Best Home Mortgage Loans 2019

We analyse hundreds of live data points from every bank in Singapore to help you find the best home loan options currently available. When comparing the mortgage rates below, it is important to consider the affordability of the monthly payment, the total cost of borrowing, as well as features like flexibility to refinance.

Our Picks for the Best Home Loans in Singapore

Choosing a home loan is an important personal finance decision. There are a few key factors to consider to ensure that you get the best loan possible. First, it is essential to find a competitive interest rate. For instance, best rates in Singapore tend to be about 20% cheaper than average, which equates to approximately S$50,000 in interest cost savings over a 30-year loan of S$500,000. Similarly, it is important to apply for a loan with a monthly repayment that you can afford.

Find the Cheapest Home Loans in Singapore

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Additionally, the interest rate structure is important. When rates are low or expected to rise, it can be prudent to choose a home loan with a fixed rate, in order to protect against rising interest costs in the future. On the other hand, when rates are generally high or declining, it can be wise to choose a floating rate loan, with the expectation that the rate will soon drop along with market rates. Finally, those that might want to refinance should also compare lock-in periods, as these dictate how soon you will be able to refinance with another lender.

Best Housing Loans for HDB Flats

While HDB flats have helped maintain a level of housing affordability in Singapore, these flats still cost hundreds of thousands of dollars, which means most people need to take out a home loan to finance their purchase. Below, we discuss different loan options for purchasing an HDB property depending on your preference for fixed or floating interest rates.

Best Fixed Rate Home Loan for HDB Flats

Fixed rate housing loans are typically advantageous when market interest rates are expected to rise, as they can shield borrowers from increased mortgage costs. In addition to understanding the required monthly payment and the total interest cost, you should also be aware of the loan's flexibility in terms of refinancing. For example, some home loans allow you to refinance after just 1 year, while others have a "lock-in" period in which you are unable to renegotiate your terms or refinancing with another bank. Most fixed rate loans in Singapore have fixed interest rates for up to 3 to 5 years, at which point the rates become "floating".

BankMonthly Instalment1st Yr InterestLock-in Period
DBS FixedS$2,0851.86%2 years
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UOB FixedS$2,0851.86%2 years
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DBS FixedS$2,0951.90%2 years
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UOB FixedS$2,1001.92%2 years
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DBS FixedS$2,1192.00%5 years
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Assuming a S$500,000 loan with a tenure of 25 years.
BankCheck Rates1st Yr InterestMonthly InstalmentLock-in Period

DBS Fixed
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1.86%S$2,0852 years

UOB Fixed
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1.86%S$2,0852 years

DBS Fixed
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1.90%S$2,0952 years
Assuming a S$500,000 loan with a tenure of 25 years.

We found that the cheapest fixed rate housing loans are offered by banks listed in our table above, which charge interest rates that are around 15-20% lower than the average for fixed rate home loans. Therefore, choosing one of the cheaper options from the list below can save you about S$30,000 on average. To apply for one of these loans, contact our mortgage specialist by using the links above.

Comparing total interest cost of home loans with fixed interest rates in Singapore for HDB flats
Total Interest Cost of Fixed Rate Home Loans

Best Floating Rate Home Loan for HDB

Alternatively, you can choose to get a floating rate home loan to finance your HDB flat. Floating rates are pegged to reference rates (e.g. SIBOR, SOR, bank's board rate) that continuously move over time. Floating rate mortgages can be advantageous when market rates are high and expected to decline in the coming years. When comparing these home loans, it is crucial to consider the affordability of the monthly payment and the total interest cost as well as the lock-in period, which dictates how soon you can refinance your loan.

BankMonthly Instalment1st Yr InterestLock-in Period
UOB BoardS$2,1312.05%2 years
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DBS BoardS$2,1392.08%1 year
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OCBC BoardS$2,1442.10%2 years
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SCB TrackerS$2,1322.05%2 years
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SCB TrackerS$2,1452.10%2 years
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Assuming a S$500,000 loan with a tenure of 25 years.
BankCheck Rates1st Yr InterestMonthly InstalmentLock-in Period

DBS Fixed
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1.86%S$2,0852 years

UOB Fixed
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1.86%S$2,0852 years

DBS Fixed
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1.90%S$2,0952 years
Assuming a S$500,000 loan with a tenure of 25 years.

Our analysis indicates that the cheapest floating rate loans for HDB flats are offered by the lenders above, who typically charge interest rates that are 20-30% cheaper than the average lender. Therefore, choosing one of the cheaper options from the list below can help you save up to S$30,000 on average. To obtain the best floating rate housing loan connect with our mortgage loan broker by clicking the links above.

Comparing total interest cost of home loans with floating interest rates in Singapore for HDB flats
Total Interest Cost of Floating Rate Home Loans

Best Home Mortgage Loans for Private Properties

Private residences account for about 20% of homes in Singapore. These include condos as well as landed properties, and can easily cost millions of dollars. These private residences are quite popular among foreigners and permanent residents. Below, we discuss the best mortgage loan options available in Singapore for these homes.

Find the Cheapest Home Loans in Singapore

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Best Fixed Rate Home Loan for Private Residences

The cheapest fixed rate loans for purchasing private residences are listed in the table below.

When comparing fixed rate mortgages, you want to identify a loan with the lowest total interest cost. It is also important to have manageable monthly installments and flexibility in terms of refinancing after a few years. Fixed rate home loans in Singapore typically have fixed interest rates for up to 3-5 years, and afterwards, the rates become "floating".

BankMonthly Instalment1st Yr InterestLock-in Period
DBS FixedS$2,0851.86%2 years
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UOB FixedS$2,0851.86%2 years
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DBS FixedS$2,0951.90%2 years
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UOB FixedS$2,1001.92%2 years
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UOB FixedS$2,0851.86%3 years
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Assuming a S$500,000 loan with a tenure of 25 years.
BankCheck Rates1st Yr InterestMonthly InstalmentLock-in Period
UOB Fixed
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S$2,0851.86%2 years
DBS Fixed
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S$2,0851.86%2 years
DBS Fixed
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S$2,0951.90%2 years
Assuming a S$500,000 loan with a tenure of 25 years.

Our team of analysts has found that the banks listed above are currently offering the best interest rates for fixed-rate home loans for private residences. These rates are approximately 20% lower than the market average and can save the average homeowner about S$30,000 over the course of their mortgage. Find the best home loan by connecting with our home mortgage specialist using the links above.

Best Floating Rate Home Mortgage Loan for Private Residences

As opposed to a fixed rate, you can choose to get a floating rate mortgage loan to fund your private property purchase. These rates are called "floating" as they are tied to reference rates (e.g. SIBOR, SOR) that continually move over time. Typically, you can choose from 1 to 12-month rates, and select based on your expectations on how market rates will move. As a general rule, you should go with a long-term rate in a rising rate environment; in a declining to flat environment, go with a short-term rate.

BankMonthly Instalment1st Yr InterestLock-in Period
UOB BoardS$2,1312.05%2 years
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DBS BoardS$2,1392.08%1 year
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OCBC BoardS$2,1442.10%2 years
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SCB TrackerS$2,1322.05%2 years
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SCB TrackerS$2,1452.10%2 years
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Assuming a S$500,000 loan with a tenure of 25 years.
BankCheck RatesMonthly Instalment1st Yr InterestLock-in Period
UOB Board
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S$2,1312.05%2 years
DBS Board
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S$2,1392.08%1 year
OCBC Board
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S$2,1442.10%2 years
Assuming a S$500,000 loan with a tenure of 25 years.

We found that the lenders listed above offer the best floating rate housing loans for private residences. Their interest rates were around 25% lower than the market average. Therefore, choosing one of the cheaper options from our list can help the average homeowner save at least S$30,000 compared to other offerings available in the market. Get the best floating rate home loan by connecting with our home mortgage broker partner using the links below.

Best Home Loan Refinancing

Home loan refinancing can be a great tool for homeowners. In fact, most people in Singapore refinance their loans every 2 to 4 years. When refinancing your home loan, banks will often ask about the interest rate you are currently paying on your home loan, and quote you a rate lower than that to win or maintain your business. Therefore, refinancing can help you get lower interest rates and thus reduce your monthly instalments.

BankMonthly Instalment1st Yr InterestLock-in Period
DBS FixedS$1,5971.90%2 years
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DBS FixedS$1,6092.00%5 years
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UOB FixedS$1,5931.86%3 years
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UOB FixedS$1,5951.88%3 years
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UOB BoardS$1,6152.05%2 years
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Assuming a S$500,000 loan with a tenure of 25 years.
BankCheck RatesMonthly Instalment1st Yr InterestLock-in Period
DBS Fixed
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S$1,5971.90%2 years
DBS Fixed
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S$1,6092.00%5 years
UOB Fixed
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S$1,5931.86%3 years
Assuming a S$500,000 loan with a tenure of 25 years.

We found that the best home loans for refinancing were offered by the banks listed in our table above. On average, their rates were about 15% lower than the market average and refinancing with one of these loans can save the typical borrower approximately S$35,000 in interest expenses alone. Find the best home loan refinancing for by connecting with our mortgage broker partner using the links above.

Best Jumbo-Size Home Loans

If you are looking to purchase a very expensive property, you may need to take out a jumbo home loan. Many banks in Singapore offer special rates for large loans of at least S$1,000,000 for this exact purpose. Of course, it is crucial to make sure your monthly instalment is still affordable and that you get a loan with a competitive total interest cost. Furthermore, if you might want to refinance in the future, it is important to understand your mortgage terms when it comes to its lock-in period.

BankMonthly Instalment1st Yr InterestLock-in Period
DBS FixedS$8,3411.86%2 years
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UOB FixedS$8,3411.86%2 years
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DBS FixedS$8,3801.90%2 years
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UOB FixedS$8,3991.92%2 years
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DBS FixedS$8,4772.00%5 years
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Assuming a S$2,000,000 loan with a tenure of 25 years.
BankCheck RatesMonthly Instalment1st Yr InterestLock-in Period
DBS Fixed
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S$8,3411.86%2 years
UOB Fixed
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S$8,3411.86%2 years
DBS Fixed
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S$8,3801.90%2 years
Assuming a S$2,000,000 loan with a tenure of 25 years.

According to our analysis, the banks in our table provide the lowest rates for large mortgage loans for HDB homes and private residences, with rates that are up to 20% lower than the market average. Therefore, the average borrowers can save a whopping S$200,000 over the course of their loan. Use the links below to connect with our home mortgage partner to obtain the best loan for your financing needs.

Best Home Loans for Properties Under Construction

If you are looking to purchase a new HDB flat or private property this is under construction, you can still take out a home loan. We found that the lenders below offer the best loans with interest rates 10-20% cheaper than the market average. Therefore, choosing one of the cheaper options from our list can help the average homeowner save up to S$50,000 compared to offerings from other lenders. Find the best loan for your new home by connecting with our mortgage broker partner using the links below.

BankMonthly Instalment1st Yr InterestLock-in Period
DBS BoardS$1,8662.07%0
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UOB BoardS$1,8682.08%2 years
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CITI TrackerS$1,8472.00%5 years
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SCB TrackerS$1,8612.05%0
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CITI TrackerS$1,8522.02%0
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Assuming a S$500,000 loan with a tenure of 30 years.
BankCheck RatesMonthly Instalment1st Yr InterestLock-in Period
DBS Board
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S$1,8662.07%0
UOB Board
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S$1,8682.08%2 years
CITI Tracker
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S$1,8472.00%5 years

Some banks even offer mortgages for property under construction without lock-in periods, which comes in handy when your property construction is complete and you can obtain a lower interest rate. This is particularly important for this type of housing loan because loans for properties under construction typically charge low interest rates in the first 2-3 years, but in later years higher rates compared to normal home loans.

How to Choose the Best Home Mortgage Loan

Home loans can be very complicated financial products for consumers. They may look simple on the surface; however, comparing these loans is actually quite complex. Not only are rates constantly changing, the most favorable type of home loan also varies depending on the market environment. Additionally, there are usually 10 to 20 documents that you need to complete when applying for a home loan. Due to these complexities, we highly recommend that you consult a mortgage broker when searching for a home loan.

However, this doesn't mean that you should blindly follow whatever a broker says. In fact, you can get even more value out of your broker if you are well-informed about home loans. To that end, we've prepared a short guide in order to address frequently asked questions about home financing in order to help to get the best home loan.

Mortgage Loan Calculator

To calculate the total cost of home loans in Singapore, use our free home loan calculator below. This tool uses up-to-date interest rates and allows users to compare the features of each loan currently available.

Find the Cheapest Home Loans in Singapore

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Choosing a Housing Loan: Interest Expense & Refinancing Cost

According to our research, about 80% of home loan shopping decision process is dependent on the interest rate, which is logical because interest rates account for the vast majority of a home loan's cost. Not only that, the credit criteria that banks use to approve a home loan application are nearly identical, thereby eliminating your credit score as a significant factor that influences your decision of choosing one bank over another.

Comparing average interest rates of home loans in Singapore by property type, categorized by floating rate and fixed rate
Average Interest Rates of Home Loans

Besides interest rates, home loans can be compared based on flexibility in terms of allowing you to refinance at your convenience. According to our research, most Singaporeans refinance their home loans every 2 to 4 years, likely due to the fact that interest rates declined in recent years and people were eager to obtain better rates. This means that you have to watch out for restrictions and fees like lock-in periods, legal fees, valuation fees and fire insurance premiums, which could eat into your savings in interest.

For instance, consider a home loan of S$500,000. You can save about S$1,400 annually by switching from an interest rate of 3% to 2.5%. However, legal fees in Singapore can cost you about S$2,500, while valuation fees can be about S$500 to S$1,000. Some banks even charge you an additional fee if you refinance your loan during lock-in or interest-resetting periods. Therefore, it's extremely important to find a bank that offers subsidies for legal fees or valuation fee subsidies. Below is a list of fees to be aware of, as well as banks that provide various subsidies.

Refinancing FeesCostBanks That Provide Subsidies
Legal FeeS$2,500DBS, POSB, Citi, UOB, Maybank, OCBC, SCB, RHB
Valuation feeS$500-S$1,000SBI, HLF
Fire InsuranceS$120/annumSBI
Partial/Full Redemption Fees1.5%Many do not charge for BUC
Cancellation Fees1.5%Only 1% @ SBI
Pricing Reset Date Penalty0.5%-1.5% of amount prepaid*Charged by Citi and Maybank

Fixed Rate vs Floating Rate: Which Is Better?

One of the most difficult questions to answer when choosing a housing loan is whether to choose a fixed rate loan or floating rate. It's difficult to say that a fixed rate is always better than a floating rate, or vice versa. When considering this question, it is important to understand how rates will behave during the next 2 to 5 years (the years of a lock-in period) and how that impacts your overall cost. A longer time horizon is less relevant because you can easily refinance your loan after the end of the lock-in period.

When Rates are Flat or Declining: Floating Rates

When overall interest rates are stable or declining, it's generally advisable to choose a floating rate home loan. Floating interest rates tend to be lower than fixed rates because banks are willing to offer a lower rate for the opportunity to charge you higher rates later. A fixed rate, on the other hand, will guarantee a certain rate for the borrower for a long time, so banks charge a premium for these in low-rate environments. In the table below, we show the difference in average fixed and floating rates for home loans as of June 2019.

Property TypeAverage of Fixed RateAverage of Floating Rate
HDB2.48%2.39%
Private2.46%2.30%

When Interest Rates are Rising: Fixed Rates

When overall interest rates are rising, it's generally more advisable to take out a fixed rate home loan than a floating rate loan. Although fixed rates tend to be a bit higher than floating rates, they provide an opportunity to save future cost when market interest rates rise significantly.

For instance, consider a hypothetical scenario where you have the option of paying 1.5% fixed rate for the next 3 years and another option of paying a floating rate of 1% for now. Soon after you take out the loan, central banks all over the world decide to begin raising their interest rates. This means that, by the second year, you might end up paying 2% to 2.5% in floating rates while your fixed rate is still only 1.5%. A difference of 1% may not sound like a huge difference; however, when you are considering a loan of S$500,000, a difference of 1% can mean amount to S$5,000 in annual interest payments.

What to Do if Your Home Loan Application Gets Denied

The first step after having your home loan rejected is to determine why you were not offered financing. There are a number of reasons that your application may get denied. Once you assess why you were rejected, you can decide how to best proceed.

You Have a High Total Debt Servicing Ratio (TDSR)

Individuals are limited in the amount that they can borrow based on their monthly income and other debt obligations. The TDSR limit is 60%, meaning that only 60% of your monthly income can be used to make monthly payments on your loan and other debt (e.g. car loans, education loans, credit card debt).

You can calculate your maximum monthly home loan payment by multiplying your monthly income by 60% and subtracting your other monthly debt obligations. For example, if you earn S$8,000 per month and pay S$500 per month for your car loan and your minimum credit card payment is S$100 per month the maximum monthly home loan payment you can afford under the TDSR limit is S$4,200 (S$8,000 * 60% = S$4,800, S$4,800 - S$500 - S$100 - S$4,200).

If your application gets rejected because your loan would have exceeded the TDSR limit, you have a few options. First, you can apply for a smaller loan or a loan with a longer tenure, and thus, smaller monthly payments. Additionally, while it may be disappointing, you can always consider a cheaper home or wait until you have repaid your other debts.

You Have a Bad or Limited Credit History

If you have filed for bankruptcy or have a history of making late payments, you may not be approved for a large loan, like a home loan. Unfortunately, there is no quick fix for a bad credit history. It takes time to repair your credit history, so you may need to wait a few years before applying again. Alternatively, you can try applying for a smaller loan, which banks may be more willing to provide to you.

Similarly, younger loan applicants may be denied a home loan due to their limited credit history. If you fall into this category, you can build credit by consistently paying your bills and credit card payments on-time.

Frequently Asked Questions

You should consider the cost of a home loan in terms of its monthly cost and total interest cost. To estimate how much your home loan will cost, use our Home Loan Calculator tool.

Home loan rates are usually closely related to SIBOR/SOR rates, and therefore change frequently. We recommend that you carefully compare rates regularly as you begin searching for a home. Our website features live interest rate offers from all of the top banks in Singapore to help ensure that you are able to find the most affordable financing.

Home loans can be refinanced once you've passed your loan's lock-in period. Refinancing usually makes sense if you are able to find a competitive rate that decreases your monthly payments and total cost of borrowing. To learn more, view our guide on home loan refinancing.

No, home loans are used strictly for purchasing a home. However, we can help you find renovation loans with the cheapest rates and best features.

Yes, many of the top lenders in Singapore offer competitive rates for buildings under construction. See our Properties Under Construction section for today's best rates.

Methodology

We conducted our review based on information available online and data from our home loan broker partner. We reviewed mortgages from the companies below. We examined data points that would be most relevant to potential borrowers, including interest rates, lock-in periods, fees, and subsidies.

Bank of ChinaCIMB
CitibankDBS
Hong Leong FinanceHSBC
MaybankOCBC
RHBSBI Singapore
Standard CharteredSing Investment
Singapura FinanceUOB
William Hofmann

William is a Senior Research Analyst at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

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