SBI Home Loan Review: How Competitive Are SBI's Rates?
SBI Home Loan Review: How Competitive Are SBI's Rates?
ValueChampion Rating 
Pros
- Individuals looking for stable interest rates
- Individuals willing to refinance their home loan every few years
- Borrowers seeking to refinance their existing home loan
Cons
- Borrowers seeking home loans with the lowest total interest cost
- Individuals seeking loans for BTO units
- Individual with loans less than S$750,000 that are looking for a stable interest rate
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.
| Summary of SBI's Home Loans |
|---|
| Competitive introductory rates |
| 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 Loan Interest Rates as of September 24, 2023
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.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| No offerings at this time |
In earlier years, SBI did not offer very competitive interest rates for loans for HDB units under construction. Therefore, individuals seeking loans for BTO units may 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.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| No offerings at this time |
SBI Private Home Loan Interest Rates as of September 24, 2023
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.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| SBI 3M SORA | 4.31% | 2 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"private","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"SBI","name":"3M SORA","interestRateYear1":"0.60","interestRateYear2":"0.60","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"1 x Free Conversion after Lock-In\r\n\r\nWaiver of Penalty due to Sales after 6 months\r\n\r\n2 Years Clawback Period\r\n\r\nFor Refinancing\r\nValuation Subsidy - Full\r\n\r\nFire Insurance - Free 1 Year\r\n","additionalInformation":"","propertyType":"private-loan","loanType":"new,refinance","minLoanAmount":250000,"rt1":"3M SORA","rt2":"3M SORA","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"3.71","rt2r":"3.71","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"3.6964","rt2r_first_day":"3.6964","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"4.31","sumYear2":"4.31","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"4.31","y2":"$2,724","y3":"$2,831","y4":"$2,831","y5":"$2,831","y6":"$2,831","y1":"$2,724","monthly_installments":"$2,724","total_interest_cost":346732,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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| SBI 3M SORA | 4.46% | 3 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"private","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"SBI","name":"3M SORA","interestRateYear1":"0.75","interestRateYear2":"0.75","interestRateYear3":"0.75","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"3 years","features":"1 x Free Conversion after Lock-In\r\n\r\nWaiver of Penalty due to Sales after 6 months\r\n\r\n2 Years Clawback Period\r\n\r\nFor Refinancing\r\nValuation Subsidy - Full\r\n\r\nFire Insurance - Free 1 Year\r\n","additionalInformation":"","propertyType":"private-loan","loanType":"new,refinance","minLoanAmount":250000,"rt1":"3M SORA","rt2":"3M SORA","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"3.71","rt2r":"3.71","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"3.6964","rt2r_first_day":"3.6964","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"4.46","sumYear2":"4.46","sumYear3":"4.46","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"4.46","y2":"$2,767","y3":"$2,767","y4":"$2,831","y5":"$2,831","y6":"$2,831","y1":"$2,767","monthly_installments":"$2,767","total_interest_cost":346996,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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| SBI 3M SORA | 4.71% | 0 | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["SBI"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"private","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"SBI","name":"3M SORA","interestRateYear1":"1.00","interestRateYear2":"1.00","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":0,"features":"1 x Free Conversion after Lock-In\r\n\r\nWaiver of Penalty due to Sales after 6 months\r\n\r\n2 Years Clawback Period\r\n\r\nFor Refinancing\r\nValuation Subsidy - Full\r\n\r\nFire Insurance - Free 1 Year\r\n","additionalInformation":"","propertyType":"private-loan","loanType":"new,refinance","minLoanAmount":250000,"rt1":"3M SORA","rt2":"3M SORA","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"3.71","rt2r":"3.71","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"3.6964","rt2r_first_day":"3.6964","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"4.71","sumYear2":"4.71","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"4.71","y2":"$2,838","y3":"$2,838","y4":"$2,838","y5":"$2,838","y6":"$2,838","y1":"$2,838","monthly_installments":"$2,838","total_interest_cost":351400,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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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.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| No offerings at this time |
SBI Refinancing Interest Rates as of September 24, 2023
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.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| No offerings at this time |
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 Type | Partial Repayment Fee | Full Redemption Penalty | Cancellation Fee |
|---|---|---|---|
| Tracker (Lock-In) | 1.5% | 1.5% | 1.0% |
| Tracker | N/A | N/A | 1.0% |
| Fixed Rate | 1.5% | 1.5% | 1.0% |
| BUC | N/A | 0.75% | 0.75% |
How to Apply: Application Process
Find the Cheapest Home Loans in Singapore
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.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| DBS Board | 2.60% | 3 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":"2.60","interestRateYear2":"2.60","interestRateYear3":"2.60","interestRateYear4":"2.60","interestRateYear5":"2.60","interestRateYear6Plus":"2.60","lockInPeriod":"3 years","features":"Income Capped \r\n1 Borrower - $2,500\r\n2 Borrower - $5,000","additionalInformation":"CPF Home Rate (CHR) is based on the prevailing interest rate payable on CPF Ordinary Account (OA). Loan is priced at CHR + 0.10%","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"Board","rt2":"Board","rt3":"Board","rt4":"Board","rt5":"Board","rt6":"Board","rt1r":"0.00","rt2r":"0.00","rt3r":"0.00","rt4r":"0.00","rt5r":"0.00","rt6r":"0.00","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"0.0000","rt4r_first_day":"0.0000","rt5r_first_day":"0.0000","rt6r_first_day":"0.0000","sumYear1":"2.60","sumYear2":"2.60","sumYear3":"2.60","sumYear4":"2.60","sumYear5":"2.60","sumYear6":"2.60","sum":"2.60","y2":"$2,268","y3":"$2,268","y4":"$2,268","y5":"$2,268","y6":"$2,268","y1":"$2,268","monthly_installments":"$2,268","total_interest_cost":180400,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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| OCBC Fixed | 3.25% | 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":"OCBC","name":"Fixed","interestRateYear1":"3.25","interestRateYear2":"3.25","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after Lock In","additionalInformation":"","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.25","sumYear2":"3.25","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.25","y2":"$2,437","y3":"$2,810","y4":"$2,810","y5":"$2,810","y6":"$2,810","y1":"$2,437","monthly_installments":"$2,437","total_interest_cost":334048,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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| OCBC Fixed | 3.28% | 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":"OCBC","name":"Fixed","interestRateYear1":"3.28","interestRateYear2":"3.28","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after 12months","additionalInformation":"","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.28","sumYear2":"3.28","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.28","y2":"$2,445","y3":"$2,810","y4":"$2,810","y5":"$2,810","y6":"$2,810","y1":"$2,445","monthly_installments":"$2,445","total_interest_cost":334240,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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| DBS Fixed | 3.75% | 3 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":"3.75","interestRateYear2":"3.75","interestRateYear3":"3.75","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"3 years","features":"Free Conversion after Lock-In Period\r\n\r\nWaiver of Full Redemption Penalty due to Sale of Property During Lock-In Period","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"Fixed","rt2":"Fixed","rt3":"Fixed","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"0.00","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"0.0000","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.75","sumYear2":"3.75","sumYear3":"3.75","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.75","y2":"$2,571","y3":"$2,571","y4":"$2,811","y5":"$2,811","y6":"$2,811","y1":"$2,571","monthly_installments":"$2,571","total_interest_cost":334660,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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| DBS Fixed | 3.35% | 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":"Fixed","interestRateYear1":"3.35","interestRateYear2":"3.35","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after Lock-In Period\r\n\r\nWaiver of Full Redemption Penalty due to Sale of Property During Lock-In Period","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":300000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.35","sumYear2":"3.35","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.35","y2":"$2,463","y3":"$2,812","y4":"$2,812","y5":"$2,812","y6":"$2,812","y1":"$2,463","monthly_installments":"$2,463","total_interest_cost":335224,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
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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.