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Best HDB Bank Loan Rates 2024 (Resale & BTO) - $3,300 Reward

Purchasing a new HDB flat in Singapore? Explore a multitude of HDB bank loan options with DollarBack Mortgage. We specialise in simplifying the new HDB loan process, ensuring you secure the best possible rates, rewards and terms tailored to your needs.

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Discounted legal fees
Up to $900
DollarBack Cash Reward
Up to $3,300
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Exclusive Rewards

Get your hands on cash back worth up to S$3,300 and enjoy discounted legal fees of up to S$900, thanks to our exclusive partnerships with select law firms offering rates lower than the standard market rate.  We transform the process of securing an HDB bank loan into an enticing journey filled with rewards.

Expert Mortgage Consultants

Our seasoned team not only finds you an HDB bank loan but the right one that fits within your requirements.

Access to Multiple Bank Options

Our expert mortgage consultants will negotiate with over 16 banks in Singapore to ensure you receive the most suitable new HDB loan rates, be it for a Build-To-Order (BTO) or resale home.

Flexible Mortgage Options

From waivers for early sale to free switches between interest rate packages, we make sure your HDB bank loan suits your unique circumstances, offering flexibility without hidden costs or surprises.

At DollarBack Mortgage, we're committed to more than just a loan; we offer an experience that caters to your individual needs. Your dream home deserves the best financing, and with DollarBack Mortgage, you'll find the perfect HDB bank loan in Singapore that meets your expectations. Compare rates today, and step into your future home with confidence and rewards exclusive to DollarBack Mortgage.

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Understanding HDB
Bank Loans In
Singapore

Why Choose DollarBack
Mortgage For Your HDB
Bank Loan?

Understanding HDB
Bank Loan Eligibility

Efficient HDB Bank Loan
Application Process

HDB Bank Loan Rates
For Resale & BTO

Reviews By Our
Satisfied HDB Bank
Loan Clients

Frequently Asked
Questions About HDB
Bank Loans

How We Get You The
Best HDB Bank Loan

Explore Your HDB Loan Options with Renowned Banks

DollarBack Mortgage is your gateway to a world of premium banking options for your housing loan needs. Whether you’re seeking a new HDB loan or looking to refinance a bank loan for your existing HDB flat, we offer a diverse portfolio of lending solutions from highly regarded financial institutions.

Explore offerings from 16 banks such as DBS, UOB, Standard Chartered, Maybank, Citibank, HSBC, CIMB Bank, and OCBC Bank.

Our comprehensive comparison platform makes it easy for you to analyse different interest rates, benefits, and conditions from these leading banks in Singapore. It’s your opportunity to choose a financial partner that aligns with your aspirations, budget, and lifestyle.

With DollarBack Mortgage, you’re not just finding a loan; you’re building a future. Compare rates now and take advantage of our expertise in HDB bank loans in Singapore. Embrace the confidence, flexibility, and rewards that only DollarBack Mortgage can deliver.

Understanding how HDB Bank Loans Work

Homeownership in Singapore often starts with understanding the complexity of HDB bank loans. It’s essential to decipher between using cash or CPF Ordinary Account (OA) funds for payment, as it can influence your financial future.

HDB concessionary loans provide financial assistance, covering up to 85% of your flat’s valuation. Whether you opt for cash or CPF payments, understanding the balance between the two is vital in planning for both immediate housing needs and long-term financial stability.

Thoroughly comparing the benefits and drawbacks of using cash versus CPF ensures that homeowners make informed decisions that align with their current situation and future goals. Let’s explore this topic in depth to grasp the intricacies involved in making this crucial choice.

HDB Concessionary Loan: Requires at least 10% of the purchase price. It can be paid with cash, CPF OA savings, or both. Flexibility to leave up to S$20,000 in your OA offers an emergency buffer.

Bank Loan: Requires 20% down payment, with 5% in cash and 15% through cash or CPF savings. The remaining 5% is paid upon key collection. Flexibility in setting aside CPF and paying the loan with cash is available.

HDB Concessionary Loan: Pegged at 0.1% above the prevailing OA interest rate, i.e., 2.6% p.a.

Bank Loan: May fluctuate according to market conditions. Always keep an eye on refinancing options to capitalise on lower interest rates.

HDB Concessionary Loan: No lock-in period, offering flexibility to refinance with a bank anytime without penalties.

Bank Loan: Often comes with a lock-in period of two or three years. Penalties apply for early repayment or refinancing within this period.

Utilising cash for payment for your HDB 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, one of which being late payment charges by HDB. The current charge is 7.5% per annum. based on the outstanding instalment amount at the end of the month.

Your choice between cash and CPF for HDB bank loans must be an informed decision. Understanding the down payment requirements, interest rates, and lock-in periods helps you choose the right mode of payment. Remember to evaluate both current financial situations and future needs, knowing that the right decision now can positively impact your retirement and long-term financial stability.

Why Choose Us for Your HDB Bank Loan?

Navigating the home loan market in Singapore can be complex, but DollarBack Mortgage is here to guide you through. With an extensive track record and years of experience in the mortgage industry, we’re committed to bringing you the best service. By choosing DollarBack Mortgage, you’re not just getting a loan; you’re gaining a partnership that helps you save on interest costs, enjoy lower upfront fees, and access flexible bank mortgage options tailored to your needs.

Transparent HDB Bank Loan Comparison

Transparency is a cornerstone of our service at DollarBack Mortgage. We provide clear and precise HDB loan comparisons, with a comprehensive process that examines options from over 16 banks in Singapore. Our dedication to transparency doesn’t stop there; we also ensure that our clients are kept up-to-date with the latest interest rates and deals. We believe in empowering you with the information to make the best choices for your financial future.

Our Expert Mortgage Consultants

Meet our team of expert mortgage consultants, skilled professionals who are not just well-versed in the industry but are dedicated to finding the HDB loan deals from banks that fit your specific needs. Our personalised advice and guidance don’t end with finding the right loan; we accompany you throughout the application process, ensuring that your journey towards homeownership is smooth and hassle-free.

Exclusive Rewards and Benefits

Choosing DollarBack Mortgage comes with more than just financial benefits. We offer our customers exclusive rewards, such as discounted legal fees and shopping vouchers, adding value to your experience. These rewards aren’t just empty promises; we provide detailed information on their value and the conditions associated with them. It’s part of our commitment to offering additional incentives and showing appreciation to those who trust DollarBack Mortgage’s services.

Understanding Your Eligibility for a HDB Bank Loan

Purchasing an HDB flat in Singapore? Understanding your eligibility for a bank loan is an essential first step.

The process begins with the banks assessing your income and financial commitments. This evaluation is crucial as it helps determine how much you can borrow. The Loan-to-Value (LTV) limit, set at 75% of the property value or purchase price (whichever is lower), is another key factor.

Citizenship also plays a part. For instance, Permanent Resident (PR) couples without Singaporean citizenship, looking to buy a resale HDB flat, are only eligible for a bank loan. Age, credit score, and employment stability further affect your eligibility, with banks requiring borrowers to fall within a specific age range and maintaining a favourable credit history.

Your occupation and employer are also assessed, making stable and regular employment generally a requirement. Since criteria may vary between banks, it’s wise to consult with banks or a mortgage specialist to understand your specific eligibility.

If this sounds daunting, don’t worry! DollarBack Mortgage’s experts stand ready to guide you through the eligibility assessment for a bank loan, offering tailored support.

Our comprehensive guidance ensures that you meet all necessary requirements, easing your path to obtaining the loan, and making the dream of owning an HDB flat a reality.

Efficient HDB Bank Loan Application Process

Securing an HDB loan through DollarBack Mortgage is designed to be a seamless experience for customers. Here's a step-by-step outline:

Initial Consultation

Speak with our consultants to understand your needs and requirements.

Application for In-Principle Approval (IPA)

As part of the application, an IPA helps you understand what you can afford. For example, with a bank loan amount of S$1 million and additional funds of S$400,000, you could consider a five room resale HDB worth up to S$1.4 million.

Document Preparation

The team will assist you in gathering and preparing all the required documents, ensuring accuracy and completeness.

Submission and Review

Submit the application along with the required documents. The team's emphasis on efficiency ensures a swift review process.

Final Approval and Completion

With all steps meticulously handled, the final approval and completion of the loan application are smooth and straightforward.

By integrating IPA as a vital but single point in the process, DollarBack Mortgage ensures that customers are well-informed and supported throughout the journey. The combination of expert guidance and attention to detail guarantees a convenient and efficient loan application experience.

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%

Reviews By Our Satisfied HDB Bank Loan Clients

FREQUENTLY ASKED QUESTIONS ABOUT
HDB Bank Loans

Concessionary HDB loans are offered by Singapore’s Housing Development Board (HDB), with the interest rate fixed at 0.10% above the prevailing Central Provident Fund’s (CPF) Ordinary Account (OA) interest rate. This provides stability in repayment but may come with more stringent eligibility criteria. On the other hand, bank loans are provided by various commercial banks and may offer different interest rates (fixed or floating) and more flexible repayment terms. The choice between these two options should be guided by an individual’s financial situation, risk tolerance, and long-term goals, with professional advice likely beneficial for making an informed decision.

Interest rates for HDB bank loans in Singapore can vary greatly among different financial institutions, packages, and prevailing market conditions. Influenced by factors such as central bank policies, economic climate, and individual lender policies, these rates can change frequently. Therefore, it is wise to engage with a mortgage consultant or a lender who can offer the most up-to-date rates specific to your needs and loan type. Exploring various options and utilising online comparison tools can also assist in securing the most advantageous rate tailored to your financial situation.

The maximum amount a bank can lend you for an HDB loan is influenced by various factors, such as your monthly income, credit score, the property’s value, and the loan-to-value (LTV) ratio, adhering to specific regulatory guidelines. An In-Principle Approval (IPA) can give you a detailed assessment of what you may be eligible to borrow. Consulting with a lender or mortgage specialist to understand these elements will provide a clear and accurate picture of the loan amount that matches your financial profile and requirements. This planning will help ensure a smooth home buying experience without unexpected challenges.

Identifying the most suitable interest rate package for your HDB purchase requires careful analysis of your financial situation, risk tolerance, long-term goals, and understanding the different loan options from the various banks. Consulting with a mortgage broker or financial advisor who understands the complexities of various interest rate packages can be invaluable. They can provide insights into fixed-rate, floating-rate, and other loan structures, helping you align your choice with your financial strategy and lifestyle. Online comparison tools and financial calculators may also be helpful.

Early sale or partial repayment of an HDB unit can lead to penalties or fees, depending on the specific terms of your loan contract with the bank in question. These might include prepayment charges, lock-in period violation penalties, or administrative costs. Understanding these potential costs upfront is vital, as it may influence your decision-making regarding the sale of the property or additional repayments. Careful review of the loan agreement and consultation with your lender will clarify these details.

When comparing HDB loan packages offered by the various banks, several factors must be considered, including interest rates, lock-in periods, fees, flexibility in repayments, customer service, and the overall reputation of the lender. Understanding your financial needs and preferences will guide your selection process. Professional mortgage consultants can also provide personalised advice, helping you navigate these various elements to find the loan package best suited to your unique situation. Utilising online comparison tools can further facilitate this process.

Mortgage Service Ratio (MSR) represents the proportion of your monthly gross income spent on mortgage repayment, including obligations secured by properties. For HDB flats and Executive Condominiums (ECs), it must not exceed 30% of your monthly income. Banks will assess this ratio along with other factors before approving a loan. MSR applies whether you take an HDB or bank loan.

Total Debt Servicing Ratio (TDSR) is the proportion of your monthly gross income spent on debt obligations, including loans from HDB, financial institutions, and other sources like car or personal loans. As of December 16, 2021, TDSR must not exceed 55%. Banks require compliance with TDSR before approving property loans, and exemptions may be granted for refinancing cases where the mortgaged property is owner-occupied and purchased before the implementation of TDSR/MSR ruling in 2013.

The loan-to-value (LTV) ratio for HDB loans is governed by regulations that vary based on factors such as the borrower’s age, loan tenure, and existing loans. The LTV ratio defines the maximum amount you can borrow from a bank as a percentage of the property’s value or purchase price. It can affect the down payment, monthly instalments, and interest rates. Understanding the restrictions on LTV and how it aligns with your financial situation is crucial in determining your borrowing capacity.

The maximum loan quantum issued by a bank for an HDB flat is calculated based on a combination of the property’s valuation, the LTV ratio, and the borrower’s financial status. Other factors like the buyer’s age and loan tenure may also influence the maximum amount. Specific regulatory guidelines govern this calculation, and understanding them is vital to ensure that you can comfortably afford the property you are interested in. Consulting with a mortgage consultant or lender can help you determine the exact amount you qualify for.

Yes, your CPF OA savings can be used for the down payment and monthly instalments of an HDB loan, but it’s subject to specific rules and limits by the bank in question. These rules can vary based on factors like the property’s remaining lease and the buyer’s age. Understanding these regulations is crucial in managing your finances effectively and planning for your home purchase. Consulting with the CPF Board or a knowledgeable mortgage consultant can clarify how to best leverage your CPF savings.

Interest rates by banks can change frequently, depending on the type of loan package and market conditions. Fixed-rate packages offer stability for a set period, while floating-rate packages can fluctuate with market dynamics. Monitoring interest rate trends, central bank policies, and global economic factors will provide insights into potential changes. Regularly reviewing your loan agreement or consulting with a financial advisor can also guide you in understanding and navigating interest rate changes for HDB bank loans.

Fixed-rate and floating-rate HDB bank loan packages differ in how interest rates are determined and applied. Fixed-rate packages offer a stable interest rate for a specific period, providing certainty in monthly repayments. Floating-rate packages are tied to market indices, which can lead to fluctuations in interest rates, possibly offering initial savings but carrying more uncertainty. Deciding between these two requires understanding your financial goals, risk tolerance, and market conditions, and consulting with a financial expert may aid in making an informed choice.

Our Approach to Securing You the Best HDB Bank Loan

HDB Loan Eligibility

Our mortgage consultants perform bank loan calculations based on your income, age and new HDB purchase price. Get assured of your HDB bank loan eligibility based on the Mortgage Servicing Ratio (MSR) across all major banks in Singapore. In this way, you are informed of your maximum loan amount and get access to a comparison of the best HDB bank loans available.

Mortgage Flexibility

HDB properties have a minimum occupancy period (MOP) of 5 years, but there are exceptions to this rule with HDB’s approval. Our mortgage consultants ensure flexibility in your mortgage by having special conditions such as waiver of penalties for early sale of your HDB unit, making a partial repayment during the lock in period and a free switch to a different interest rate package.

Lower Upfront Fees

For a new HDB home loan, upfront costs include legal fees which are within the range of $2,000 to $2,800. Through our partner conveyancing law firms, you get to enjoy lower legal fees through DollarBack Mortgage rewards. Lower upfront fees reduce the effective net interest being paid for mortgage, allowing you to save on your monthly instalments.

RELATED SERVICES

Refinance HDB Loan

Enjoy a full offset / waiver of all HDB home loan refinancing costs such as legal and valuation fees by almost all banks in Singapore. Get regular updates on the lowest refinancing rates at the right time.

Find out more about HDB refinancing here

Property Conveyancing

Save up to S$900 in conveyancing fees with reputable law firms on all panels of major banks in Singapore. Our partner law firms have been carefully selected to provide the best service while being cost effective.

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 Ideal HDB Bank Loan for Your Dream Home

Exploring options for a bank loan for your dream home? Our specialised services are tailored to your needs, offering the best bank loan rates Singapore has to offer.

Whether you’re seeking a new HDB loan or a bank loan for a HDB resale flat, our dedicated mortgage consultants are here to guide you through the available options, ensuring a seamless and satisfying experience.

Take the next step in securing your ideal HDB flat with a tailored bank loan.

Get Exclusive rates & Rewards!