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?

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.

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. 

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:

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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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)

 

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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

 

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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

 

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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

 

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