Top Home Loan Providers in Singapore

Top Home Loan Providers in Singapore

What are home loans?

 

A home loan is money borrowed from the Housing Development Board (HDB) or bank to help finance the purchase of your property.

If you are purchasing a HDB flat, you may be eligible for a housing loan at a concessionary interest rate. However, this is subjected to HDB’s criteria and approval.

Once you have received approval for a home loan, do bear in mind the following: 

  • Your property will be used as collateral for the loan. This means that if you are unable to pay your loan, the lender (depending on whether it is HDB or the bank) has the right to take back your property
  • The loan amount granted to you is based on eligibility
  • The loan is disbursed immediately after the downpayment on the property is made, essentially when you pay the remaining purchase price of the property to the seller
  • Loan interest is charged from the first disbursement

Who is eligible for a home loan?

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Getting a home loan is not as straightforward as it seems. HDB and the respective banks each have their own set of eligibility criteria for those who wish to take a home loan with them. 

Some of the eligibility criteria includes:

  • Meeting a minimum monthly income
  • The home buyer’s minimum and maximum age
  • Loan tenure
  • Residency status of the home buyer, whether you are Singapore, Permanent Resident or expatriate

If you do not have a steady stream of income or are self-employed, HDB and banks will require you to demonstrate the ability to pay the monthly instalments in order to be eligible for a loan. However, this is again subjected to the respective lender’s assessment and approval. 

What are the types of home loans available?

Depending on the property that you are buying, your home financing options may differ.

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HDB Loans

If you are purchasing a HDB, you will have the option of applying for a HDB loan. This is in addition to the option of getting a bank loan. However, one of the key criteria is that at least one of the buyers has to be a Singaporean.

Besides the residency criteria, you will also need to meet the maximum household income and not own any private or commercial properties.

The interest rate on the HDB loan is typically pegged at 0.1% above the CPF Ordinary Account (OA) interest rate. This interest rate will be revised from time to time to ensure alignment with any revisions of the CPF interest rates.

Bank Loans

If you are purchasing a private property, financing this purchase can only be done with a bank loan. A HDB loan will not be applicable for private properties.

Bank home loans typically have a wide array of loan packages at different interest rates. This provides you with the opportunity to borrow at a lower interest rate as compared to taking a HDB loan. This could potentially add up to a substantial amount if your loan amount spread out over a long period of time. However, the trade-off of taking a bank loan is that you will have to constantly monitor the interest rate as they tend to fluctuate depending on market conditions.

Understanding the terms of a home loan

HDB loans are fairly straightforward, whereby the interest is always fixed at 0.1% higher than the CPF (OA) interest rate.

Bank loans, on the other hand, typically have two types of loan options: Fixed-rate home loan and floating or variable rates home loan.

Fixed-rate

As its name suggests, a fixed interest rate home loan allows you to lock in a fixed interest rate for a certain number of years, typically between two to five years depending on your selected loan tenure. This ensures that your monthly loan repayment instalments will remain the same until the end of your loan tenure or if the lender decides to change the interest rate under certain circumstances.

A fixed-rate home loan is ideal for those who need to budget their finances for monthly instalments as the interest rates are fixed for that specific period of time. However, once your fixed rate loan tenure ends, your home loan package will automatically change to a floating rate.

Floating or variable rates

In Singapore, there are three different types of floating rates – Singapore Interbank Offered Rate (SIBOR), Board Rate (a rate that is determined by the bank) and the bank’s fixed deposit rate. These interest rates are variable and can move up or down at any time depending on the prevailing market conditions. This means that if any of these reference rates were to go up, the corresponding interest payable on your home loan will likely increase in tandem. 

It is mandatory for banks to inform you in advance, typically 30 days prior, before they make any changes to the interest rate on your housing loan.

How to apply for a home loan?

Know your eligibility

Before applying for a home loan, the first step is to understand which type of loan you are eligible for. 

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The next step is to then determine how much you can borrow. If you are taking out a home loan with a bank, the loan amount is typically determined by your Total Debt Servicing Ratio (TDSR) or Mortgage Servicing Ratio (MSR). 

If you are taking out a HDB loan, you will have to apply for a HDB Loan Eligibility (HLE) letter. This will provide you with details on the amount you can borrow, the projected monthly repayments as well as the total amount of cash that you require.

Obtain your In-Principal Approval (IPA)

Suppose you have decided to proceed with a bank loan, the next step is to get an IPA of your housing loan. This essentially is a document from the bank which should indicate the loan amount that they are willing to lend you. Your TSDR, MSR, annual income and credit score would have already been taken into account when computing the loan amount.

Apply for home loan

Once you have obtained your IPA, the final step is to go ahead and apply your home loan with your chosen financial institution!

Where to get a home loan in Singapore?

Here are some financial institutions in Singapore that offer home loan packages:

DBS Top Home Loan Providers in Singapore

Home Loan Provider

DBS Bank

Speciality

  • Typically offers very competitive fixed and floating home loan rates, with and without lock-in periods
  • Competitive home loan interest rates
  • Impressive lending track record and consistently low interest rate
Pricing

Contact bank for loan amount & interest rates

Website

https://www.dbs.com.sg/personal/loans/home-loans/default.page

Address

View branch locations here

Telephone

1800 111 1111
Operating Hours

View branch opening hours here

 


OCBC Top Home Loan Providers in Singapore

Home Loan Provider

OCBC Bank

Speciality

  • Competitive home loan interest rates
  • Legal fee subsidies: S$1,800 – S$2,000
  • Minimum loan principal: S$200,000
  • Total loans in Singapore: S$133 billion
  • Loan approval as soon as within 1 hour
Pricing

Contact bank for loan amount & interest rates

Website

https://www.ocbc.com/personal-banking/loans/home-loans.page

Address

View branch locations here

Telephone 

65 6363 3333

Operating Hours

View branch opening hours here

 


Maybank 2 u Top Home Loan Providers in Singapore

Home Loan Provider

Maybank Singapore

Speciality

  • Low first-year interest rates
  • Good for borrowers planning to refinance their loans every few years
  • Good option for borrowers that plan to refinance their loan several times throughout its duration
Pricing

Contact bank for loan amount & interest rates

Website

https://www.maybank2u.com.sg/en/personal/loans/property-loans/index.page
Address

View branch locations here

Telephone

View contact details here

Operating Hours

View branch opening hours here

 


CIMB Top Home Loan Providers in Singapore

Home Loan Provider

CIMB Bank

Speciality

  • High margin of financing
  • Flexible loan tenure
  • Competitive interest rates
Pricing

Contact bank for loan amount & interest rates

Website

https://www.cimb.com.sg/en/personal/banking-with-us/loans-financing/property-loan/cimb-hdb-home-loan.html
Address

View branch locations here

Telephone

View contact details here

Operating Hours

View branch opening hours here

 


POSB Top Home Loan Providers in Singapore

Home Loan Provider

POSB Bank

Speciality

  • Home loans for HDBs, Private Properties and Executive Condominiums
  • Fixed interest rate for first 5 years
  • Stable and low fixed deposit interest rates 
Pricing

Contact bank for loan amount & interest rates

Website

https://www.posb.com.sg/personal/loans/home-loans/default.page

Address

View branch locations here

Telephone

1800 339 6666

Operating Hours

View branch operating hours here

 


Standard Chartered Top Home Loan Providers in Singapore

Home Loan Provider

Standard Charted Bank

Speciality

  • Home loans with low total cost of borrowing
  • Good for homeowners seeking interest-offset account for their private home loan
Pricing

Contact company for loan amount & interest rates

Website

https://www.sc.com/sg/borrow/
Address View branch locations here

Contact

View branch contact details here

Operating Hours

View branch operating hours here

 


SBI Top Home Loan Providers in Singapore

Home Loan Provider

State Bank of India

Speciality

  • Attractive home loan packages for HDB as well as private properties
  • Competitive & Attractive pricing
  • Lock-in period based on Promotion / Scheme
  • Promotional packages available for new purchases and refinancing
Pricing

Contact bank for loan amount & interest rates

Website

https://www.sbising.com/home-loans

Address

View branch locations here

Contact

1800-724 7464 / 65 6228 1116

[email protected] / [email protected]

Operating Hours

Monday to Friday: 09:30 AM – 05:45 PM

 


UOB Top Home Loan Providers in Singapore

Home Loan Provider

UOB Bank

Speciality

  • Generally offers some of the best home loan interest rates in Singapore
  • Good for borrowers seeking to refinance their home loan of at less than S$500,000
  • Loans available for foreigners
Pricing

Contact bank for loan amount & interest rates

Website

https://www.uob.com.sg/personal/borrow/property/mortgage-options/hdb-home-loan.page
Address

View branch locations here

Telephone

View contact details here

Operating Hours

View branch operating hours here

 


Bank Of China Top Home Loan Providers in Singapore

Home Loan Provider

Bank of China

Speciality

  • Typically offers very competitive fixed rate home loans and refinancing
  • Tends to offer very low fixed interest rates
Pricing

Contact bank for loan amount & interest rates

Website

https://www.bankofchina.com/sg/pbservice/pb2/201001/t20100120_955824.html

Address

View branch locations here

Contact

1800 669 5566

[email protected]

Operating Hours

View branch operating hours here

 


Citi BAnk Top Home Loan Providers in Singapore

Home Loan Provider

Citibank

Speciality

  • Wide range of interest rate packages such as SIBOR floating rate and fixed rate packages
  • Legal fee subsidy of up to S$2,500 when refinancing home loan
  • Instant access to  dedicated Mortgage Client Care team to answer any mortgage queries
Pricing

Contact bank for loan amount & interest rates

Website

https://www.citibank.com.sg/gcb/loans/home-loan/home-loan.htm
Address

View branch locations here

Telephone

View branch contact details here

Operating Hours

View branch operating hours here

 


HSBC Top Home Loan Providers in Singapore

Home Loan Provider

HSBC Bank

Speciality

  • Choice of fixed rates, SIBOR-pegged rate or Time Deposit-pegged Mortgage rate
  • Exclusive HSBC Premier privileges and benefits
Pricing

Contact bank for loan amount & interest rates

Website

https://www.hsbc.com.sg/loans/products/home/
Address View branch locations here

Telephone

View contact details here

Operating Hours

View branch opening hours here

 


Hong Leong Top Home Loan Providers in Singapore

Home Loan Provider

Hong Leong Finance

Speciality

  • Competitive packages of fixed and floating interest rates
  • Bridging loan available to help you with down payment, while awaiting sale proceeds from your existing property
Pricing Contact bank for loan amount & interest rates

Website

https://www.hlf.com.sg/personal/loans/hdb-home-loan.html
Address View branch locations here

Telephone

65 6579 6777

Operating Hours

Mon – Fri: 9am – 4.30pm

Sat: 9am – 12nn

 


 

HK BEA Top Home Loan Providers in Singapore

Home Loan Provider

Bank of East Asia

Speciality

  • Property valuation fee waiver
  • Up to 30 years repayment tenor
Pricing Contact bank for loan amount & interest rates

Website

https://www.hkbea.com.sg/html/en/beasg-personal-banking-loan.html
Address BEA Building, 60 Robinson Road, Singapore 068892

Email

[email protected]

Operating Hours

Monday – Friday (9:00 am – 3:30 pm)

 


RHB Top Home Loan Providers in Singapore

Home Loan Provider

RHB Singapore

Speciality

  • High loan quantum of up to 75% of of purchase price or valuation
  • Flexible tenures ranging from a minimum of 5 years to a maximum of up to 30 years or up to 65 years old, whichever is earlier
  • Local property financing is specially crafted to fit customers needs
Pricing Contact bank for loan amount & interest rates

Website

https://rhbgroup.com.sg/personal/loans/home-and-property
Address View branch locations here

Telephone

View contact details here

Operating Hours

Monday – Friday: 9am to 4pm
Saturday: 9am to 12pm
Sunday & Public Holiday: Closed

 


Singapura Finance Top Home Loan Providers in Singapore

Home Loan Provider

Singapura Finance

Speciality

  • Up to 75% of the purchase or valuation price, whichever is lower, subject to prevailing statutory guidelines.
  • Up to 35 years or up to the retirement age of 65 years
  • Bridging loans are also available
Pricing Contact bank for loan amount & interest rates

Website

https://www.singapurafinance.com.sg/mortgage_loan.php
Address View branch locations here

Telephone

65 6880 0688

Operating Hours

Mon to Fri: 0900h-1630h
Sat: 0900h-1200h

 


Sing Investments and Finance Top Home Loan Providers in Singapore

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Home Loan Provider

Sing Investments & Finance Limited

Speciality

  • Financing up to 75%
  • Loan tenure of up to 30 years
  • Bridging loan available
  • Utilization of CPF allowed
  • For purchase or refinancing
  • Flexible packages
Pricing Contact bank for loan amount & interest rates

Website

https://www.sif.com.sg/housing-loan/
Address View branch locations here

Contact

65 6438 7060

[email protected]

Operating Hours

Mon – Fri: 9am – 4pm

 


Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

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