Compare the Best Home Loan
Rates in Singapore (May 2024)

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Updated May 21, 2024

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

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

Mortgage Rates For
Private Properties in 2024

Are you planning to buy a private or landed property? Your mortgage plan mainly depends on your monthly installment budget and your risk tolerance. Typically, financial institutions and banks offers wide range of mortgages or home loan packages to those eligible of the loan.

Private properties -
Building Under Construction (BUC)

If your property, landed or private, is still under construction, you should consider a bank loan that does not require a lock in period. Having a free term gives you the chance to refinance or reprice your loan to a lower interest rate.

Completed, landed or
resale private property

If you intend to buy a private, landed or resale property, most major banks offer competitive mortgages with floating or fixed interest rates. Be reminded that when purchasing a private property, HDB loans are not available.

For the best resale, landed and private property mortgages which are still under construction (BUC) check out below home loan interest rates or apply via the ROSHI marketplace.

Lowest Mortgage Rates for
Private Properties (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 2.90% 2.90% 2.90% 4.65%
Promotion 2 Year Fixed 2 years 2.90% 2.90% 4.40% 4.65%
OCBC 3 Year Fixed 3 years 2.90% 2.90% 2.90% 4.65%
OCBC 2 Year Fixed 2 years 2.90% 2.90% 4.15% 4.65%
DBS 2 Year Fixed 2 years 2.90% 2.90% 4.65% 4.65%
Promotion 2 Year Fixed 2 years 2.95% 2.95% 4.40% 4.65%
Standard Chartered 2 Year Fixed (Priority Banking) 2 years 3.05% 3.05% 4.45% 4.65%
Standard Chartered 2 Year Fixed 2 years 3.10% 3.10% 4.55% 4.65%
DBS 2 Year Fixed 2 years 3.10% 3.10% 4.65% 4.65%
CIMB 2 Year Fixed (BUC) 2 years 3.80% 3.50% 4.35% 4.65%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
SBI 3-Month SORA 2 years 3.95% 3.95% 4.65% 4.65%
RHB 1-Month SORA 2 years 4.06% 4.11% 4.61% 4.61%
Promotion 3-Month SORA 0 year 4.10% 4.10% 4.15% 4.15%
Maybank 3-Month SORA 0 year 4.10% 4.10% 4.10% 4.10%
Promotion 3-Month SORA 0 year 4.15% 4.15% 4.15% 4.15%
OCBC 3-Month SORA 2 years 4.15% 4.15% 4.40% 4.65%
Maybank 3-Month SORA 1 year 4.20% 4.00% 4.20% 4.65%
DBS 3-Month SORA 0 year 4.20% 4.20% 4.20% 4.20%
DBS 3-Month SORA 2 years 4.20% 4.20% 4.20% 4.20%
Promotion 3-Month SORA 2 years 4.25% 4.25% 4.40% 4.65%

*Today's Mortgage Rates - 20 May 2024

Housing Loan Rates for
(new) HDB flats in 2024

If you or your spouse is a Singaporean and you want to buy an HDB in Singapore, you can apply for an HDB housing loan. To qualify, your household income must be less than the maximum household income limit, and you must not own any private or commercial properties.

The interest rate on an HDB housing loan is 2.88 percent, and it's determined by adding 0.1 percent to the existing CPF Ordinary Account interest rate. That is to say, if your CPFOA interest rate changes, your HDB housing loan interest rate may change as well - however it is commonly known that these interest rates are unlikely to change.

What is the maximum HDB
loan amount I can get?

A maximum of 90% of the purchase price can be borrowed through an HDB concessionary loan. For example if you want to buy an HDB unit for $500,000, you can get a loan of up to $450,000 if you pay $15,000 in cash and the rest in CPF or cash. The Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio (TDSR) are considered in the HDB bank loan approval process (TDSR).

Both of these ratios are proportional to your gross monthly income and debt commitments, such as credit card balances, vehicle loans, and other monthly installment loans. Before applying to any bank in Singapore, it is recommended that you keep your monthly debt commitments to a minimum of at least 2 months.

Lowest Mortgage Rates for HBD (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% 4.65%
OCBC 3 Year Fixed 3 years 2.88% 2.88% 2.88% 4.65%
Promotion 2 Year Fixed 2 years 2.90% 2.90% 4.40% 4.65%
OCBC 3 Year Fixed 3 years 2.90% 2.90% 2.90% 4.65%
OCBC 2 Year Fixed 2 years 2.90% 2.90% 4.15% 4.65%
DBS 2 Year Fixed 2 years 2.90% 2.90% 4.65% 4.65%
Promotion 2 Year Fixed 2 years 2.95% 2.95% 4.40% 4.65%
Standard Chartered 2 Year Fixed (Priority Banking) 2 years 3.05% 3.05% 4.45% 4.65%
Standard Chartered 2 Year Fixed 2 years 3.10% 3.10% 4.55% 4.65%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr Interest 3rd Yr Interest 4th Yr Interest
SBI 3-Month SORA 2 years 3.95% 3.95% 4.65% 4.65%
Maybank 3-Month SORA 0 year 4.10% 4.10% 4.10% 4.10%
OCBC 3-Month SORA 2 years 4.15% 4.15% 4.40% 4.65%
Maybank 3-Month SORA 1 year 4.20% 4.00% 4.20% 4.65%
DBS 3-Month SORA 0 year 4.20% 4.20% 4.20% 4.20%
DBS 3-Month SORA 2 years 4.20% 4.20% 4.20% 4.20%
Promotion 3-Month SORA 2 years 4.25% 4.25% 4.40% 4.65%
Standard Chartered 3-Month SORA (Priority Banking) 2 years 4.25% 4.25% 4.30% 4.65%
Maybank 1-Month SORA 0 year 4.26% 4.00% 5.26% 5.26%
Maybank 1-Month SORA 1 year 4.26% 4.26% 5.26% 5.26%

*Today's Mortgage Rates - 20 May 2024

Deciding between HDB loans and bank loans

It all depends on your long-term mortgage objectives and current financial situation. HDB loans allow you to finance up to 90% of the unit's purchase price, with the remaining 10% covered by CPF. Which means HDB loans do not require only little upfront funds. Bank loans, on the other hand, are limited to 75 percent of the property purchase price. The maximum loan tenure for HDB loans is 25 years while bank loans for HDB flats can go up to 30 years.

The key difference between a HDB and bank loan is the interest rate. Interest rates on HDB loans are currently at 2.88 percent, while bank loan interest rates have historically been as low as roughly 1 percent. A HDB loan is advisable if your initial deposit is lower and you are seeking long-term interest rate stability. A bank loan, on the other hand, is the best option if you want to save money on interest and have smaller monthly repayments.

Fixed HDB Home Loan Total Repayment Amount

Average Fixed HDB Home Loan Total Repayment Amount

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

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Choosing a Home Loan in Singapore

Interest rates are the most critical part when deciding on a home loan. Interest rates will not only affect your total repayment amount but also your scheduled monthly payments. There are fixed, variable, or board rates. The interest type you select will impact your total as well as monthly repayment amount.

Variable rates tend to go up and down quickly, making it a higher risk with potential better rewards. Board rates are even more intense than that with the potential for great rewards or the opposite. Fixed rates sit at a stagnant level, regardless of the market change.

Via the ROSHI home loan marketplace you can set-up a mortgage application which will connect you to lenders & brokers in real time.

Interest Expenses & Refinancing Costs

Based on what we know of the market today, more than 80% of application decisions depend mainly on the current interest rates. This makes sense as these rates impact the overall cost of your mortgage. Credit score is also a factor to consider, but it has less impact on your decision than you might expect.

Mortgages are also influenced by the ability to refinance when you want. Most people decide to refinance somewhere between two and four years after opening one. This is usually a result of a sudden change in market rates. Make sure that the loan you choose allows this so that you can swap to a better one in the event one turns up.

Keep an eye on refinancing fees too. Some banks require you to make a small payment to refinance your plan. Alternately, the new plan that you choose may also have a small fee waiver, in which case you could avoid this payment.

Floating Rates vs Fixed Rates

It is always a hard choice to determine if you should take a floating rate or a fixed rate. If you have the ability to refinance your loan, a floating rate can work better as it will go up and down with the market.

On the other hand, if you are stuck in the loan option you’ve chosen, a fixed rate could be better as it removes the risk of getting stuck in a higher level of interest that you can’t afford.

Fixed rates are safer while floating rates offer the potential for lower fees. The decision is yours on which would be best for you. Take a look at our overview of each type to better make your decision:

Flat or Declining Rates = Floating Rates
If interest rates are currently stable or declining, a floating rate is your best bet. The floating interest rate will go down as overall rates decline.Floating rates will always appear cheaper than fixed rates because the loaning company is hoping that your interest rates will increase at some point. If you can safely go into a loan with the option for refinancing, you can avoid this risk. If the rates start to go up, simply refinance with a lower interest plan.
Rising Rates = Fixed Rates
If interest rates are steadily rising, you shouldn’t risk a floating rate. Floating rates for all loaning companies will increase as the overall rates go up. In this instance, a fixed rate is safer because it will remain the same no matter what happens.For example, your floating rate may start at 2% but reach 5% after a couple of years or even worse. The fixed rate may start somewhere around 4% but it will never go above that mark. This way, you will always know how much you need to save for it, rather than risking it going too high for your budget.
How can I Apply for a Home Loan?

Anyone can apply for a home loan, no matter who you are. The problem is getting accepted. The smartest first step is to compare loan options on GoBear then select the ideal loan for your situation. This doesn’t take as long as you might think.

This doesn’t mean you will acquire the first loan you chose, however. The bank you choose will do a background check and make sure you will be able to keep up with payments. They may check things like your salary, mortgage broker, the stability of your employment, etc.

Many banks will also ask for collateral, such as a car or piece of land. Everyone has different rules to this sort of thing, so be sure to research the bank you are choosing to loan from before applying as well.

How Long can I Spend Paying My Loan Back?

Mostly, you won’t need to feel rushed with your repayments. The majority of repayment options give you anywhere up to 35 years to pay it back. The shorter term you choose to pay, the less interest you will end up spending. However, for those that want to get into their home early, the longer time can be worthwhile.

You can also choose to pay the loan back early if you happen to fall into more money in the future. This too will reduce the amount of interest you end up paying.

What can I Do if My Home Loan Application is Rejected?

You need to look into what caused the rejection. Take all the causes of your rejection and work on them for the next application. After this, you can decide to reapply for the same loan or look into your second choice.

High Total Debt Servicing Ratio (TDSR)
If you fall under this category, you may have to reduce the loan rate that you chose. The TDSR limit is 60% of your monthly income. If your chosen home loan will cost you more than this, no loaning company would accept it from you.Try to aim for 50% and below when possible. This will effectively reduce the risk of the rate going above 60% later and increase the chances that you get accepted. Remember that the 60% rate includes all of your current debt. If you have other debts that
you are paying off that cost 30% of your monthly income, then you need a mortgage that is no more than 30% of your monthly income as well.The options you have here are to choose a loan option with less overall cost or extend your
repayment length by several years to reduce the monthly repayment costs.
Bad Credit History
If you’ve had problems in the past that have damaged your credit score, this can also reduce the chances of being accepted. Anything from late payments to filing for bankruptcy can damage your credit history.This can also be a problem for younger people who haven’t taken many loans, causing them to have limited credit history. Someone with limited credit history is almost as risky as someone bad credit history. Build up your credit by paying loans and bills on time as well as avoiding taking further loans for a period of time.
Other Considerations

Before deciding on a home loan it is advisable to familiarise yourself with the following points:

1st Year Interest Differences
Some home loan packages have a different interest rate for the first year of payments. Your rates will be reduced after the first year, provided that you were able to keep up with them.
Rate Options
We’ve talked about the three different rate types already. Take another look at their basic characteristics:
Fixed Rate
Your interest rate is locked in. It won’t go up or down no matter what happens to the overall interest rates.
Variable Rates
Your interest rate will be quite low for the first year or two. After those years expire, your rates will be altered to fit the current overall interest rates. These may be even lower or possibly higher, depending on the market.
Board Rates
Board rates are the most dangerous. They can be altered on a monthly basis depending on the bank you choose. Sometimes, the rate will be extremely generous while at other times it could be horrendously high.
Lock-In Period
A lock-in period is the time in which refinancing is not an option. You can’t change your bank choice, broker, or interest rate choice during this period. On top of that, if you choose to sell your property during the lock-in period, you will need to pay an additional fee on top of your loan.
Total Repayment
The total repayment is the entire amount that you’ll need to pay off your loan, including interest. Total repayment changes depending on current interest rates. If you mean to pay off your entire loan at once, wait until the interest rates are low.
Legal Subsidy
A legal subsidy applies if and when you switch to a new bank. The bank may choose to pay your additional fees for doing this. However, a legal subsidy may mean that you still need to pay it back before the end of your new loan.
Valuation Fee
A valuation fee is required of you when your bank sends someone to assess the value of your property. Depending on how valuable it is, this fee could be between $150 and $700. Make sure you include this in your budget.
Overtime Payment Fees
Forgetting or failing to make your payments on time doesn’t just damage your credit score. It also causes you to pay an additional fee. The fee depends on how high your interest rates are, as well as how late you are.
Early Repayment Fee
Choosing to pay off your loan earlier than planned triggers another fee as well. While you will avoid the interest that would have built up over future years, the bank will still ask for a portion of this as an early repayment fee. Overall, you will still save money this way.
Partial Repayment Fees
Choosing to pay out more than you initially agreed per month will also trigger a small fee. Again, you avoid some of the interest build-up but banks still have these loans in place so that people won’t just choose a really long repayment schedule then pay everything at once to avoid paying the interest rates expected of them.
Cancellation Fees
A cancellation fee is triggered if you choose to cancel your loan before the bank has even sent it to you. Obviously, you will have wasted their time if you choose to do this. A small fee isn’t much to ask in this instance.
3rd Party Fire Insurer Fees
Most banks have a preferred fire insurer. If you want a different one, you will have to pay a small fee for this as well.
Don’t Wait to Save for Your Down Payment

For most houses, you’ll need at least 20% for your down payment. Nowadays, some lenders don’t require that much from you all at once. They may offer a lower down payment cost. However, this generally means you end up paying more interest over time.

Work Out How Much You can Spend

All lenders use one of two debt ratios to work out what you’re able to borrow. The two values that you must be able to reach are as follows:

  • • The monthly payments must not exceed 28% of your pre-tax income.
    • Your total debt should not exceed 36%.

Whichever value works out best is the debt ratio that your lender will utilize. Some lenders have better ratios than these, but the majority use one of these two ratios.

Don’t Go Too Far with Your Credit

Just because your credit card reaches a certain limit doesn’t mean you should reach it! You can say the same about mortgages. Try to find a mortgage that leaves you with at least some savings. You need to make sure that your budget fits the mortgage.

Don’t Forget About Other Related Expenses

You need to consider the things you will need inside your home once you’ve moved in. Your requirements are things like furniture, appliances, wall paint, and so on. You may also want to add improvements to your home after moving in. These things should be included in your budget.

Act on Your Future Today

Instead of just buying what you need, think about your future needs. Will you need more space for future children? Will you, perhaps, want a second car at some point? You need to consider these things before you make the big step of buying a house. There’s no point buying a place that you will outgrow in a year or two.

Don’t Go Off Budget

Aim for a house that fits below your budget rather than going slightly above your budget. You may have anticipated almost everything you could expect before going for it. However, I guarantee there will be something you have missed. Anything from a damaged appliance to minor upgrades could throw your budget. It’s best to have a little back up.

Remember that you aren’t the only one bidding on properties. You can’t afford to blow your whole budget on your first offer. Aim a bit lower so that you will have enough to bid a bit higher.

What Exactly is a Home Loan?

A home loan is also known as a mortgage. The loan will be made by a financial institution. These agreements tend to last around 25 to 30 years, requiring your to make repayments every week, fortnight, or month, depending on your choices.

In the event that you cannot make your repayments, the lender can and might force you to sell the property in order to pay them back. Obviously, you should make sure that this will not happen before taking any offers.

What’s the True Cost of a Home loan?

There will be some interest to pay back, typically somewhere around 4-5%. The interest varies based on how many years you choose to repay and the total cost of the loan.

Is it Possible to get a Home Loan with Bad Credit?

It is more difficult to take a loan when you have bad credit. The bank will check your ability to keep up more thoroughly. Most likely, they’ll offer you a smaller loan if they don’t reject you completely.

What Bank Offers the Lowest Rates?

Home loan rates change quite often. This means we can’t name one specific bank. You need to carefully check each option as you search for the lowest interest rates. Check out above comparison dashboard to compare current rates.

When is It Smart to Refinance?

You need to reach your loan’s lock-in period before you can even consider refinancing and you should only do so if you find a better rate. Make sure the new rate will reduce your total repayment amount.

Can Foreigners Get a Home Loan in Singapore?

Foreigners can indeed apply for home loans. Generally they can get loans for private properties but not HDB’s.

Do Home Loans Work for Renovations?

No, you can only use them when buying a new home.

Can I Get a Home Loan for a House Still Under Construction?

Yes, you can get one to use with an apartment or landed property that is still being built. You can even get one before you start building at all.

What is SIBOR?

SIBOR stands for Singapore Interbank Offered Rate. This rate is calculated through the interest rates of lending and borrowing throughout these banks.

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