Eligibility necessitates a property that has been inhabited for a minimum of 5 years.

Maximum Tenure:

There is a maximum tenure of 35 years for the property you are trying to use to loan against.

At DollarBack Mortgage, we not only provide clarity on these eligibility benchmarks but also guide you through the intricacies, ensuring your journey towards a home equity loan is marked by informed decisions and optimal choices.

Home Equity Loan Approval Process

Embarking on the journey towards a home equity loan approval in Singapore can often be complex, with the intricacies of interest rates and packages shrouded from online platforms. The process often involves reaching out to numerous banks via phone or in-person inquiries. At DollarBack Mortgage, we are committed to simplifying this process for you.

Provide Relevant Details For Us To Check Your Eligibility

With us, the journey takes a straightforward turn. Your involvement is as easy as providing your details, and from there, leave the rest to us. Once we have checked your eligibility for a home equity loan in Singapore, we can proceed with the next step.

Select From Suitable Home Equity Solutions

Each bank in Singapore employs distinct internal approval procedures for a home equity loan. Our dedicated team tirelessly navigates through the spectrum of bridging home equity packages available in the market, meticulously crafting a recommendation tailored to your unique needs. Beyond that, our mortgage consultants possess the expertise to pinpoint a particular bank with the most favourable approval likelihood and secure the optimal mortgage package that aligns seamlessly with your requirements.

Wait For Checks & Approval

After checking through all the relevant details, your loan will be subject to approval by the banks.

Pay For A Property Valuation

When you're ready to proceed, a property valuation payment is the next step.

Receive Your Loan Amount

Subsequently, an approved loan amount is extended to you, bringing you closer to the realisation of your financial goals. At DollarBack Mortgage, we believe in transforming complexity into simplicity, ensuring your home equity loan journey in Singapore remains streamlined and successful.

BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* 2 Year Fixed 2.85 (EIR)%
Fixed
2.85 (EIR)%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Limited Promo* 1 + 1 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Maybank 1 + 1 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
SCB 2 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.20%
Floating
4.20%
4.20%
4.20%
DBS 2 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
OCBC 3 Year Fixed 2.90%
Fixed
2.90%
Fixed
2.90%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
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%

REVIEWS BY OUR SATISFIED Home LOAN CLIENTS

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Frequently Asked Questions About Home Equity Loans

Legal fees ranging from $1,800 to $2,000 nett as well as valuation fees depending on the market value of the property are applicable for an equity home loan.

No. All home equity loan instalments cannot be paid via CPF and only cash is allowed.

Yes, of course. An existing home equity loan can be refinanced to enjoy a lower interest rate package. Cash rewards and rebates are also offered by all banks for an existing home equity loan refinancing.

A home equity loan and cashout refinancing are theoretically taking out paid up equity from your property as lump sum and servicing the monthly instalments with a specific bank. You can take a equity loan from your fully paid up private property from any bank in Singapore or refinance your existing property and apply for an additional equity loan with your existing bank or a different bank altogether. Home equity loans function the same way as any other home loan where the monthly instalments are paid in a proportion of interest and principal. While interest-only home equity loans used to be available previously, they are no longer allowed by major banks in Singapore.

There are a few factors involved in calculating a home equity loan amount but the most crucial determinant is the market value of the property. Having a high market value of your property allows for the maximum equity to be taken out. For example, your current property has a market value of $2,000,000, an outstanding loan amount of $800,000 and CPF usage to date by all owners of $200,000. The corresponding equity loan amount is then 75% (maximum financing quantum allowed in Singapore) of the market value (0.75 x 2mil = 1.5mil) subtracted by the outstanding loan amount and CPF usage (1.5mil – 800k – 200k = 500k). Therefore, the maximum equity loan that can be taken is up to $500,000. Do note that equity loans are also subjected to TDSR requirements as well as income and debt obligations. Having a high market value of your property even though important, is not sufficient for a bank to grant a equity loan.

No you can’t, it also does not matter if your HDB is fully paid up or not. Equity loans are only allowed for private properties.

In simple terms, cash-out refinancing is suitable for those requiring a substantial sum for specific purposes like major home improvements. On the other hand, home equity loans leverage your property’s equity as collateral to secure an entirely new loan.

While traditional mortgages are employed to purchase properties, home equity loans can be used for various needs like medical bills or funding renovations. Moreover, while home equity loans are fixed-rate, mortgages can be either fixed or variable.

Regrettably, the Monetary Authority of Singapore prohibits the utilisation of home equity loans to acquire funds for another property.

TDSR, which governs monthly debt repayments like student loans or car loans, significantly impacts your application. A lower TDSR percentage enhances your approval odds, potentially bringing your dream home closer within reach.

Home equity loans are solely accessible for private property owners and not HDB owners in Singapore. This is also subject to meticulous bank assessment. For Executive Condominium (EC) owners, eligibility emerges post the completion of the 5-year Minimum Occupation Period (MOP). Also, if you still owe money on your existing home loan, you must obtain your loan from the same bank.

Essential eligibility hinges on the property’s occupancy duration, necessitating a residence that has been inhabited for a minimum of 5 years.

There exists a maximum tenure of 35 years for the property you intend to use as collateral.

One of the principal penalties associated with home equity loans in Singapore is prepayment or early repayment fees. These fees discourage early repayment and compensate the bank for potential interest loss due to early payment.

In Singapore, home equity loans are exclusively accessible to private property owners, with HDB flat owners not having this option.

Having a high credit rating and good financial history enhances your approval likelihood. Your credit score signifies your reliability as a borrower, and a higher score increases the chances of loan approval, as it indicates a lower likelihood of loan default.

If you have an outstanding home loan, you can only secure a home equity loan from the same bank in Singapore holding your mortgage.

Refinancing an existing home equity loan can be achieved by replacing it with a new home equity loan or a new home equity line of credit (HELOC). Alternatively, refinancing into a new, larger first mortgage or exploring loan modification options might be viable.

Certainly, you can employ a home equity loan to finance renovation or remodelling projects by leveraging the equity built in your property in Singapore as collateral for the loan.

Market interest rate fluctuations can impact home prices, particularly in the middle to lower property segments. The bank valuation is pivotal as it influences the property’s value, a critical factor affecting your home equity loan amount.

While there is no predefined way to use your home equity loan funds, it’s essential to remember that the money borrowed from your home’s equity is a loan. You must repay it along with accrued interest.

HOW WE GET YOU THE BEST HOME EQUITY LOAN

Know Your Equity Loan Eligibility

Our mortgage consultants can provide a comprehensive breakdown on your equity loan eligibility over a quick phone consultation all within a few hours.

Maximise Chances Of Approval

Different banks have varying internal approval processes for an equity loan. Our mortgage consultants will be able to select a specific bank with the highest approval probability as well as the best mortgage package available for your needs.

Increase Equity Loan Amount

All equity loans through DollarBack Mortgage enjoy cash rewards above the rebates provided by banks. Since your upfront costs are fully covered with the bank rebates, you can think of the additional cash rewards as a bonus that increases your equity loan amount.

RELATED SERVICES

Refinance Private Property Loan

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 refinance packages.

Read more about our refinance property loan

Property Conveyancing

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

Read more about our conveyancing solutions

DollarBack Rewards

Receive cash rewards, vouchers and rebates on legal fees when you apply for a new equity cashout loan with us today.

Read moe about our DollarBack Rewards

Start Your Journey to the Best Home Equity Loan Package

Ready to unlock the potential of your property's equity? Let DollarBack Mortgage be your guide to finding the perfect home equity loan package. Our expert consultants will navigate the complexities, ensuring you access exclusive rewards, optimal rates, and personalised guidance. Take the first step towards financial empowerment – begin your home equity loan comparison today!

GET THE MAXIMUM HOME EQUITY LOAN

Maximise your home equity loan in Singapore by securing the highest property valuation from across 16  banks. Our mortgage consultants also provide strategies on cash out refinancing and advice on the best bank for an application.

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