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I WANT TO REFINANCE
I WANT TO
BUY A HOME
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Updated December 4, 2023
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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
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.
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.
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr Interest | 3rd Yr Interest | 4th Yr Interest | |
|---|---|---|---|---|---|---|---|
| Maybank | 2 Year Fixed (Flexi) | 2 years | 3.05% | 3.05% | 5.02% | 5.02% | |
| Promotion | 1 Year Fixed | 1 year | 3.05% | 4.25% | 4.25% | 4.75% | |
| Promotion | 2 Year Fixed (Flexi) | 2 years | 3.05% | 3.05% | 4.25% | 4.75% | |
| Promotion | 2 Year Fixed (Flexi) | 2 years | 3.10% | 3.10% | 4.75% | 4.75% | |
| Promotion | 2 Year Fixed (Flexi) | 2 years | 3.10% | 3.10% | 4.77% | 4.77% | |
| Promotion | 2 Year Fixed (Flexi) | 2 years | 3.10% | 3.10% | 4.75% | 4.75% | |
| Promotion | 2 Year Fixed (Flexi) | 2 years | 3.15% | 3.15% | 4.75% | 4.75% | |
| Promotion | 2 Year Fixed (Flexi) | 2 years | 3.15% | 3.15% | 4.75% | 4.75% | |
| Standard Chartered | 2 Year Fixed | 2 years | 3.15% | 3.15% | 4.65% | 4.75% | |
| Standard Chartered | 1 Year Fixed | 1 year | 3.25% | 4.40% | 4.50% | 4.75% |
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr Interest | 3rd Yr Interest | 4th Yr Interest | |
|---|---|---|---|---|---|---|---|
| DBS | 3-Month SORA | 2 years | 4.30% | 4.30% | 4.30% | 4.30% | |
| Maybank | 3-Month SORA | 1 year | 4.30% | 4.30% | 4.30% | 4.75% | |
| Promotion | 3-Month SORA | 2 years | 4.30% | 4.30% | 4.55% | 4.75% | |
| Promotion | 3-Month SORA | 2 years | 4.35% | 4.35% | 4.50% | 4.75% | |
| Standard Chartered | 3-Month SORA (Priority Banking) | 1 year | 4.35% | 4.35% | 4.40% | 4.75% | |
| Maybank | 1-Month SORA | 1 year | 4.52% | 4.52% | 5.52% | 5.52% |
*Today's Mortgage Rates - 03 December 2023
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.
*Loan Amount $600,000.00 - Loan Tenure 25 Years.
Apart from interest, other fees may apply for your HDB home loan:
Factor these potential costs when budgeting for your home loan. Read HDB’s terms carefully.
Consider the following when choosing an HDB home loan
Compare options thoroughly and pick the HDB home loan that best fits your needs in Singapore.
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.
Meet the income ceiling, ownership, household and other criteria specified by HDB. Have your documents ready to submit with your loan application.
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.
Apart from interest, account for valuation, late payment, redemption, refinancing and other fees. Read the fine print to avoid surprises.
Choose a comfortable monthly repayment amount and loan tenure that suits your long term repayment horizon.
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.
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.
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.
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.
All current HDB mortgage rates are listed on the this page
