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 purchase an HDB flat, you may be eligible for a housing loan at a concessionary interest rate. However, this is subject 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 the 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 eligibility criteria for those wishing 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?

Your home financing options may differ depending on the property you are buying.

HDB Loans

If you are purchasing an HDB, you will have the option of applying for an 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 buyer must be a Singaporean.

Besides the residency criteria, you must 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 occasionally 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 must constantly monitor the interest rate as it fluctuates 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 variable interest rates 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 take 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, and the total amount of cash 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 for your housing loan. This essentially is a document from the bank indicating the loan amount they are willing to lend you. Your TSDR, MSR, annual income and credit score would have already been considered 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

DBS Bank is Singapore’s best home loan provider thanks to its competitive interest rates, flexible repayment options, and customer-centric approach to loan applications. Over the years, the bank has expanded its home loan packages to suit different needs, such as the two-in-one home loan. It wouldn’t be possible to rein supreme in this niche without its dedicated team of mortgage specialists and intuitive and user-friendly website. You can count on DBS to offer a hassle-free and streamlined home loan experience.


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
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OCBC Bank is a top-rated home loan provider in Singapore that is best known for offering an array of home loans at competitive interest rates. The home loan packages are competitive and customisable to suit diverse customer needs. The online platform allows clients to apply for a home loan in minutes, manage their home loan accounts, and make payments while on the go. OCBC bank also goes the extra mile to offer personalised advice to help clients make informed decisions.


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

Maybank Singapore is an excellent choice for those seeking an affordable home. The flexible repayment options, competitive interest rates, and personalized customer service are some highlights that set it apart from other banks. One of the unique features is the Mortgage$aver program which enables customers to sync their home loan account with a savings account to save money on interest repayments. Clients also receive generous cash rebates when refinancing their existing home loan with the bank.


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

High margin of financing, flexible loan tenure, and competitive interest rates are some attributes synonymous with CIMB Bank. The home loan packages are customisable to meet the interests of different customers. One of the notable features is the “Fixed Deposit Home Rate” (FHR) packages linked with the institution’s fixed deposit rates. This synergy enables the bank to charge low-interest rates. The online application process is hassle-free, thanks to personalised customer support. CIMB Bank is ideal for people seeking a cost-effective and flexible home loan solution.


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

POSB Bank is another top home loan provider in Singapore with thousands of loyal customers. One of the unique features is its “SmartLoan” option which is tailored to allow customers to make flexible repayments and take full control of their loan account online. The “Cashback” option is another notable feature that makes the bank different. Customers are awarded a cash rebate upon loan approval. The website is intuitive and mobile-friendly, allowing customers to access their loan information while on the go.


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

Standard Chartered Bank is a top choice for Singaporeans seeking a home loan that doesn’t charge exorbitant interest rates. The team customises the repayment plan to suit the financial capability and preferences of the customer. The “Home Suite” package is one of the notable features; it allows customers to twerk their home loan with different options, such as a fixed interest rate or a loan repayment holiday. Like other home loan providers, Standard Chartered Bank provides personalised mortgage advisory services and an online platform for easy loan account management.


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

contactus@sbising.com / helpdesk@sbising.com

Operating Hours Monday to Friday: 09:30 AM – 05:45 PM

State Bank of India (SBI) is a renowned home loan provider in Singapore, offering competitive interest rates and various home loan packages. The dedicated support team is always available and ready to help customers select the ideal home loan package. One of its unique features is the “FlexiPay Home Loan” program which allows customers to only pay the interest component of the home loan for the first few years. This program reduces the initial burden of monthly repayments, thus safeguarding customers’ financial stability.


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

UOB Bank is a reliable home loan provider in Singapore that many prefer due to its range of customisable home loan packages. The “Smart Home Loan” program set it apart from other home loan providers. This program enables the bank to offer flexible repayment schemes and allows customers to redraw their excess funds if need arises. With their personalised home loan advisory services, you can be sure that the loan application and repayment process will be stress-free and transparent.


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

enquiry.sg@bankofchina.com

Operating Hours View branch operating hours here

Are you looking for a home loan in Singapore with a competitive interest rate and dedicated customer support? Bank of China is the perfect option for you. The bank offers a series of customisable home loan packages to customers. One loan package that many prefer is the “Fixed Deposit Home Rate” package (FHR). This package is linked to the bank’s fixed deposit rates and provides reduced interest rates, thus saving customers thousands of dollars. The loan application process is efficient, and the repayment options are customisable.


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

Citibank is a legit home loan service provider that has been operating for more than a decade now. Apart from personalized mortgage advisory services, Citibank has a unique program dubbed “Citibank Home Saver,” which is structured to combine a mortgage loan with a savings account. The goal is to help save on interest costs and meet their monthly repayment obligations. The support team is available on call, and you can request the repayment schedule to be adjusted upwards or downwards to match your current financial situation.


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

Gone are the days when owning a home was a luxury for a select number of people. HSBC Bank changed this by providing an array of home loans at competitive interest rates and flexible repayment plans. Take advantage of the many programs meant to help you own a home conveniently, such as the “HomeSmart” program, which allows customers to combine their home loan with a current account to save on interest costs. You can apply for the loan online and schedule an appointment with the support team through the official HSBC website.


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

Hong Leong Finance is a legally accredited home loan provider in Singapore, offering competitive interest rates and a range of customisable home loan packages. One of the programs meant to make owning a home in Singapore a breeze is the “Fixed Deposit Home Rate “(FHR) program. Customers leverage the bank’s fixed deposit rates and reduced interest rates through this program. Hong Leong Finance also provides several repayment options and personalised mortgage advisory services to help customers make the right financial decisions and stay on track with their repayments.


 

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 info@hkbea.com.sg
Operating Hours Monday – Friday (9:00 am – 3:30 pm)

Bank of East Asia (BEA) is a legal home loan provider in Singapore that is preferred by thousands of people due to its range of flexible home loan packages. One program designed to make loan repayment easy is the “Step-up” loan program, which allows customers to start repaying the loan at a low-interest rate. Through this program, the interest rate gradually increases as their income grows. The online loan application process is straightforward, and the customer-centric approach makes the Bank of East Asia the best home loan provider in Singapore.


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

RHB Singapore is another legit home loan provider in Singapore that takes pride in providing flexible home loan packages that are based on specific customers’ needs and preferences. One of the unique features is the “Home Harmony” loan package which allows customers to combine their home loan with a renovation loan. The main objective of this program is to make it easy for customers to undertake home improvement projects without plunging into financial turmoil. The mortgage advisory services are personalised to suit every customer’s financial capability and plans.


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

Singapura Finance is a trusted home loan provider based in Singapore. It offers competitive interest rates and a number of home loan packages. These packages are customisable based on customers’ plans and financial capability. The “Smart Home Loan” is one of the facility’s programs that gives it a higher market cutting edge. Through this program, customers can file for a review of the repayment terms to match their financial capability and needs. For example, you can decide the loan tenure and repayment frequency.


Sing Investments and Finance Top Home Loan Providers in Singapore

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

enquires@sif.com.sg

Operating Hours Mon – Fri: 9am – 4pm

Sing Investments & Finance is a reputable home loan provider in Singapore that offers flexible home loan solutions at competitive interest rates. The rates and packages suit the current market and customer needs. One of the unique packages is the “Premium Housing Loan” package which offers extended repayment periods and flexible loan tenure to customers with a high loan amount. The customer service team is always available and responsive. You can apply for a home loan today at Sing Investments & Finance’s official website.


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 right 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 get in touch with us at enquiry@mm.com.sg. 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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About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.

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