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Maybank Home Loan Review: How Does it Compare to the Competition?

Maybank does not typically provide the most competitive home loan offers, despite its low introductory interest rates.

Maybank Home Loan Review: How Does it Compare to the Competition?

Maybank does not typically provide the most competitive home loan offers, despite its low introductory interest rates.

4.0/5.0

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Pros

  • Borrowers seeking low first-year interest rates
  • Borrowers planning to refinance their loans every few years
  • Homeowners planning to refinance home loans of S$100,000 and above

Cons

  • Maybank does not typically provide the most competitive home loan offers, despite its low introductory interest rates.

Based in Kuala Lumpur, Maybank conducts about 25% of its lending in Singapore. Generally, the bank has offered loans with competitive first-year interest rates that rise after 1 to 3 years. Therefore, the bank's offerings are best for individuals that plan to refinance their loans every few years.

Summary of Maybank's Home Loan
Competitive first-year interest rates, substantially higher rates in following years
Minimum loan principal: $100,000

Table of Contents

What Makes Maybank Stand Out to Borrowers

In general, Maybank offers competitive introductory interest rates, but does not stand out in terms of total interest charged because its rates rise quickly in later years of the loan's tenure. This characteristic makes it a good option for borrowers that plan to refinance their loan several times throughout its duration. With that said, it is important to compare rates from multiple lenders as home loan rates change frequently.

Maybank HDB and Private Home Loans Interest Rates as of January 2024

Maybank tends to offer competitive first-year interest rates for fixed and floating rate HDB loans. However, other banks have offered HDB loans with lower total cost of borrowing. This is because Maybank's particularly competitive fixed interest rates are significantly more expensive after their lock-in period expires. The table below displays Maybank's current interest rates for HDB loans.

2-year Fixed Rate3-year Fixed Rate
Year 1 and 23.30%3.30%
Year 31M Compounded SORA + 1.00% p.a.3.30%
Thereafter1M Compounded SORA + 1.00% p.a.1M Compounded SORA + 1.00% p.a.
Lock in period2 years3 Years
1-Month Compounded SORA3M Compounded SORA (For completed properties)3M Compounded SORA (For Building Under Construction (BUC) properties)
Year 11M Compounded SORA + 0.80% p.a.3M Compounded SORA + 0.70% p.a.3M Compounded SORA + 0.70% p.a.
Year 21M Compounded SORA + 0.80% p.a.3M Compounded SORA + 0.70% p.a.3M Compounded SORA + 0.70% p.a.
Year 31M Compounded SORA + 1.75% p.a.3M Compounded SORA + 0.70% p.a.3M Compounded SORA + 0.70% p.a.
Year 41M Compounded SORA + 1.75% p.a.3M Compounded SORA + 1.00% p.a.3M Compounded SORA + 0.70% p.a.
Thereafter1M Compounded SORA + 1.75% p.a.3M Compounded SORA + 1.00% p.a.3M Compounded SORA + 1.00% p.a.
Lock in Period
  • Completed properties: 1 year
  • BUC properties: No lock in
1 yearNo Lock in period

Maybank Refinancing Home Loan Interest Rates as of January 25, 2024

In line with its other home loan products, Maybank's home loan refinancing tends to offer borrowers low rates in the first 1 to 3 years and less competitive rates in following years. The table below shows Maybank's current first-year rates. To compare the cost of refinancing a home loan from Maybank, use our home loan comparison tool.

Loan type1st Year InterstLock In Period
Fixed Rate3.30%2-3 Years
1-Month Compounded SORA1M Compounded SORA + 0.80% p.a.1 year
3M Compounded SORA (For completed properties)3M Compounded SORA + 0.70% p.a.1 year

How to Apply: Application Process

Find the Cheapest Home Loans in Singapore

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The home loan application process is arduous and complicated. Therefore, we advise individuals interested in Maybank's home loans to contact our home loan broker partner by clicking "Check Rates" on this page.

Maybank requires applicants to provide several documents related to personal identification, income and personal debt. In addition to these documents, homeowners seeking to refinance their loans must provide their current loan account statement and latest CPF withdrawal statement. Individuals seeking loans for constructing a residence must provide a detailed quote from their contractor and their latest CPF Withdrawal Statement for property to be constructed.

  • Photocopy of NRIC / Passport
  • Latest computerised payslip
  • Latest Income Tax Notice of Assessment (2 years for self-employed/commission-based individuals)
  • Latest CPF Statement of Account
  • Option to Purchase/Sale and Purchase Agreement

How Do Maybank's Mortgages Compare?

Home loan interest rates can change daily in Singapore. Therefore, it is important to compare the rates before applying for a loan. The table below features updated interest rates for Singapore's top home lenders .

Bank1st Yr InterestLock-in PeriodApply Now
No offerings at this time

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

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