Compare the Best
HDB Home
Loan Rates
in Singapore (July 2024)

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Updated July 15, 2024

$100,000

$3,000,000

$100,000

$3,000,000

Deposit amount should be less than expected purchase price!

Average 1st Year Interest Rates on HDB Home Loans (2024)

Average 1st Year Interest Rates on HDB Home Loans Interest Rates Singapore (2024)

Financing Your New HDB in 2024

As a Singaporean, you can apply for an HDB concessionary loan to finance up to 90% of your new HDB flat. To be eligible, your household income must be within the limits and you cannot own other private residential properties.

The interest rate on HDB home loans is pegged to CPF rates and while HDB offers stability and affordability for first-time flat buyers it is not the lowest

Consider Mortgages from Banks

While convenient, HDB loans tend to have higher interest rates than bank home loans. Run detailed comparisons on rates, fees, and terms to determine if bank home loans can reduce your repayment costs.

Calculate Your Maximum Loan Amount

Your actual loan quantum will depend on financial ratios like MSR and TDSR, based on income and existing debt obligations. For a $500K HDB flat, you may qualify for a $450K loan after accounting for these ratios.

Lowest HDB Home Loan Rates (2024)

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
Promotion 3 Year Fixed 3 years 2.88% 2.88% 2.88% 4.66%
OCBC 3 Year Fixed 3 years 2.88% 2.88% 2.88% 4.66%
OCBC 2 Year Fixed 2 years 2.88% 2.88% 4.16% 4.66%
Promotion 2 Year Fixed 2 years 2.90% 2.90% 4.41% 4.66%
OCBC 3 Year Fixed 3 years 2.90% 3.00% 3.00% 4.66%
OCBC 2 Year Fixed 2 years 2.90% 3.00% 4.00% 4.66%
DBS 2 Year Fixed 2 years 2.90% 3.00% 4.66% 4.66%
Promotion 2 Year Fixed 2 years 2.95% 2.95% 4.41% 4.66%
DBS 2 Year Fixed 2 years 2.95% 2.95% 4.66% 4.66%
OCBC 1 Year Fixed 2 years 2.95% 4.14% 4.16% 4.66%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
SBI 3-Month SORA 2 years 3.96% 3.96% 4.66% 4.66%
OCBC 3-Month SORA 2 years 4.16% 4.16% 4.41% 4.66%
Maybank 3-Month SORA 1 year 4.21% 4.21% 4.21% 4.66%
DBS 3-Month SORA 2 years 4.21% 4.21% 4.21% 4.21%
Promotion 3-Month SORA 2 years 4.26% 4.26% 4.41% 4.66%
Standard Chartered 3-Month SORA (Priority Banking) 2 years 4.26% 4.26% 4.31% 4.66%
SBI 3-Month SORA 3 years 4.41% 4.41% 4.41% 4.66%
Maybank 1-Month SORA 1 year 4.43% 4.43% 5.43% 5.43%
SBI 3-Month SORA 0 year 4.66% 4.66% 4.66% 4.66%

*Today's Mortgage Rates - 14 July 2024

Comparing HDB and Bank Loans

HDB loans allow you to finance up to 90% of the flat's purchase price, with the remaining 10% from your CPF. This means little cash upfront with an HDB loan. Bank loans are capped at 75% of the property price, so you'll need a bigger downpayment.

HDB loans have a maximum tenure of 25 years. Bank loans for HDB flats can stretch up to 30 years. The key difference is the interest rate. HDB loan interest rates are usually a higher then current bank mortgage rates.

If your savings are limited and you want stability, an HDB loan makes sense. A bank loan lets you pay less interest and have lower monthly payments - ideal if you can afford a larger downpayment.

Fixed HDB Home Loan Total Repayment Amount

Average Fixed HDB Home Loan Total Repayment Amount

*Loan Amount $600,000.00 - Loan Tenure 25 Years.

Our Refinancing Resources

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Choosing an HDB Home Loan in Singapore
Interest Rates and Total Repayments
The most important factor when selecting an HDB home loan is the interest rate. Interest rates impact your total repayment amount and monthly payments.
HDB Offers Fixed Rate and Variable Rate Loans
Fixed rates remain the same throughout the loan tenure. Variable rates fluctuate based on market rates. Weigh the risks and rewards of each when deciding.
Loan Tenure
HDB loans allow a tenure of up to 25 years. The longer the tenure, the lower your monthly payments. However, you pay more interest over time. Consider your budget and long term plans when deciding on tenure.
Eligibility and Application
All Singapore citizens can apply for an HDB concessionary loan. Your application will be assessed based on income, existing debt, credit history and other factors.
Other Fees

Apart from interest, other fees may apply for your HDB home loan:

  • • Valuation fees to assess your flat’s value
  • • Late payment fees if you miss installments
  • • Early redeption fees for paying off loan early
  • • Refinancing fees if you switch loans

Factor these potential costs when budgeting for your home loan. Read HDB’s terms carefully.

Critical Considerations

Consider the following when choosing an HDB home loan

  • • Interest rates and stability
  • • Loan tenure and monthly installments
  • • Fees for various services/scenarios
  • • Your financial situation and objectives

Compare options thoroughly and pick the HDB home loan that best fits your needs in Singapore.

Compare Interest Rates

Look at both fixed and floating interest rates. Consider potential rate fluctuations and your ability to tolerate risk. Pick the lowest rate that aligns with your risk appetite.

Check Eligibility Criteria

Meet the income ceiling, ownership, household and other criteria specified by HDB. Have your documents ready to submit with your loan application.

Improve Credit Profile

Boost your credit score and reduce existing debts. This results in better loan terms and higher eligibility. Pay all bills on time and avoid new loans before applying.

Fees Oversight

Apart from interest, account for valuation, late payment, redemption, refinancing and other fees. Read the fine print to avoid surprises.

Align with Long Term Plans

Choose a comfortable monthly repayment amount and loan tenure that suits your long term repayment horizon.

What are the key differences between HDB and bank loans for HDB flats?

HDB loans allow up to 90% financing with stable interest rates around 2.6%, while bank loans are capped at 75% financing but have lower rates around 1.2%. HDB loans require no cash payment but higher monthly installments, while bank loans need 5% cash down and 20% in CPF/cash.

What is the eligibility and process to get a HDB home loan?

Singapore citizens and PRs over 21 with at least $30,000 annual income can get HDB loans from HDB or banks. For bank loans, submit documents for amount assessment, then valuation report and OTP to get a letter of offer securing the loan.

Can I use CPF to pay for legal fees and stamp duties on my HDB purchase?

Yes, your CPF Ordinary Account funds can fully pay for legal and stamp duty fees. Calculate duties payable first and check sufficient funds in your OA.

How much bank loan financing can I get for buying a HDB flat?

Banks offer loans of up to 75% of the HDB purchase price. Your income, debts, Mortgage and Total Debt Servicing Ratios determine approval and maximum loan amount. Minimizing debts can increase loan eligibility.

Where can I find current HDB home loan interest rates?

All current HDB mortgage rates are listed on the this page

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