DBS Home Loan Review: Is DBS Singapore's Best Home Lender?

DBS Home Loan Review: Is DBS Singapore's Best Home Lender?

DBS offers very competitive home loans for private and HDB residences.

Good for

  • Individuals seeking competitive home loan interest rates
  • Borrowers seeking home loans with the low total cost of borrowing
  • Borrowers seeking to refinance home loans of more than S$500,000

Bad for

  • Borrowers seeking to refinance a home loan of less than S$500,000

Editor's Rating

4.5/5.0

DBS is the largest bank in Singapore and tends to offer some of the best home loan interest rates. Borrowers should consider DBS's housing loans due to its strong experience as a major lender in the country. It is also a great option for borrowers seeking to refinance their mortgage as it offers S$2,000 to S$3,000 in subsidies for legal fees for loans over S$500,000.

Summary of DBS's Home Loan Offerings
Typically offers very competitive fixed and floating home loan rates, with and without lock-in periods
Lock-in periods of up to 5 years
Legal Fee Subsidy: S$2,000 - S$3,000
Total loans in Singapore: S$285 billion

Table of Contents

What Makes DBS Stand Out to Borrowers

DBS's impressive lending track record and consistently low interest rates make it great option for prospective homeowners to consider for their home loans. As of 2018, the bank had lent approximately S$100 billion to homeowners. Perhaps due to this scale, DBS is typically among the most affordable lenders in Singapore. However, interest rates for home loans change quite frequently, so it is important to monitor its rates compared to other banks.

For example, DBS offers some of the cheapest HDB and private home loans, for completed residences or buildings under construction (such as BTO, DBSS and EC flats), with fixed or floating rates, with or without lock-in periods. While there are financial institutions that offer lower introductory rates, DBS is generally among the cheapest when it comes to total cost of home loans. This is because the lenders with low introductory rates tend to charge higher rates than DBS in later years of their loan tenures. It is also a generally a good source for home loan refinancing because it tends to have competitive rates and is currently offering S$2,000 to S$3,000 in legal fee subsidies.

DBS HDB Home Loans Interest Rates as of November 21, 2019

DBS is one of the best lenders for individuals seeking a housing loan for an HDB flat, providing competitive fixed and floating interest rates. The table below details DBS's current mortgage interest rates.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Fixed2.00%5 years
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DBS Board2.08%1 year
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DBS Board2.65%0
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The bank is also a good option for financing BTO units, as it traditionally offers some of the best interest rates for units under construction. In the table below, we show the current costs associated with a BTO home loan from DBS.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Board2.07%0
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DBS Private Home Loans Interest Rates as of November 21, 2019

Borrowers considering home loans to purchase private properties in Singapore should consider DBS. The bank generally offers very competitive fixed and floating interest rates. The table below illustrates the current interest rates associated with a private home loan from DBS.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Board2.08%1 year
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DBS Board2.65%0
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DBS also offers competitive rates for private properties under construction. One drawback of DBS's home loans for private residences is that they do not currently offer a competitive interest rates for floating rate loans for buildings under construction.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Board2.07%0
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DBS Refinancing Home Loan Interest Rates as of November 21, 2019

DBS typically offers among the best rates for loan refinancing for HDB, private and commercial properties. This is true for loans with or without lock-in periods. Below we display the current rates associated with DBS's refinancing loans with durations of 20 years and principals of S$500,000.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Fixed2.00%5 years
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DBS Board2.08%1 year
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DBS Board2.65%0
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Many home lenders offer subsidies for other costs associated with refinancing a home loan. DBS offers subsidies of S$2,000 to S$3,000 for legal fees depending on the size of the loan. Compared to other lenders, DBS's subsidy offer is quite generous for large refinancing loans. However, DBS does not offer legal fee subsidies to individuals with home loans of under S$500,000, unlike many other banks. Additionally, DBS does not provide credit towards home valuation or fire insurance, which a few other banks do offer.

Loan PrincipalLegal Fee Subsidy
Less than S$500,000N/A
S$500,000 - S$999,999S$2,000
S$1 million - S$3 millionS$2,500
Greater than S$3 millionS$3,000

Applicable Fees

DBS charges standard fees for its housing loans, including partial repayment fees, full redemption penalties and cancellation fees. The table below outlines the fees associated with DBS home loans and home loan refinancing.

Loan TypePartial Repayment FeeFull Redemption PenaltyCancellation Fee
HDB TrackerN/AN/A1.5%
Private Tracker1.5%1.5%1.5%
Board Rate (Lock-In)1.5%1.5%1.5%
Board Rate (no lock-in)N/AN/A1.5%
Fixed Rate1.5%1.5%1.5%
BUCN/AN/A0.75%

How to Apply: Application Process

Find the Cheapest Home Loans in Singapore

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Applying for a housing loan is a very arduous process that's complicated to navigate alone. If you are interested in applying one, we strongly recommend you to seek out some help from our mortgage broker partner by clicking on the "Check Rates" buttons on this page.

Borrowers that are interested in applying for a home loan from DBS must provide personal identification, income and personal debt information documents. Also, those to purchase a property must submit additional documents, including an option to purchase or sales and purchase agreement. Individuals purchasing an HDB resale must provide a valuation report.

Individuals seeking a refinance loan for a private residence must provide the offer letter from from the original lender with repayment history for the latest 6 months of that loan. Borrowers must also provide the IRAS My Property Portfolio for owner-occupied residences. Finally, borrowers seeking a refinance loan must also provide their latest CPF property withdrawal statement if they have an existing term loan or are applying for a term loan.

Individuals seeking to refinance an HDB loan must provide their latest 6 months loan repayment history, as well as their IRAS My Property portfolio if the residence is owner-occupied.

  • NRIC or Passport (for foreigners)
  • HDB Flat & Financial Information
  • Latest Notice of Assessment or 12 months CPF Contribution History
  • Latest credit card & credit line statements with outstanding balances
  • Latest 3 months’ payslips
  • Latest 3 months’ salary crediting account statements (additional documents required for customers working overseas)
  • Latest credit facilities statements (for example: existing home loans, credit card, car loan, personal loan facilities or others)

How Does DBS Compare to Other Bank's Home Loan Rates?

Interest rates for home loans change frequently. Therefore, it is important to periodically review the best rates in the market. For a live look at other lender's interest rates, see the table below that features today's interest rates.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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UOB Fixed1.86%2 years
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DBS Fixed1.90%2 years
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UOB Fixed1.92%2 years
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DBS Fixed2.00%5 years
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Comments and Questions

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