FunEmpire® Singapore Blog

6 Best Home Loans in Singapore [2023]

Best Home Loans Singapore
Best Home Loans Singapore

Home Loans Singapore

Homeownership is on the rise, and more people are seeking out financial assistance to make their dreams of owning property come true.

Are you looking for the best home loans in Singapore? You’re not alone. There are many different types of loans to choose from and understanding all your options can be difficult.

But where do you start your search? There are many different types of mortgages available, so it can be hard to know which one will work best for your needs.

In this post, we’ll introduce 6 of the Best Home Loan providers in Singapore – get ready to find a loan that’s right for you!

Listed here are examples of home loan packages provided by banks depending on the interest rate and specifics of the loan you are getting. We listed some of them for you to have a clear background as to how their policies work and how they compute their rates.

1. Hongkong and Shanghai Banking Corporation Limited

HSBC - Home Loans Singapore
HSBC – Home Loans Singapore (Credit: HSBC)

First on the list of best home loan providers is HSBC or Hongkong, and Shanghai Banking Corporation Limited. They offer one of the cheapest home loans on the island. HSBC Home Loans offers appealing interest rates and greater freedom.

HSBC also supports and values your move to more energy-efficient dwellings. They market sustainability and energy-efficient housing. Take one step closer to a more environmentally sustainable future by exploring their unique Green Mortgage deals.

For more information check out their website: https://www.hsbc.com.sg/

A sample computation of HSBC goes like this, with an interest rate of 0.85% in the first year and $315 monthly installments, in a lock-in period of two years.

Sample Computation

PeriodRatePayment
Year 11m SORA + 0.700% = 0.85% $315/month
Year 11m SORA + 0.700% = 0.85% $315/month
Year 31m SORA + 1.250% = 1.40%$339/month
Year 41m SORA + 1.250% = 1.40%$339/month
Year 51m SORA + 1.250% = 1.40%$339/month
Year 6+1m SORA + 1.250% = 1.40%$339/month
Computation by: www.redbrick.sg

Key Features

  • Choice of fixed and floating rate packages
  • More savings with HSBC SmartMortgage
  • Exclusive HSBC Premier privileges and benefits

2. Standard Chartered

Standard Chartered - Home Loans Singapore
Standard Chartered – Home Loans Singapore (Credit: Standard Chartered)

An interesting offer by Standard Chartered is, reduce your mortgage interest by putting money in their bank. Allow their MortgageOne SORA package to assist you with this.

Check out more of their offers on their website: https://www.sc.com/sg/

A sample computation with them goes like this, with a rate type of 3m SORA and 2 years lock-in, you’ll have 0.86% interest rate in your first year and $315 monthly also in your first year.

Sample Computation

PeriodRatePayment
Year 13m SORA + 0.700% = 0.86% $315/month
Year 13m SORA + 0.700% = 0.86% $315/month
Year 33m SORA + 1.250% = 1.41%$339/month
Year 43m SORA + 1.250% = 1.41%$339/month
Year 53m SORA + 1.250% = 1.41%$339/month
Year 6+3m SORA + 1.250% = 1.41%$339/month
Computation by: www.redbrick.sg

Key Features

  • Offset deposit against loan interest
  • Shorter loan period
  • Transparency
  • Flexibility

3. Maybank

Maybank - Home Loans Singapore
Maybank – Home Loans Singapore (Credit: Maybank)

It’s simple to get a loan from Maybank Home Loan. Maybank now has an interesting offer of Maybank Green Pledge.

It’s now or never to embrace an environmentally aware lifestyle, take the Maybank Green Pledge to get price reductions on the first two years’ home loan interest rates; with interest rates as low as 0.99 percent p.a., it’s time to go green!

For more information, check out their website: https://www.maybank2u.com.sg/

For example, with a rate type of 3m SORA and no lock-in period, Maybank offers an interest rate of 1.06% in the first year and $324 monthly installments in the first year too.

Sample Computation

PeriodRatePayment
Year 13m SORA + 1.200% = 1.36% $338/month
Year 13m SORA + 1.200% = 1.36% $338/month
Year 33m SORA + 1.400% = 1.56%$347/month
Year 43m SORA + 1.400% = 1.56%$347/month
Year 53m SORA + 1.400% = 1.56%$347/month
Year 6+3m SORA + 1.400% = 1.456%$347/month
Computation by: www.redbrick.sg

Key Features

  • Competitive housing loan interest rate packages
  • Up to 75% financing
  • Receive cash rebate when you refinance your existing home loan
  • Unlock the value of your private property

4. DBS Bank

DBS - Home Loans Singapore
DBS – Home Loans Singapore (Credit: DBS)

DBS can help you acquire your dream home by just following 5 easy steps to determine if you are a legible applicant. Plus, they offer features such as My Home Planner, Home Loan Repayment Calculator, and Home Loan Savings Calculator to guide you in your journey towards achieving your dream house.

For more information, visit their website: https://www.dbs.com.sg/index/default.page

For example, a 3m SORA in DBS with no lock-in period has a 1.11% interest rate with $327 monthly installments in your first year.

Sample Computation

PeriodRatePayment
Year 13m SORA + 0.950% = 1.11% $327/month
Year 13m SORA + 0.950% = 1.11% $327/month
Year 33m SORA + 0.950% = 1.11%$327/month
Year 43m SORA + 0.950% = 1.11%$327/month
Year 53m SORA + 0.950% = 1.11%$327/month
Year 6+3m SORA + 0.950% = 1.11%$327/month
Computation by: www.redbrick.sg

Key Features

  • Wide range of home loans to suit your needs
  • Transparent Rate pegged to SGD fixed deposit interest rates
  • Earn up to 3.00% p.a. on your savings with DBS Multiplier

5. Citibank

Citibank - Home Loans Singapore
Citibank – Home Loans Singapore (Credit: Citibank)

Do you want to acquire that ideal house that you’ve been looking at?

Citibank lets you learn more about how to qualify for a home loan in order to transform your ideal property into reality. Taking on a mortgage is a significant financial investment, and it’s critical to understand the current property market rules, as well as the requirements for obtaining a house loan and one’s financial capabilities.

For more information, check out their website: https://www.citibank.com.sg

For example, Citibank’s 3m SORA rate type with 2 years lock-in period offers a 1.01% interest rate in the first year and $322 monthly installment in your first year too.

Sample Computation

PeriodRatePayment
Year 13m SORA + 0.850% = 1.01% $322/month
Year 13m SORA + 0.850% = 1.01% $322/month
Year 33m SORA + 1.300% = 1.46%$342/month
Year 43m SORA + 1.300% = 1.46%$342/month
Year 53m SORA + 1.300% = 1.46%$342/month
Year 6+3m SORA + 1.300% = 1.46%$342/month
Computation by: www.redbrick.sg

Key Features

  • Preferential mortgage interest rates for our Citigold and Citigold Private Client customers
  • Dedicated mortgage advisors partnering you on your home financing journey
  • Wide range of attractive fixed and floating interest rate packages (with reference to rates benchmark to Compounded SORA as interest rate benchmark)
  • More Savings with Mortgage Loan Interest Offset (for floating interest rate packages only)
  • Legal subsidy of up to 0.20% of loan amount or S$2,500, whichever is lower (applicable to refinancing cases)

6. State Bank of India

State Bank of India - Home Loans Singapore
State Bank of India – Home Loans Singapore (Credit: State Bank of India)

At SBI, they try to help you realize your childhood dream of having your own house! If you’re buying your first home or refinancing an existing one, you’ll find their mortgage plans straightforward to comprehend and adapt to your requirements. They have attractive housing loan options for HDB as well as private residences available for you to choose from.

To apply for a home loan in the State Bank of India, you only have to start with either of these two choices, (1) Walk into any of their branches to talk to their relationship managers, or email them at loans@sbising.com.

For more information, check out their website: https://sg.statebank/

For example, with a 1m SORA rate type and no lock-in period, the State Bank of India offers an interest rate of 1.10% in the first year and $326 monthly installments in the first year too.

Sample Computation

PeriodRatePayment
Year 11m SORA + 0.950% = 1.10% $326/month
Year 11m SORA + 0.950% = 1.10% $326/month
Year 31m SORA + 1.200% = 1.35%$337/month
Year 41m SORA + 1.200% = 1.35%$337/month
Year 51m SORA + 1.200% = 1.35%$337/month
Year 6+1m SORA + 1.200% = 1.35%$337/month
Computation by: www.redbrick.sg

Key Features

  • Option of floating rates – linked directly to the Singapore Overnight Rate Average (SORA); or fixed rates – providing stability against market fluctuations
  • Competitive & Attractive pricing
  • Applicable for both private and HDB properties
  • Lock-in period based on Promotion / Scheme
  • Promotional packages available for new purchases and refinancing
  • Subsidies for legal fees, valuation and fire insurance! (available for refinancing/equity loans only)

Home Loans Singapore

There you have it! We know that there are many home loans in Singapore to choose from and understanding all your options can be difficult.

A fixed-rate mortgage is different from the usual unsecured loans, such as personal or renovation loans, which use a flat add-on approach to calculate the interest. And as a tip, rather than focusing on the interest rate, it would be a good idea to consider ‘rate type’ first.

In this post, we introduce 6 of the best home loan providers in Singapore – get ready to find a mortgage that’s right for you! And if you’re still unsure about which home loan is appropriate for your needs, contact these providers and they will help guide you through this process.

Whether buying or selling property, it pays off to work with someone who knows what they’re doing at every stage of the home-buying journey.

Disclaimer: Their rates might change every once in a while due to some unexpected occurrences or just daily “money things”. Further, it is best to check out their websites (which are all listed) to know more about their offers.

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