SBI Home Loan Review: How Competitive Are SBI's Rates?

SBI Home Loan Review: How Competitive Are SBI's Rates?

SBI offers competitive introductory interest rates and refinancing subsidies, though its total cost of borrowing is generally less competitive.

Good for

  • Individuals willing to refinance their home loan every few years
  • Borrowers seeking to refinance their existing home loan

Bad for

  • Borrowers seeking home loans with the lowest total interest cost
  • Individuals seeking loans for BTO units

Editor's Rating

3.5/5.0

The State Bank of India's (SBI) Singapore arm generally offers competitive introductory home loan interest rates. The bank's rates tend to increase substantially after 1 to 3 years, so it is best to consider SBI's loans if you are willing to refinance every few years. The bank is also worth considering for borrowers seeking to refinance their existing housing loans as it offers a few different subsidies for refinancing.

Summary of SBI's Home Loans
Competitive introductory rates and home loan refinancing subsidies
Legal fee subsidy: up to S$1,000
Minimum loan principal: S$250,000

Table of Contents

What Makes SBI Stand Out to Borrowers

SBI is a decent option for borrowers that plan to refinance their loans after a few years. This is because the bank offers some competitive introductory interest rates and less competitive rates following the first few years of its loan tenure. It is also a good option for borrowers seeking to refinance their home loans due to its combination of credits offered to these borrowers.

SBI HDB Home Loans Interest Rates

SBI tends to offer reasonably competitive fixed and floating first-year interest rates HDB loans. While the bank's rates tend to increase significantly in later years of loan tenures, borrowers that would be willing to refinance their loans every few years may want to consider SBI. For this reason, it is worth comparing SBI's rates to other top banks before choosing a home loan. Below is a table of SBI's current first-year interest rates.

Bank1st Yr InterestLock-in PeriodApply Now
SBI Tracker2.49%3 years
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SBI Tracker2.69%0
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SBI Fixed2.50%2 years
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From late 2017 through the early months of 2018, SBI did not offer very competitive interest rates for loans for HDB units under construction. Therefore, individuals seeking loans for BTO units will likely find better deals from other lenders. With that said, home loan rates can change daily, so it is prudent to compare rates before making a final decision regarding your home loan. The table below shows SBI's current first-year interest rate for BTO unit loans.

Bank1st Yr InterestLock-in PeriodApply Now
SBI Tracker2.49%3 years
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SBI Private Home Loans Interest Rates

SBI typically offers somewhat competitive fixed interest rates for private home loans. While their floating rates have generally been less competitive for these loans, it is important to track interest rates closely as they are subject to frequent changes. With that mind, we've compiled SBI's updated private loan rates in the table below.

Bank1st Yr InterestLock-in PeriodApply Now
SBI Tracker2.49%3 years
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SBI Tracker2.69%0
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SBI Fixed2.50%2 years
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SBI is not typically the cheapest lender for loans for private loans under construction. However, if this is the type of loan you require, it is important to compare rates from as many lenders as possible to ensure that you secure the best deal. Below are SBI's current rates for loans for private residences under construction.

Bank1st Yr InterestLock-in PeriodApply Now
SBI Tracker2.49%3 years
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SBI Refinancing Home Loan Interest Rates

SBI generally offers competitive introductory interest rates for refinancing private and HDB home loans. Although these rates become less competitive after the lock-in period, borrowers that plan to refinance frequently might find SBI as an affordable refinancing option.

Bank1st Yr InterestLock-in PeriodApply Now
SBI Tracker2.49%3 years
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SBI Tracker2.69%0
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SBI Fixed2.50%2 years
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Additionally, SBI offers refinancing perks that many other lenders in Singapore do not. For example, the bank does not charge a home valuation fee and provides a subsidy for fire insurance premiums. The bank also offers a credit for legal fees associated with home loan refinancing; however, this subsidy is less generous compared to other banks that offer as much as S$3,000.

Refinancing SubsidyAmount
Legal Fee0.4% of loan amount (capped at $1,000)
Valuation CostSBI Does Not Charge
Fire InsuranceFull premium for 1 year

Applicable Fees

SBI 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 SBI's fees by home loan type.

Loan TypePartial Repayment FeeFull Redemption PenaltyCancellation Fee
Tracker (Lock-In)1.5%1.5%1.0%
TrackerN/AN/A1.0%
Fixed Rate1.5%1.5%1.0%
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 can be very complicated. For this reason, we suggest that individuals consult our home loan broker partner by clicking any "Check Rates" button on this page.

Applicants are required to provide several documents, including proof of identification, personal debt information and proof of income. Foreigners must provide their employment pass, work permit or dependent pass and proof of address.

Applicants must provide payslips from the last 3 months or a letter from their employer certifying their employment. Applicants must also submit their latest IRAS Notice of Assessment and past 12 months CPF contribution statement. Self-employed applicants must provide their ACRA Search +Business Profile/License of business and most recent 2 years IRAS Notice of Assessments. Commission-based individuals must provide their most recent 12 months commission statement, latest 2 years IRAS Notice of Assessment and last 12 months CPF contribution history.

  • NRIC / Passport
  • Copy of tenancy agreement (if applicable)
  • Option to purchase (new purchase)
  • Last 6 months loan statement (refinance)
  • CPF withdrawal statement for existing property (if applicable)
  • CPF statement of account (if applicable)

Eligibility: Who Can Apply for SBI's Home Loans?

Prospective applicants must be between 21 and 65 years old. Singaporeans and Permanent Residents must have annual incomes of at least S$30,000 while foreigners must earn S$50,000 annually. Additionally, foreigners' properties must have minimum values of at least S$500,000.

How Do SBI's Home Loan Rates Compare to Other Banks' Rates?

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
HSBC Tracker2.27%2 years
{"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"," DBS"," HSBC"," UOB"," OCBC"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"HSBC","name":"Tracker","interestRateYear1":"0.45","interestRateYear2":"0.45","interestRateYear3":"0.45","interestRateYear4":"0.45","interestRateYear5":"0.450","interestRateYear6Plus":"0.45","lockInPeriod":"2 years","features":"Maximum loan tenure for HDB is 30 years\r\nSmartMortgage (Interest Offset)\r\n1 X Free conversion after disbursement","additionalInformation":"Partial Payment up to 30% During Lock In\r\nFull Redemption due to sale, 50% Waiver, 100% Wavier (Premier)\r\n$200k - $800k - $200 Isetan Voucher\r\n$800k and above - $400 Isetan Voucher","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"1M SIBOR","rt2":"1M SIBOR","rt3":"1M SIBOR","rt4":"1M SIBOR","rt5":"1M SIBOR","rt6":"1M SIBOR","rt1r":"1.82","rt2r":"1.82","rt3r":"1.82","rt4r":"1.82","rt5r":"1.82","rt6r":"1.82","sumYear1":"2.27","sumYear2":"2.27","sumYear3":"2.27","sumYear4":"2.27","sumYear5":"2.27","sumYear6":"2.27","sum":"2.27","y2":"$2,186","y3":"$2,186","y4":"$2,186","y5":"$2,186","y6":"$2,186","y1":"$2,186","monthly_installments":"$2,186","total_interest_cost":129568,"metadata":{"_id":18,"apply_now_icon_hidden":true,"apply_now_redirect":false,"apply_now_text":"Check Rates","collection":"home_loans"}}}
DBS Board2.35%2 years
{"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"," DBS"," HSBC"," UOB"," OCBC"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"Board","interestRateYear1":"1.40","interestRateYear2":"1.40","interestRateYear3":"1.40","interestRateYear4":"1.40","interestRateYear5":"1.400","interestRateYear6Plus":"1.40","lockInPeriod":"2 years","features":"Maximum loan tenure for HDB is 30 years.\r\n","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"FHR8(DBS)","rt2":"FHR8(DBS)","rt3":"FHR8(DBS)","rt4":"FHR8(DBS)","rt5":"FHR8(DBS)","rt6":"FHR8(DBS)","rt1r":"0.95","rt2r":"0.95","rt3r":"0.95","rt4r":"0.95","rt5r":"0.95","rt6r":"0.95","sumYear1":"2.35","sumYear2":"2.35","sumYear3":"2.35","sumYear4":"2.35","sumYear5":"2.35","sumYear6":"2.35","sum":"2.35","y2":"$2,206","y3":"$2,206","y4":"$2,206","y5":"$2,206","y6":"$2,206","y1":"$2,206","monthly_installments":"$2,206","total_interest_cost":135328,"metadata":{"_id":18,"apply_now_icon_hidden":true,"apply_now_redirect":false,"apply_now_text":"Check Rates","collection":"home_loans"}}}
UOB Tracker2.28%1 year
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DBS Fixed2.38%2 years
{"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"," DBS"," HSBC"," UOB"," OCBC"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"Fixed","interestRateYear1":"2.38","interestRateYear2":"2.38","interestRateYear3":"1.43","interestRateYear4":"1.43","interestRateYear5":"1.430","interestRateYear6Plus":"1.43","lockInPeriod":"2 years","features":"","additionalInformation":"- Rates Commencement Date: 3 month from LO or 1st disbursement\r\n- Free conversion to any package from 2nd year\r\n- waiver of penalty due to sale of property","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"Fixed","rt2":"Fixed","rt3":"FHR8(DBS)","rt4":"FHR8(DBS)","rt5":"FHR8(DBS)","rt6":"FHR8(DBS)","rt1r":"0.00","rt2r":"0.00","rt3r":"0.95","rt4r":"0.95","rt5r":"0.95","rt6r":"0.95","sumYear1":"2.38","sumYear2":"2.38","sumYear3":"2.38","sumYear4":"2.38","sumYear5":"2.38","sumYear6":"2.38","sum":"2.38","y2":"$2,213","y3":"$2,213","y4":"$2,213","y5":"$2,213","y6":"$2,213","y1":"$2,213","monthly_installments":"$2,213","total_interest_cost":137344,"metadata":{"_id":18,"apply_now_icon_hidden":true,"apply_now_redirect":false,"apply_now_text":"Check Rates","collection":"home_loans"}}}
UOB Fixed2.38%2 years
{"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"," DBS"," HSBC"," UOB"," OCBC"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"UOB","name":"Fixed","interestRateYear1":"2.38","interestRateYear2":"2.38","interestRateYear3":"0.44","interestRateYear4":"0.44","interestRateYear5":"0.440","interestRateYear6Plus":"0.44","lockInPeriod":"2 years","features":"- Maximum loan tenure for HDB is 30 years.\r\n- HDB Min Loan $80,000\r\n- Pte Min Loan $100,000\r\n\r\n","additionalInformation":"- Redemption Penalty: Waiver of penalty fee if due to sale of the property\r\n\r\n- 1 x free conversion (min loan outstanding of $80k remaining) after 24 months from first loan disbursement (HDB)\r\n\r\n- 1 x free conversion (min loan outstanding of $200k remaining) after 24 months from first loan disbursement (PTE)","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":80000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SIBOR","rt4":"3M SIBOR","rt5":"3M SIBOR","rt6":"3M SIBOR","rt1r":"0.00","rt2r":"0.00","rt3r":"1.94","rt4r":"1.94","rt5r":"1.94","rt6r":"1.94","sumYear1":"2.38","sumYear2":"2.38","sumYear3":"2.38","sumYear4":"2.38","sumYear5":"2.38","sumYear6":"2.38","sum":"2.38","y2":"$2,213","y3":"$2,214","y4":"$2,214","y5":"$2,214","y6":"$2,214","y1":"$2,213","monthly_installments":"$2,213","total_interest_cost":137608,"metadata":{"_id":18,"apply_now_icon_hidden":true,"apply_now_redirect":false,"apply_now_text":"Check Rates","collection":"home_loans"}}}

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