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Home loan 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 platform you can compare published rates from most banks in Singapore or set-up a home loan bidding auction which will connect you to lenders & brokers in real time.
Based on what we know of the market today, more than 80% of home loan decisions depend mainly on the current interest rates. This makes sense as these rates impact the overall cost of your home loan. Credit score is also a factor to consider, but it has less impact on your decision than you might expect.
Home loans are also influenced by the ability to refinance when you want. Most people decide to refinance their home loan 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.
|Home Loan||Best For||Rate Type||Lock-In Period||1st Year Interest|
|HDB Homes||Fixed||2 years||1.45%||Apply Now|
|HSBC Fixed||HDB Homes||Fixed||2 years||1.55%||Apply Now|
|HDB Homes||Floating||2 years||1.29%||Apply Now|
|Maybank Tracker||HDB Homes||Floating||1 year||1.29%||Apply Now|
|Condos & Private|
|Fixed||2 years||1.45%||Apply Now|
|HSBC Tracker||Condos & Private|
|Floating||2 years||1.30%||Apply Now|
|Maybank Tracker||Properties Under|
|Citibank Tracker||Properties Under|
|Citibank Fixed||Landed Properties||Fixed||2 years||1.52%||Apply Now|
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:
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.
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.
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.
Mostly, you won’t need to feel rushed with your home loan. The majority of home loan 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.
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.
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 home loan that is no more than 30% of your monthly income as well.
The options you have here are to choose a home loan with less overall cost or extend your
repayment length by several years to reduce the monthly repayment costs.
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.
Before deciding on a home loan it is advisable to familiarise yourself with the following points:
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.
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:
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.
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.
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.
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.
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.
A home loan is also known as a mortgage. The loan will be made by a financial institution. These loans 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 home loan offers.
Your home loan will have 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.
It is more difficult to take a home 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.
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.
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.
Foreigners can indeed apply for home loans. Generally they can get loans for private properties but not HDB’s.
No, you can only use them when buying a new home.
Yes, you can get a home loan to use with an apartment or landed property that is still being built. You can even get one before you start building at all.
SIBOR stands for Singapore Interbank Offered Rate. This rate is calculated through the interest rates of lending and borrowing throughout these banks.