Best Home Mortgage Loans in Singapore 2024

Our team of loan experts compared hundreds of current mortgage rates to help you find the best home loans available. When comparing the interest 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.

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Home mortgage rates showcased on this page are derived from the mortgage loan aggregator Redbrick Mortgage Advisory, our mortgage loan partner.

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, but the most favourable 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 round up in order to help you get familiar with the different types of home loans as well as what are the prevailing interest rates on the market right now.

Click into the drop down below to help navigate our round up of the best home mortgage loans in Singapore.

Find the Cheapest Home Loans in Singapore

Best Home Mortgage 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.

We found that the cheapest fixed rate HDB housing loans are offered by banks listed in the table below. Choosing one of the cheaper options from the list above can save you tens of thousands of dollars over the course of a 25-year, S$500,000 loan. To apply for one of these housing loans, contact our mortgage specialist.

Best Fixed Mortgage Rates for HDB Homes (June 17, 2024)

BankMonthly Instalment1st Yr InterestLock-in Period
DBS$ 2,3453.1002 years
DBS$ 2,3584.2502 years
DBS$ 2,3972.9002 years
DBS$ 2,4372.9502 years
DBS$ 2,5713.1003 years

Find The Best HDB Fixed Mortgage LoanEnquire Now

Best Floating Mortgage Rates for HDB Homes (June 17, 2024)

BankMonthly Instalment1st Yr InterestLock-in Period
RHB$ 2,8303.0802 years
SCB$ 2,8153.2802 years
CITI$ 2,7163.6802 years
DBS$ 2,7303.9802 years
DBS$ 2,7584.3502 years

Find The Best HDB Floating Mortgage LoanEnquire Now

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.

Best Fixed Mortgage Rates for Condos & Other Private Homes (June 17, 2024)

BankMonthly Instalment1st Yr InterestLock-in Period
DBS$ 2,3452.9002 years
DBS$ 2,3582.9502 years
DBS$ 2,3973.1002 years
DBS$ 2,4373.2502 years
DBS$ 2,5713.7503 years

Find The Best Private Home Fixed Mortgage LoanEnquire Now

Best Floating Mortgage Rates for Private Homes & Condos (June 17, 2024)

BankMonthly Instalment1st Yr InterestLock-in Period
HSBC$ 2,6390.5502 years
HSBC$ 2,7473.0502 years
HSBC$ 2,7583.1001 year
MB$ 2,4500.5001 year
MB$ 2,4763.3002 years

Find The Best Private Home Floating Mortgage LoanEnquire Now

Best Home Mortgage Loan Refinancing Rates (June 17, 2024)

Home loan refinancing can be a great tool for homeowners. In fact, most people in Singapore refinance their mortgage 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.

Refinancing your home loan can save you a lot of money over the course of your mortgage loan. We found that the banks listed below are currently offering the best refinancing deals.

BankMonthly Instalment1st Yr InterestLock-in Period
MB$ 1,1960.9502 years
MB$ 1,2223.2502 years
MB$ 1,2763.7502 years
MB$ 1,3170.7503 years
SCB$ 1,3683.0802 years

Find The Best Refinance Mortgage LoanEnquire Now

Best Jumbo-Size Home Loans (June 17, 2024)

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.

According to our analysis, the banks listed provide the lowest rates for large mortgage loans for HDB homes and private residences.

BankMonthly Instalment1st Yr InterestLock-in Period
CITI$ 9,5680.3302 years
CITI$ 9,7784.0002 years
CITI$ 10,2070.3302 years
CITI$ 10,5350.7502 years
CITI$ 10,9470.7502 years

Find The Best Jumbo-Size Mortgage LoanEnquire Now

Best Home Loans for Properties Under Construction (June 17, 2024)

Thankfully for those seeking to purchase brand new homes, there are a number of housing loan options available. 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.

BankMonthly Instalment1st Yr InterestLock-in Period
DBS$ 2,7440.5000 years
DBS$ 2,7611.0000 years
MB$ 2,6880.7000 years
MB$ 2,8300.8000 years

Find The Best Mortgage Loan For Properties Under ConstructionEnquire Now

How to Choose the Best Home Mortgage Loan

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.

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 mortgage every 2 to 4 years, likely due to the fact that interest rates were declining pre-pandemic 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 mortgage of S$500,000. You can save about S$3,312 annually in mortgage payments by switching from an interest rate of 4.5% to 3.5%. 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. As these fees cannot be subsidised, looking for a home loan with as low an interest rate as possible will be ideal.

Related: The Basics of Refinancing Your Mortgage Loan

Compare Home Loan Interest Rates Using Our Mortgage Calculator

To calculate the total cost of home loans in Singapore, use our free mortgage 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

Fixed Rate vs Floating Rate: Which Is Better?

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 fixed 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”.

Floating rates are pegged to the Singapore Overnight Rate Average Interest Rate Benchmark that continuously moves over time. You are able to get a floating home loan right off the bat if you do not want to be tied to a fixed interest rate. Typically, you can choose from 1 to 12-month rates, and select based on your expectations on how market rates will move. Floating rate mortgages can be advantageous when market rates are high and expected to decline in the coming years. 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.

Regardless of which type of home loan you choose to opt for, 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.

HDB Loan vs Bank Loan

Should you get a home loan or a HDB loan? Although it may seem complicated, your decision to choose an HDB loan or a home loan depends on your risk appetite. If you lean towards being risk averse, you may prefer to take on an HDB mortgage loan. HDB housing loans have fixed interest rates at 2.6% (pegged at 0.10% above the prevailing CPF Ordinary Account (OA) interest rate), lower down payment requirements, and are more flexible on mortgage repayments.

Those who are less risk averse, expect interest rates to dip in the coming years and want to correspondingly refinance, and have good credit history might want to shop for the best bank home loan rates. You can shop between fixed or floating interest rates which historically can be lower than HDB loan interest rates during times of low interest rates.

Related: Home Mortgage Loan Basics: How Much Can I Borrow?

Find All The Best Home Loans in SingaporeFind Out More

Home Mortgage Loan Frequently Asked Questions

Have a question about mortgages? We have the answer.

How Much Will My Mortgage Cost?

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You should consider the cost of a home loan in terms of its monthly cost and total interest cost. Keep in mind that your maximum home loan amount will depend on your total amount of loans you currently have. This is called the Total Debt Servicing Ratio (TDSR). To estimate how much your housing loan will cost, use our free mortgage calculator tool.

How Often Should I Refinance My Mortgage?

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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.

Can I Use My Home Loan For Renovation?

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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.

My Home Loan Application Got Rejected, Now What?

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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 55%, meaning that only 55% 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 55% 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$3,800 (S$8,000 * 55% = S$4,400, S$4,400 – S$500 – S$100 = S$3,800).

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, or a licensed moneylender that has these loans.

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.

What Is A Bridging Loan?

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A bridging loan is a short-term loan that helps you put a down payment of usually 15%-25% on a new house while you are waiting to receive funds from the sale of your current house. Many banks offer bridging loans for up to 6 months as supplementary to a home loan to promote using their services. However, banks typically charge high interest rates of 5%-6% per annum. Therefore, while bridging loans are convenient while you are waiting for payment from your sold house, these should not be used if you have not yet begun the process of selling your house.

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