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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

ValueChampion Rating ValueChampion Icon

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$300,000 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: $300,000

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 Home Loans Interest Rates as of December 9, 2022

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.

Bank1st Yr InterestLock-in PeriodApply Now
MB 3M SORA3.87%1 year
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MB 1M SORA4.32%1 year
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Similarly, Maybank offers some of the best introductory interest rates for BTO home loans and typically less competitive in later years of their tenures. Once again, this makes Maybank a better lender for prospective homeowners that would be willing refinance their loans after a few years. For a look at Maybank's current interest rates for BTO loans, see the table below.

Bank1st Yr InterestLock-in PeriodApply Now
MB 3M SORA3.77%0
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MB 1M SORA4.32%0
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Maybank Private Home Loans Interest Rates as of December 9, 2022

Maybank generally offers low first-year fixed and floating rates for private home loans. That being said, the bank's rates increase after the first few years, making it a better loan option for individuals that plan to refinance frequently than those that plan to keep their original loan terms through the loan's duration. For a live look at Maybank's private home loan rates, refer to the table below.

Bank1st Yr InterestLock-in PeriodApply Now
MB 3M SORA3.87%1 year
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MB 1M SORA4.32%1 year
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Maybank also offers loans for private homes under construction. Once again, Maybank has generally offered very competitive introductory rates and less competitive rates in following years, making it best for individuals that will refinance their loan every few years. The table below shows Maybank's first-year interest rate for private buildings under construction.

Bank1st Yr InterestLock-in PeriodApply Now
MB 3M SORA3.77%0
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MB 1M SORA4.32%0
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Maybank Refinancing Home Loan Interest Rates as of December 9, 2022

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.

Bank1st Yr InterestLock-in PeriodApply Now
MB 3M SORA3.87%1 year
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MB 1M SORA4.32%1 year
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Applicable Fees

Manybank charges a few fees that are standard among home lenders. These fees include partial repayment fee, full redemption penalty and cancellation fees. The table below details Maybank's fees by home loan type.

Loan TypePartial Repayment FeeFull Redemption PenaltyCancellation Fee
Tracker1.5%1.5%0.75%
BUCN/A0.75%0.75%

How to Apply: Application Process

Find the Cheapest Home Loans in Singapore

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{"defaultValue":"500000","clearOnFocus":true,"label":"Loan Amount","name":"loanAmount","symbol":"$","symbolLocation":"left","showLabel":false}

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
DBS Board2.60%3 years
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OCBC 3M SORA0.80%2 years
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OCBC Fixed4.30%2 years
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DBS 3M SORA1.00%2 years
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DBS Fixed4.25%2 years
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Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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