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BOC Home Loan Rates

Bank of China (BOC) offers mortgage loans with fixed interest rates and floating interest rates. Fixed interest rates charge board rates or FHR before being converted to floating rates. All floating rates are pegged to SIBOR.
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We found 6 home loans for you

Rates updated as of 29 September 2023
Sorted by lowest to highest 1st year interest rates

Bank of China 2 Years Fixed Package

Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 13.35%
Instalment Year 1S$ 2,865 /mo
Interest Rate Year 13.35%

Bank of China 3 Years Fixed Package

Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 13.35%
Instalment Year 1S$ 2,865 /mo
Interest Rate Year 13.35%

Bank of China 2 Years Fixed Package

Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 13.40%
Instalment Year 1S$ 2,883 /mo
Interest Rate Year 13.40%

Bank of China 3 Years Fixed Package

Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 13.40%
Instalment Year 1S$ 2,883 /mo
Interest Rate Year 13.40%

Bank of China SORA Package

3M SORA + 0.50%Floating
Lock-in Period2 years
Interest Rate Year 14.21%
Instalment Year 1S$ 3,182 /mo
Interest Rate Year 14.21%

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Bank of China SORA Package

3M SORA + 0.55%Floating
Lock-in Period2 years
Interest Rate Year 14.26%
Instalment Year 1S$ 3,201 /mo
Interest Rate Year 14.26%

Bank of China Home Loan Rates

Bank of China offers two types of home loan rates: Fixed interest rates and floating interest rates. Fixed rate home loans charge a fixed interest rate for a number of years before converting to a floating rate. Floating rate home loans have fluctuating interest rates that are pegged to the Singapore Interbank Offer Rate (SIBOR).

Bank of China Home Loan Interest Rates

The bank offers two types of home loans open to purchasers of private property.

Bank nameBank of China
Loan typesFixed, Floating, SIBOR
Lock-in0, 2, 3 years

Fixed Rate Home Loan

Bank of China's fixed rate home loan package comes with fixed rate period, after which the interest rate will become a floating rate pegged to SIBOR.

HDB Home Loan Rates

At the moment, Bank of China does not offer home loan packages for HDB flat purchases.

SIBOR Home Loan

Bank of China's floating interest rates are pegged to the Singapore Interbank Offer Rate (SIBOR). SIBOR is a reference rate derived from the interbank lending rate, i.e., the interest rate banks in Singapore charge each other for unsecured loans.

SOR Home Loan

The Swap Offer Rate (SOR), which is a benchmark measuring the USD/SGD spot and foreign exchange rates, has been phased out in Singapore and replaced by the Singapore Overnight Rate Average (SORA). Hence, there are no Bank of China SOR home loans.

Board Rates Home Loan

Board rates are interest rates that the bank decides upon internally. The bank may elect to use board rates to determine their fixed interest rates.

FHR Home Loan

Banks sometimes peg their home loans to their fixed deposit rates. This is known as Fixed Deposit Home Rate (FHR). As FHR is typically determined internally by the bank, it can also be considered a type of board rate.

Additional Buyer's Stamp Duty
(ABSD)

Home loans typically do not cover expenses such as Additional Buyer's Stamp Duty (ABSD). If you are a Singaporean buying a second or subsequent residential property, or a PR or foreigner buying a first or subsequent residential property, you are liable to pay ABSD. ABSD can be a considerable amount, so you should take it into account when assessing the affordability of a property.

FHR Home Loan

Banks sometimes peg their home loans to their fixed deposit rates. This is known as Fixed Deposit Home Rate (FHR). As FHR is typically determined internally by the bank, it can also be considered a type of board rate.

Additional Buyer's Stamp Duty
(ABSD)

Home loans typically do not cover expenses such as Additional Buyer's Stamp Duty (ABSD). If you are a Singaporean buying a second or subsequent residential property, or a PR or foreigner buying a first or subsequent residential property, you are liable to pay ABSD. ABSD can be a considerable amount, so you should take it into account when assessing the affordability of a property.

Home Loan Promotions

The bank occasionally offers promotions that can lower the overall cost of your property purchase. For example, the bank may offer a legal subsidy, which covers part of the cost of your conveyancing lawyer's fees. For the latest Bank of Chinapromotions, our Mortgage Experts can help.

Bank of China Home Loan Refinance Rates

Banks' interest rates are changing all the time, and at some point, you might discover that Bank of China's interest rates are more competitive than what you are paying for your current home loan. In that case, refinancing to a Bank of China loan can save you money in the long run.

Compare Bank of China Home Loan Rates & Select the Best Home Loan

Here at PropertyGuru Finance, you can compare home loan rates and select one that would best suit your needs.

Show More

Expert's opinion

Banks' home loan interest rates are always changing. You or someone you know might have enjoyed a competitive interest rate from a particular bank in the past, but that does not mean that their loans are still cost-effective today.

Before applying for a home loan or refinancing, we recommend that you compare home loan interest rates across all banks. You can compare home loan interest rates on PropertyGuru Finance or get personalised assistance from one of PropertyGuru's Mortgage Experts.

Expert's opinion

Frequently Asked Questions

  • Interest rates are always changing. Speak with PropertyGuru's Mortgage Experts if you'd like to know more about available loans.

  • Bank of China revises their FHR rate periodically. Speak with our Mortgage Experts for the latest rates.

  • Floating interest rates are pegged to SIBOR, while fixed interest rates are determined internally by the bank. Speak with our Mortgage Experts for the latest rates.

  • Fixed rate home loans are suitable if you do not wish to deal with fluctuating interest rates, and/or if you believe that interest rates are on the rise. If you can tolerate fluctuations and predict that interest rates will fall further, you may consider a floating home loan instead.

  • SIBOR fluctuates on a day-to-day basis. To find out the current floating rates on offer, speak with one of our Mortgage Experts.

Learn more about home financing

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Private property loan Singapore: Getting a loan for your home

Congratulations on finding your dream home! Now, it's time to think about financing your latest property purchase. If you are buying private property in Singapore, chances are that it will cost more than $1 million.
Most of us cannot afford such a large sum and would generally rely on a house loan to pay for it over a period of up to 35 years, which is the maximum loan duration for private property.

Property loan Singapore: How to get a property loan?

Not sure where to start? Here's an overview of the steps needed to get a property loan and buy a condo or landed property.
  1. Work out your budget with the PropertyGuru Finance's Mortgage Affordability Calculator.
  2. Secure an Approval-in-Principle (AIP), also known as In-Principle Approval (IPA).
  3. Compare bank loans on PropertyGuru Finance.
  4. Obtain a bank loan and receive a Letter of Offer.
  5. Exercise your Option to Purchase (OTP).
  6. Proceed to buy the property.
Unlike HDB flats, private property purchases are not eligible for the HDB Housing Loan.

Types of bank loans: Fixed vs floating rate packages

If you haven't yet got a clue which property loan to choose, there are two main types of mortgage packages: Fixed rate and floating rate.

Fixed rateHome loans which remains fixed for the duration of their lock-in period
Floating rateFluctuating rates that are linked to SORA

Fixed rate private property loan

For fixed rate private property loans, your instalments will remain the same until the end of the lock-in period. The lock-in period ranges between one to five years, depending on the home loan package you choose.
Once the fixed interest rate time frame is complete, it will change to a, usually more expensive, floating interest rate. At this point, you should explore refinancing options which may help you enjoy more savings.

Floating rate private property loan

Floating rate packages are those with interest rates that fluctuate during the loan tenure. Usually, it is pegged to another index such as against a published industry rate like the Singapore Overnight Rate Average (SORA).
It can also be linked to one of the bank's other products such as its fixed deposit rate. The bank can also choose to offer its own in-house rate known as a board rate.

Fixed rate vs floating interest rate for your private property loan

Theoretically, it's beneficial to choose fixed rates when interest rates are rising and opt for floating rates when the interest rate environment trends down.
But these things are hard to predict. You need to take into account factors like your personal preference, risk appetite and financial situation to find the most suitable private property loan for you.
Getting a personalised recommendation is one way for you to ensure your private property loan is suited for you. For such personalised recommendations and guidance, speak to our Mortgage Experts!

Private property loan Singapore

You can only finance private properties with a private property loan

HDB loan only applies to HDB flats and Executive Condominiums (EC). Therefore, you can only finance your private property with a private property loan.

Private property loans generally offer more competitive interest rates

Private property loans require a higher down payment is required for a bank loan compared to an HDB loan, financial institutions typically offer better interest rates to sweeten the deal.
In the case of floating rate packages, the interest rates of these types of private property loans fluctuate according to market conditions.
Taking a private property loan is generally cheaper because of its lower interest rates. But this may not always be the case because interest rates can fluctuate.
The best move to make is to ensure you are always looking out for the best possible interest rates on your private loan.
Getting recommendations from our Mortgage Experts is highly recommended. And make sure to gauge your affordability using the PropertyGuru Finance mortgage affordability calculator. It helps you figure out the cost of home ownership in Singapore.

Private property loan has a lock-in period

Unlike HDB housing loan, which has no lock-in period, most private loans have a lock-in period.
A lock-in period lasts between one to five years. During the lock-in period, you can't change the terms of your private loan.
The duration, interest rate, and loan amount are decided when you sign the mortgage agreement. If you wish to pay off your loan early or refinance with another bank before the lock-in period is up, you will incur a penalty. The penalty is usually 1.5% of the loan amount.
The same goes for changing the duration and/or interest rate of your loan.

Building Under Construction (BUC) properties also fall under private property loan

BUC properties simply mean properties that are still in the process of being completed. BUCs are like the Build-To-Order (BTO) flats of the ECs, condominiums and landed properties.
Private property loan is not only restricted to completed projects. If you need to finance your home that is still under construction, you can search for a suitable private property loan to finance your dream property.
You can look for mortgage brokers, including PropertyGuru Finance's team of dedicated Mortgage Experts, to guide you through the process.

Take note of the property loan limitations

Most of us will require a loan when we get our dream home. However, there are some regulations set in place by the Singapore government to inform us on the limit of our loans to finance our property.

LTV limit

The Loan-to-Value (LTV) ratio is the maximum amount that homeowners can borrow from HDB and financial institutions, put in place by the government.
LTV can be calculated by dividing the loan amount by the property value. The maximum LTV for private property loans is 75%.

TDSR limit

In addition, your Total Debt Servicing Ratio (TDSR) cannot be more than the threshold of 55%, which can be computed by dividing your total monthly debt payments by your gross monthly income.
This ensures that you will have enough funds to repay your monthly debt obligations, which includes your credit card payments, car payments, and mortgage payments.
If you decide to opt for a private loan from the bank, the maximum loan period for an HDB flat and a private property is 30 years and 35 years respectively.
You can use our mortgage affordability calculator to estimate your maximum mortgage loan.

Property loan Singapore: Loans aren't the same everywhere

They are very similar, but not the same. The amount that you are borrowing affects the monthly instalment that you need to pay every month.
You can choose to pay a higher sum of instalments every month so that you can pay up your housing loan debt as soon as possible.
Or you may pay a lower sum to ensure a healthy cash flow every month.

Interest rate can still differ

You should have already learned that there are two types of interest rate packages - fixed and floating rates.
While floating rates are dependent on market conditions, fixed rates are locked in for a period of time.
However, both floating and fixed rates can differ from bank to bank. It also depends on which type of private loan package you are taking.
Lower interest rates means greater savings and helps you keep your home loan affordable

Lock-in periods are different

Banks offer different lock-in periods for mortgage loans. This can last anywhere between one to five years.
If you are always looking out for the best deals on the market, you can choose one with a shorter lock-in period so that you can refinance or reprice after the end of the lock-in period.
Sometimes, refinancing your mortgage loan with another bank comes with its own perks. That said, refinancing can be a tedious process and you will need to pay additional legal and valuation fees.
Consider using SmartRefi to find out the best time to refinance. SmartRefi also helps you to search for the most affordable mortgage package. At the same time, our Mortgage Experts can also assist you in handling the paperwork to make your home ownership experience stress-free

Occasional promotional offers from banks

Banks may offer occasional perks such as sign-on bonus, customisation of loan packages, and cashback to maintain competitiveness. You want to take advantage of such promotional offers when you refinance your private loan.

Private loan in Singapore: Keep a lookout even after signing your loan package

Even after you sign a private loan package, don't get complacent. You still get a chance to refinance or reprice after your lock-in period with the bank ends. At that point, you may want to consider switching to a new property loan package within the same bank, also known as repricing, or switch to a new bank, known as refinancing .
For a more detailed comparison, you may read our article on repricing and refinancing .

Is there someone to help with your private property loan?

Our team of friendly Mortgage Experts from PropertyGuru Finance can help you monitor your lock-in expiry and give you a reminder once your lock-in period is up.
They are a group of professionals with years of industry experience dealing with loan financing and mortgaging.
They can provide you with personalised advice by considering your current and future financial status. Tapping into the expertise of a mortgage broker can help you squeeze more savings from your private loan.
Thus, harness their experience and let our Mortgage Experts help you look out for good deals on the market.
The best part is their service is absolutely free!
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