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Hong Leong Finance Home Loan

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Loans with the lowest interest rate based on your search
Lowest interest
Hong Leong Finance HDB Floating Package
Floating
PBR + 0.30%
2 years
Lock-in Period
S$14,934
Instalment Year 1
4.35%
Interest Rate Year 1
Rates and Instalments
Year 14.35%PBR + 0.30%S$ 14,934 /mo
Year 24.35%PBR + 0.30%S$ 14,934 /mo
Year 34.35%PBR + 0.30%S$ 14,934 /mo
Thereafter4.35%PBR + 0.30%S$ 14,934 /mo
Package Benefits
  • Free package conversion
Figures on this page may be rounded up or down to the nearest dollar to make them easier to compare. Mortgage rates shown may differ from those offered by a lender when you apply for your mortgage and, in some instances, may also vary based on your credit or payment history. PropertyGuru and its affiliates accept no liability for any change in mortgage rates, which are entirely at a lender's discretion.
Lowest interest
Hong Leong Finance HDB Floating Package
Floating
PPR - 1.80%
2 years
Lock-in Period
S$14,934
Instalment Year 1
4.35%
Interest Rate Year 1
Rates and Instalments
Year 14.35%PPR - 1.80%S$ 14,934 /mo
Year 24.35%PPR - 1.80%S$ 14,934 /mo
Year 34.35%PPR - 1.80%S$ 14,934 /mo
Thereafter4.35%PPR - 1.80%S$ 14,934 /mo
Figures on this page may be rounded up or down to the nearest dollar to make them easier to compare. Mortgage rates shown may differ from those offered by a lender when you apply for your mortgage and, in some instances, may also vary based on your credit or payment history. PropertyGuru and its affiliates accept no liability for any change in mortgage rates, which are entirely at a lender's discretion.
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Hong Leong Finance HDB Home Loan

Hong Leong Finance offers fixed interest home loans and floating interest mortgage packages for both new HDB Build-to-Order (BTO) flats and resale HDB flats. Fixed interest home loans lock in a fixed interest rate for a number of years to allow the borrower to enjoy stable home loan installment amounts. After the fixed interest lock-in period is over, the interest rate will be converted to a floating one pegged to the HDB Home Rate (HHR). Hong Leong Finance has 2- and 3-year fixed interest home loan packages.
Bank nameHong Leong Finance
Loan typesFixed, Floating, HHR, PPR, Board Rate
Lock-in0, 2, 3, years

SIBOR Home Loan

Many banks and financial institutions in Singapore peg their floating interest rates to the Singapore Interbank Offered Rate (SIBOR), which is a benchmark tracking the interest rate at which banks in the Singapore wholesale money market extend unsecured loans to each other. SIBOR is thought to offer transparency as it is a publicly available measure and cannot be altered by the bank or financial institution extending the home loan. Hong Leong Finance does not peg their floating interest rates to SIBOR, but to the HDB Home Rate (HHR) for HDB flats, and the Private Property Rate (PPR) for private property.

FHR Home Loan

Some banks and financial institutions peg their floating interest rates to the Fixed Deposit Home Rate (FHR), which is derived from their internally-determined fixed deposit interest rate. Hong Leong Finance does not use the FHR for their floating interest rates, which are instead pegged to the HDB Home Rate (HHR) for HDB flats, and the Private Property Rate (PPR) for private property.

Board rate Home Loan

Board rates are interest rates that are determined internally by a bank or financial institution. The Fixed Deposit Home Rate (FHR) is one example of a board rate. Hong Leong Finance pegs its floating interest rates for HDB flats to the HDB Home Rate (HHR) and its floating interest rates for private property to the Private Property Rate (PPR). Both the HHR and PPR are a type of board rate, which Hong Leong Finance has the discretion to change.

Building Under Construction (BUC) Home Loan

Hong Leong Finance offers home loans for buildings that are still under construction, including BTO flats and private property developments which have not yet obtained their Temporary Occupation Permit (TOP) and of which the buyer cannot yet take possession. Disbursements for BUC home loans are made in stages according to a progressive payment scheme. Home loan installments commence only after the first disbursement has been made.

Bridging Loan

A bridging loan is a short-term loan which is used when you are purchasing a new property before selling your existing home. The bridging loan will finance the purchase of the new property until you are able to receive the proceeds from the sale of your existing home.

Home Loan Promotions

Hong Leong Finance offers promotional interest rates periodically. Legal subsidies might also be offered from time to time. They are calculated as a percentage of the amount you are borrowing and can be used to subsidise the cost of your legal fees. To found out more about current promotions, get in touch with our Mortgage Experts.

Hong Leong Finance Home Loan Refinance

The main purpose of refinancing is to save money in the long run by switching to a home loan with a lower interest rate than your existing loan. Compare home loan rates regularly in order to spot a good chance to refinance. If you need help comparing mortgage loans, get in touch with PropertyGuru Finance.

Home Loan Promotions

Hong Leong Finance offers promotional interest rates periodically. Legal subsidies might also be offered from time to time. They are calculated as a percentage of the amount you are borrowing and can be used to subsidise the cost of your legal fees. To found out more about current promotions, get in touch with our Mortgage Experts.

Hong Leong Finance Home Loan Refinance

The main purpose of refinancing is to save money in the long run by switching to a home loan with a lower interest rate than your existing loan. Compare home loan rates regularly in order to spot a good chance to refinance. If you need help comparing mortgage loans, get in touch with PropertyGuru Finance.

Apply for Hong Leong Finance Home Loan Through Us

Compare Hong Leong Finance home loan interest rates and submit a loan application on PropertyGuru with guidance from our Mortgage Experts.

Documents Required

You will need the following documents when applying for a Hong Leong Finance home loan:

  • Copy of NRIC / Passport / Employment Pass / Work Permit
  • CPF Statement of Account
  • Income tax assessment
  • Income evidence: Payslip / Past 15 months CPF contribution history statement, employment letter, bank statements
  • Tenancy Agreement (if applicable)
  • Option to Purchase (OTP) (if applicable)
  • Valid Valuation Report (if applicable)
  • HDB flat details (if applicable)
  • Latest statement from existing financier/HDB (if applicable)
  • CPF Public / Private Housing Scheme Withdrawal Statement (if applicable)
  • Printout of "Account Summary" in IRAS myTax Portal (if applicable)
  • Printout of "My Property Portfolio" in IRAS myTax Portal (if applicable)
  • Statement of all outstanding credit facilities

Process and Fees

Upon approval of your home loan, you will be issued with a Letter of Offer. To accept the loan, you should sign and return the Letter of Offer. Once you have accepted the offer, you will be charged a fee if you wish to alter any of the terms of your contract such as the loan amount or tenure, or if you wish to cancel the loan.

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Expert's opinion

Home loan interest rates can vary greatly across the board and change all the time, so comparing home loans across a range of loan providers can help you find a more cost-effective loan.

You can compare home loan interest rates on PropertyGuru Finance, or get in touch with one of our Mortgage Experts for guidance.

Expert's opinion

Frequently Asked Questions

  • You can pay off your home loan in monthly installments made in cash and/or with your CPF savings (if eligible).

  • You may repay your home loan in advance if you wish, but a prepayment penalty might be charged depending on the terms of your package. One alternative is to request for the loan tenure to be shortened, which will enable you to pay off your loan more quickly without incurring a prepayment penalty. If approved, you will pay higher monthly installments.

  • To qualify for a Hong Leong Finance HDB home loan, you must be a Singapore Citizen or Singapore Permanent Resident. Hong Leong Finance private property home loans are available to Singaporean Citizens, Singapore Permanent Residents and foreigners. To check if a Hong Leong Finance home loan would be suited to your financial situation, reach out to PropertyGuru Finance.

  • The method of calculation varies depending on your mortgage package. Hong Leong Finance's floating interest rates for HDB loans are pegged to their HDB Home Rate (HHR), while their floating interest rates for private property loans are pegged to their Private Property Rate (PPR).

  • Yes. However, you might be charged a prepayment penalty. To identify good refinancing opportunities, get in touch with PropertyGuru Finance.

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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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