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Our recommendations

Loans with the lowest interest rate based on your search
Lowest interest
Promotional
Package
Fixed
Rate Type
3 years
Lock-in Period
S$11,698
Instalment Year 1
2.40%
Interest Rate Year 1
Rates and Instalments
Year 12.40%S$ 11,698 /mo
Year 22.40%S$ 11,698 /mo
Year 32.40%S$ 11,698 /mo
Year 43.94%3M SORA + 0.45%S$ 13,989 /mo
Thereafter4.39%3M SORA + 0.90%S$ 14,679 /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
Promotional
Package
Fixed
Rate Type
3 years
Lock-in Period
S$11,698
Instalment Year 1
2.40%
Interest Rate Year 1
Rates and Instalments
Year 12.40%S$ 11,698 /mo
Year 22.40%S$ 11,698 /mo
Year 32.40%S$ 11,698 /mo
Year 43.94%3M SORA + 0.45%S$ 13,989 /mo
Thereafter4.39%3M SORA + 0.90%S$ 14,679 /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
Standard Chartered Bank 3 Year Fixed
Fixed
Rate Type
3 years
Lock-in Period
S$12,010
Instalment Year 1
2.60%
Interest Rate Year 1
Rates and Instalments
Year 12.60%S$ 12,010 /mo
Year 22.60%S$ 12,010 /mo
Year 32.60%S$ 12,010 /mo
Year 44.04%3M SORA + 0.55%S$ 14,178 /mo
Thereafter4.49%3M SORA + 1.00%S$ 14,874 /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.
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We found 155 other home loans for you

These rates are accurate as of 4 October 2024
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 12.50%
Instalment Year 1S$ 11,854 /mo
Interest Rate Year 12.50%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 12.50%
Instalment Year 1S$ 11,854 /mo
Interest Rate Year 12.50%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 12.50%
Instalment Year 1S$ 11,854 /mo
Interest Rate Year 12.50%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 12.50%
Instalment Year 1S$ 11,854 /mo
Interest Rate Year 12.50%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 12.55%
Instalment Year 1S$ 11,932 /mo
Interest Rate Year 12.55%

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right for you?

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PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 12.55%
Instalment Year 1S$ 11,932 /mo
Interest Rate Year 12.55%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 12.55%
Instalment Year 1S$ 11,932 /mo
Interest Rate Year 12.55%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 12.55%
Instalment Year 1S$ 11,932 /mo
Interest Rate Year 12.55%

Standard Chartered Bank 3 Year Fixed

Rate TypeFixed
Lock-in Period3 years
Interest Rate Year 12.60%
Instalment Year 1S$ 12,010 /mo
Interest Rate Year 12.60%
PROMOTIONAL OFFER
Rate TypeFixed
Lock-in Period2 years
Interest Rate Year 12.60%
Instalment Year 1S$ 12,010 /mo
Interest Rate Year 12.60%

Getting a home loan for your condo or landed property

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 upwards of $1 million. Most of us cannot afford to fork out such a large lump sum, and hence, need to rely on a home loan (also known as a housing loan or mortgage) to pay for it over a period of up to 35 years, which is the maximum loan tenure for private property.

How to get a home loan and buy private property in Singapore?

Not sure where to start? Here's an overview of the steps needed to get a home loan and buy a condo or landed property.

  1. Work out your budget with the PropertyGuru 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 Housing and Development Board (HDB) flats, private property purchases are not eligible for the HDB Housing Loan.

How to apply for a bank home loan?

If you've already picked out a suitable home loan, PropertyGuru's Mortgage Experts can help you apply for it. If you haven't yet got a clue which home loan to choose, there are two main types of mortgage packages: fixed rate and floating rate.

Types of bank loans: fixed vs floating rate packages

For fixed rate home loans, your instalments will remain the same until the end of the fixed rate period, which could range 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 packages are those with rates (and hence, monthly instalments) that fluctuate during the loan tenure. Usually, it is pegged to another index: it could be benchmarked against a published rate like the Singapore Interbank Offered Rate (SIBOR), or another one of the banks' other products, like fixed deposit or board rates.

Theoretically, it's beneficial to choose fixed rates when interest rates are rising and choose floating rates when the interest rate environment is flat or declining, but these things are hard to predict. The most suitable home loan for you depends largely on factors like your personal preference, risk appetite and financial situation. For customised recommendations and more guidance, speak to our Mortgage Experts.

Frequently Asked Questions

  • We recommend speaking with our Mortgage Experts to find a home loan that's just right for you.

  • You can use our home loan calculator to find out the best interest rates among all the banks.
    After comparing home loan packages, reach out to PropertyGuru Finance and our Mortgage Experts will take it from there, free of charge. We will also manage the paperwork for you, ensuring the process is hassle-free.

  • With the exception of executive condominiums sold by HDB, anyone can buy condominium units in Singapore.
    However, only Singapore Citizens and Permanent Residents for at least five years, can buy landed  properties (terrace houses, semi-detached houses and bungalows).

  • A BUC loan is a home loan for private properties that are still under construction and/or have yet to obtain the Temporary Occupation Permit (TOP). They main difference is that the loan disbursement will follow what is known as a Progressive Payment Scheme (PPS).

  • Different home loan packages have different minimum loan sums for the featured rates. If you're already eyeing a package, do reach out to us at PropertyGuru Finance and let our Mortgage Experts do a check for you.

  • The maximum home loan amount will be decided by the bank, taking into account the Loan-to-Value (LTV) limit and Total Debt Servicing Ratio (TDSR). If you're unsure of how much loan you're eligible for, PropertyGuru's Mortgage Experts can help you.

  • Every bank provides a different set of private loans with its own competitive interest rate. By using our mortgage loan calculator, you will be able to compare between the different banks in Singapore.
    If you need more guidance on selecting a property loan, feel free to speak to PropertyGuru Finance's Mortgage Experts for recommendations customised to your needs.

  • SIBOR is the benchmark interest rate for lending between banks. It has been phased out in Singapore since 31 March 2022.
    SIBOR has since been replaced by SORA, which is the volume-weighted average rate of borrowing transactions that banks offer on the unsecured overnight interbank SGD cash market.

  • PropertyGuru Finance partners with all major banks to bring you the best property loan packages in Singapore. From sharing customised recommendations to processing your property loan application, our Mortgage Experts will be with you every step of the way.

  • We receive a small referral fee from the bank when you have accepted the loan. Our team partners with all major banks which means you get access to the lowest interest rates, limited-time bank promotions and unbiased advice.

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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