UOB Mortgage Review: One of Singapore's Cheapest Home Loan Options

UOB Mortgage Review: One of Singapore's Cheapest Home Loan Options

UOB provides very competitive home loan options for HDB and private residences.

Good for

  • Individuals seeking competitive home loan interest rates
  • Borrowers seeking to refinance their home loan of at less than S$500,000

Bad for

  • Borrowers seeking home loan refinancing for loans of more than S$500,000

Analyst's Rating

4.5/5.0

UOB's strong reputation and consistently competitive interest rates make it one of the best sources of home loans for Singaporeans. For instance, the bank is one of the largest in Singapore and tends to offer some of the best fixed and floating rates for all types of home loans. Moreover, it is one of the few home loans available for foreigners, making it a convenient option for some consumers.

Summary of UOB's Home Loans
Generally offers some of the best home loan interest rates in Singapore
Legal Fee Subsidies: 0.4% of loan principal, capped at S$1,500 / S$1,800
Minimum loan principal: S$100,000
Total loans in Singapore: S$171 billion
Loans available for foreigners
Promotion: N/A

Table of Contents

What Makes UOB Stand Out to Borrowers

As a well-established home lender, with S$88.6 billion in total home loans globally, UOB is a great source of home loans in Singapore. The bank's low interest rates for all types of home loans make it a great option for prospective homeowners as well as borrowers seeking to refinance their home loans. Moreover, the bank is currently offering exclusive home loan rates, gift vouchers up to S$3,000, and an S$1,800 subsidy in legal costs for refinancing.

UOB HDB Home Loans Interest Rates as of April 24, 2021

UOB tends to offer some of the cheapest HDB housing loans. In terms of total interest cost and fixed and floating interest rates, UOB is typically one of leaders in Singapore. Below, we display UOB's current rates for HDB loans.

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

UOB is also a great option for prospective homeowners considering a BTO unit. The bank is generally among the most affordable lenders for housing loans for these homes. For reference, the table below displays UOB's current interest rates for BTO residences.

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

UOB Private Home Loans Interest Rates as of April 24, 2021

Just like its competitive HDB loans, UOB tends to offer some of the lowest fixed and floating interest rates for private home loans. For a live look at the bank's private housing loan rates, see our table below.

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

UOB also tends to offer some of the best home loans for private residences under construction. The bank's loans are generally some of the cheapest available; both in terms of interest rates and total interest costs. For context, we've provided a table of UOB's current interest rates for loans for private homes under construction.

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

UOB Refinancing Home Loan Interest Rates as of April 24, 2021

UOB has typically offered very competitive refinancing interest rates for both HDB and private residences. The bank's floating and fixed rates have both been competitive with the rates of other lenders. Below we display UOB's current home loan refinancing rates for private and HDB homes.

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

Many lenders in Singapore offer subsidies for costs associated with refinancing home loans. UOB offers credits for legal fees of 0.4% of the loan principal. This subsidy is capped at S$1,800 for private home loans and S$1,500 for HDB loans. A few other lenders offer larger legal fee subsidies than UOB, especially for loans of more than S$500,000. This makes UOB slightly less attractive to borrowers seeking to refinance large home loans. However, the bank's low interest rates make it worth considering regardless. Also, UOB is a better option for borrowers that need to refinance smaller home loans because the lenders that tend to offer larger legal fee subsidies do not offer subsidies to borrowers seeking to refinance loans smaller than S$300,000 - S$500,000.

UOB Mortgages: Applicable Fees

UOB charges fees for partial repayment, full redemption and loan cancellation. The bank's fee rates are very similar to other lenders in Singapore. Below, we display UOB's fees by loan type.

Loan TypePartial Repayment FeeFull Redemption PenaltyCancellation Fee
Board RateNo fee if minimum outstanding balance of S$200,000 is maintained, otherwise 1.5%1.5%1.5%
Tracker RateN/AN/A1.5%
Fixed Rate1.5%1.5%1.5%
BUCN/AN/A0.75%

How to Apply for a UOB Home Loan: Application Process

Find the Cheapest Home Loans in Singapore

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Most mortgage applications are complicated and long. Typically, applications require several processes and more than 10 documents. Therefore, we recommend that individuals interested in UOB's home loan products consult our home loan broker partner by clicking any of the "Check Rates" buttons on this page.

Documents Needed to Apply for a Home Loan

  • Completed duly signed UOB Property Loan Application Form
  • Copy of NRIC/Passport of applicants
  • Income documents
  • Option to purchase
  • Latest CPF statement of account (if CPF usage is involved)
  • Latest CPF withdrawal statement for existing property (if applicable)
  • Option of sale for existing property (if applicable)

How Does UOB Compare to Other Mortgage Lenders?

Home loan interest rates change every few days in Singapore. This makes it important to compare the best rates in the market. The table below features updated interest rates for Singapore's top banks, as of April 24, 2021.

Bank1st Yr InterestLock-in PeriodApply Now
SCB Tracker1.13%2 years
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SCB Board1.40%2 years
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SCB Tracker1.24%2 years
{"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["UOB"," DBS"," HSBC"," SCB"," 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":"SCB","name":"Tracker","interestRateYear1":"0.80","interestRateYear2":"0.80","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after Lock In\r\n\r\nValuation Subsidy for Refinancing (Min Loan $500k)\r\n\r\nMin Loan for SCB Priority Client: $300k","additionalInformation":"Valuation Subsidy Breakdown\r\n$500k Loan - $350\r\n$1m Loan - $500","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":500000,"rt1":"3M SIBOR","rt2":"3M SIBOR","rt3":"3M SIBOR","rt4":"3M SIBOR","rt5":"3M SIBOR","rt6":"3M SIBOR","rt1r":"0.44","rt2r":"0.44","rt3r":"0.44","rt4r":"0.44","rt5r":"0.44","rt6r":"0.44","rt1r_first_day":"0.4375","rt2r_first_day":"0.4375","rt3r_first_day":"0.4375","rt4r_first_day":"0.4375","rt5r_first_day":"0.4375","rt6r_first_day":"0.4375","sumYear1":"1.24","sumYear2":"1.24","sumYear3":"1.44","sumYear4":"1.44","sumYear5":"1.44","sumYear6":"1.44","sum":"1.24","y2":"$1,939","y3":"$1,981","y4":"$1,981","y5":"$1,981","y6":"$1,981","y1":"$1,939","monthly_installments":"$1,939","total_interest_cost":93292,"metadata":{"_id":18,"apply_now_icon_hidden":true,"apply_now_redirect":false,"apply_now_text":"Check Rates","collection":"home_loans"}}}
OCBC Tracker1.44%2 years
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DBS Board1.00%5 years
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William Hofmann

William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. He graduated from University of Vermont with degrees in Economics and Psychology. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more.

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