DollarBack Mortgage

Home

Best Private Property Loan Singapore - 16 Banks 2024

Planning to invest in a private property in Singapore? Uncover an array of private property bank loan options with DollarBack Mortgage. We are experts in streamlining the private property loan process, making sure you attain the lowest rates and best features designed specifically for you.

What sets DollarBack Mortgage apart in the competitive private property bank loan market in Singapore? It’s our extraordinary mix of benefits that make us the preferred choice for investors and homeowners:

Exclusive Rewards

Discounted legal fees
Up to $900
DollarBack Cash Reward
Up to $3,300
View Rates

Exclusive Rewards

Reap the benefits of cash rewards of up to S$3,300, vouchers, and rebates on legal fees when you apply for a new home loan or refinance with us. We transform the pursuit of a private property bank loan into an exciting experience filled with rewards.

Access Exclusive “Unpublished” Interest Rates

Get unparalleled insights into the most competitive loan rates of 2023 for your private property in Singapore. With our network spanning more than 16 major banks, we negotiate to secure rates that are not typically disclosed to the general public.

Our expert mortgage consultants will guide you through these time-sensitive special rates, ensuring you lock in the best possible terms for your unique needs. We even offer advice on potential future releases to help you make the most informed decision at the perfect moment.

Professional Mortgage Advice

Our seasoned consultants are committed to finding not just a bank loan but the ideal one that accommodates your specific needs, whether for Building Under Construction (BUC), newly completed, or resale properties.

Hassle-Free Mortgage Review

DollarBack Mortgage tracks the lock-in period of your housing loan, alerting you when it’s time for refinancing, ensuring you never pay a day of higher interest.

At DollarBack Mortgage, we provide more than just a loan; we offer a personalised experience catering to your distinctive requirements. Your dream private property merits the best financing, and with DollarBack Mortgage, you'll discover the perfect bank loan in Singapore that exceeds your expectations. Compare rates today and venture into your future property with confidence and exclusive rewards only from DollarBack Mortgage.

contact us

Understanding Private
Property Loans In
Singapore

Why Choose Dollarback Mortgage For Your Private
Property Bank Loan?

Understanding Private
Property Loan Eligibility

Expert Mortgage Advice And
Preliminary IPA Process

Latest Private Property Bank Loan
Rates

Reviews By Our 
Private Property Bank Loan
Clients

Frequently Asked Questions
About Private Property Bank
Loans

How We Get You The Best
Private Property Bank Loan

Explore Your Private Property Home Loan Options with Renowned Banks

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

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

UNDERSTANDING HOW PRIVATE PROPERTY HOME LOANS WORK IN SINGAPORE​

Investing in private property in Singapore requires the understanding of how private property bank loans 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 property (private condo or landed home) in Singapore.

For a private property 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 if you are purchasing a private condo or landed home. The remaining 5% is due upon the completion of the foundation. You have the option to use your CPF Ordinary Account 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 home 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 private properties.
  • 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 property home loans may fluctuate according to market conditions. Always keep an eye on refinancing options to capitalise on lower interest rates.

Home loans for private properties 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 property home 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 private property 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.

Why Choose Us for Your Private Property Home Loan?

Navigating the private property 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 for your private property loan, 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 mortgage options tailored to your private property needs.

Customised Mortgage Solutions

At DollarBack Mortgage, we recognise that every client’s private property needs are unique, and a one-size-fits-all approach simply won’t do. Our expert mortgage consultants take the time to understand your individual requirements, recommending tailored strategies, and negotiating exceptional conditions for housing loans with major banks. Whether for a personal home or investment purposes, we emphasise flexibility in mortgage options for private properties, ensuring a customised solution that aligns with your goals.

Special Access to the Cheapest Bank Loan Rates

Navigating the mortgage landscape can be complex, but with DollarBack Mortgage, you gain exclusive access to the lowest interest rates for private property home loans in Singapore. Our informed mortgage consultants are on top of special interest rate packages as soon as they are launched by banks. Even lower rates that may not be advertised publicly are within your reach when you choose our services. We ensure that you secure the most competitive rates, maximising your savings.

Exclusive Rewards and Benefits

Selecting DollarBack Mortgage comes with perks that extend beyond mere financial gains. We offer our clients exclusive rewards, including discounted legal fees, and shopping vouchers, adding a touch of luxury to your mortgage experience. The value of these rewards is specified, and any conditions associated with them are transparently communicated. Explore the additional benefits or incentives available, and discover why choosing DollarBack Mortgage’s services for your private property home loan is a decision that pays in more ways than one.

Understanding Private Property Home Loan Eligibility

Purchasing private property 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:

Maximum Loan-to-Value (LTV) Ratio and Tenure

For first-time private property 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 property’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.

Use of CPF Funds for Initial Down Payment

The Central Provident Fund’s (CPF) Ordinary Account (OA) can be utilised by eligible Singapore citizens and Permanent Residents for the initial down payment. 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 loan amount qualification.

Special Eligibility Requirements Those Without Income

In Singapore, obtaining a private property bank 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.

Expert Mortgage Advice and Preliminary IPA Process

Securing the maximum bank loan for a private property purchase in Singapore before placing the Option Fee is crucial, and DollarBack Mortgage makes this process smooth and efficient. Here's an outline of the process:

Consultation and Assessment

Speak with our mortgage experts to understand your financial standing and eligibility. This step ensures that the loan aligns with your property investment goals.

Preliminary In-Principle Approval (IPA) Process

As part of the application, a preliminary IPA process is initiated, which can be as fast as 15 minutes. This quick turnaround time helps you secure your desired private property without delays.

Bank-Indicated Property Valuations

Understanding the importance of a fair deal, DollarBack Mortgage leverages bank-indicated property valuations to guide the maximum loan amount. This ensures that the price aligns with current market conditions, avoiding overpayment.

By emphasising efficiency, quick response, and the integration of bank-indicated property valuations, DollarBack Mortgage ensures that customers are well-informed and supported throughout the journey. The expert guidance and attention to detail guarantee a convenient and successful private property purchase experience.

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%

Reviews By Our Satisfied Private Property Home Loan Clients

FREQUENTLY ASKED QUESTIONS ABOUT
Private Property Home Loans

Fixed-rate loan packages provide a constant interest rate over a specific period, offering borrowers predictability in their monthly repayments. This can be especially appealing during times of low or rising interest rates, as it shelters borrowers from fluctuations. On the other hand, floating-rate packages are tied to market interest rates, moving up or down with market conditions. This can provide savings when market rates are low but also expose borrowers to the risk of rising interest costs. Understanding personal risk tolerance and market conditions are vital in choosing between these two options.

The lock-in period is a contractual obligation that restricts a borrower from refinancing or paying off the loan without incurring penalties. Longer lock-in periods might come with lower interest rates, but they also reduce the borrower’s ability to take advantage of falling interest rates or change to a more favourable loan product. Conversely, shorter or no lock-in periods provide more flexibility but might come with slightly higher rates. It’s a balancing act between securing a favourable rate and maintaining the option to switch should better opportunities arise.

Interest rates and promotional offers are critical aspects of a home loan package, but they aren’t the only considerations. While a lower interest rate or enticing promotion might appear attractive, it’s essential to look at the overall cost of the loan, including fees and other charges. Consider the loan’s flexibility, such as the ability to make prepayments or switch between fixed and floating rates. Assess the loan’s features in the context of your financial situation, property type, and market conditions. Consulting with a mortgage specialist can provide insights tailored to your specific needs when buying a private property.

The LTV ratio represents the percentage of the property’s value that the bank is willing to finance. In Singapore, the maximum LTV ratio for a private property is typically 75%. To calculate this, the loan amount is divided by the property’s appraised value or purchase price, whichever is lower. The LTV ratio reflects both the lender’s risk and the borrower’s investment in the property. A lower LTV may translate into a lower risk for the bank and may be associated with more favourable loan terms.

The LTV ratio plays a pivotal role in determining both the down payment required and the maximum loan amount for which you may qualify. If the maximum LTV is 75%, you’ll need to provide the remaining 25% as a down payment. This can be made up of cash, CPF funds, or a combination of both. A higher LTV generally means a smaller down payment but may be associated with stricter requirements or higher interest rates. Understanding how different LTV ratios impact your specific situation can be crucial in planning your property purchase.

The TDSR is a regulatory framework in Singapore that ensures financial institutions lend responsibly. It stipulates that your total monthly debt obligations, including the proposed mortgage, cannot exceed 60% of your monthly gross income. This framework takes into account various forms of debt, such as car loans, personal loans, and credit card balances. By limiting the percentage of income that can be spent on debt servicing, TDSR aims to ensure that borrowers do not overextend themselves financially, reducing the risk of default.

The TDSR not only affects the amount you can borrow, it also influences your monthly repayments. Since the TDSR limits your total debt obligations to 60% of your gross monthly income, having other significant debts can reduce your borrowing capacity for a property loan. Conversely, a lower TDSR means more room for borrowing. When considering a property loan, it’s important to assess how the TDSR will interact with your other financial obligations and long-term financial planning to ensure that the monthly repayments are manageable.

The maximum tenure for private property home loans in Singapore is typically up to 30 years or until the borrower reaches 65 years of age, whichever comes first. A longer tenure spreads the repayments over more months, reducing the monthly payment but increasing the total interest paid over the duration of the loan. Conversely, a shorter tenure means higher monthly payments but less interest paid overall. The choice of tenure should align with your cash flow needs, financial goals, and comfort level with the monthly repayments.

Housing loans for new private properties under construction (BUC) differ from those for completed resale properties like private condos and landed homes in terms of disbursement, interest rates, and down payment requirements. For BUCs, the loan is disbursed in stages in line with construction progress, meaning interest is only payable on the disbursed amount. For resale properties, the loan is disbursed in a lump sum, and interest starts accruing on the full amount immediately. The choice between these options should consider factors like cash flow, construction risk, property type, and personal preferences.

Early repayment or refinancing of private property home loans might lead to penalties or fees. These charges aim to compensate the bank for the interest income they would potentially lose if the loan is being paid off ahead of schedule. Penalties are common during lock-in periods, where the interest rate is fixed, and can be substantial. Understanding the specific terms related to early repayment, including when penalties apply and how they are calculated, is vital when considering refinancing or making additional payments toward the loan principal.

Processing times for private property home loan applications vary between banks and may depend on factors like property type, loan amount, documentation, and applicant’s creditworthiness. Typically, it takes one to two weeks, but it can be expedited by providing accurate and complete documentation and working with a mortgage specialist like DollarBack Mortgage. By understanding the bank’s requirements and preparing all necessary documents in advance, you can streamline the process and potentially shorten the waiting time.

Your credit score and overall financial standing significantly influence your eligibility for a private property home loan and the terms you may receive. Lenders use credit scores to assess risk and decide on interest rates, loan amounts, and other conditions. A high credit score and solid financial standing generally result in more favourable loan terms, while a lower score or unstable financial situation may lead to higher interest rates or even loan rejection. Maintaining good credit habits and understanding your financial standing can facilitate a smoother loan application process.

Predicting future interest rates is an inherently complex and uncertain endeavour, influenced by myriad economic, political, and financial factors. While no one can predict interest rates with absolute certainty, DollarBack Mortgage can offer insights and guidance based on current market trends, historical data, and expert analysis. Engaging with our specialists can provide context and assist in making informed decisions that align with your long-term financial goals, even in the face of uncertainty.

The private property home loan application process requires various documents, including proof of identity, income documents (e.g., tax assessments, payslips), credit reports, property details (e.g., Sales and Purchase Agreement), and potentially more, depending on the property type and borrower’s employment status. Collaborating with a mortgage specialist like DollarBack Mortgage can streamline this process, as we can assist in gathering and preparing the necessary documentation, ensuring that the application is complete and accurate.

When comparing loan options, it’s important to recognise that banks may offer special conditions or benefits tailored to specific borrower profiles or property types. This can include preferential interest rates for specific developments, tailored packages for self-employed individuals, incentives for refinancing, and more. These unique offerings can make a significant difference in the private property home loan’s overall value and suitability for your specific situation. Carefully reviewing the terms with a knowledgeable mortgage specialist and asking the right questions can uncover these opportunities, allowing for a more informed decision.

Securing the Best Private Property Home Loan for You

Professional Mortgage Advice

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.

Customised Mortgage And Rewards

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 private property.

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 Private Property Home Loan for Your Ideal Residence

Exploring options for a bank loan for your ideal private property? 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 condominium or landed home, 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 private property with a tailored bank loan.

Get Exclusive rates & Rewards!