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Compare Mortgage Rates
in Singapore and Pick the
Best Home Loan Rates
You are now one step closer to securing your dream home after purchasing your property. Let PropertyGuru help you pick the home loan best-suited to your needs by comparing and securing the best housing loan interest rates for you.
The best mortgage rates from all major banks in Singapore
Private property
home loans
If you are purchasing private property, banks or other financial institutions are your only viable options to finance a mortgage. There are different mortgage rates for completed properties, as well as projects that are still under construction.
Depending on your risk tolerance and monthly instalment budget, pick from a wide list of home loan options on PropertyGuru, using our Mortgage Comparison tool. If you need tailored financial advice, speak to our friendly and knowledgeable Mortgage Experts. They can help you find the optimal home loan package for your needs.
Depending on your risk tolerance and monthly instalment budget, pick from a wide list of home loan options on PropertyGuru, using our Mortgage Comparison tool. If you need tailored financial advice, speak to our friendly and knowledgeable Mortgage Experts. They can help you find the optimal home loan package for your needs.
Promotional (Fixed rate, 2 lock-in period) | 2.95% |
Standard Chartered Bank (Fixed rate, 2 lock-in period) | 2.95% |
Standard Chartered Bank (Fixed rate, 2 lock-in period) | 2.95% |
* Subject to lender's approval and change without prior notice (as of 27 November 2023).
We can help you secure the best rate
See All Private Rates
We're just a call away
Regardless of whether you are opting for an HDB or bank loan, our Mortgage Experts can guide you through the home loan application process. The cherry on top, you won't pay a dime for their support.
HDB home loans
There are various available options when seeking out the best home loan interest rates to finance HDB flats. If either you or your spouse is Singaporean, you can apply for HDB's housing loan which has a lower cash downpayment requirement and a higher LTV of 80%. Qualifying for an HDB loan, however, comes with various requirements, such as not exceeding the maximum household income limit and not having any private or commercial properties under your name.
HDB housing loan's interest rate of 2.6% is calculated by taking the current CPF Ordinary Account (OA) interest rate and adding 0.1% to it. As such, in theory, interest rate for HDB's housing loan can change if the OA interest rate changes (but it is no secret that OA interest rates have remained stable).
Taking a bank loan can potentially be more attractive, given the more competitive interest rates and wide options of packages to pick from. Should you be interested in taking up a bank home loan, find the best home loan interest rates for your HDB flat on PropertyGuru. Now that we have helped you better understand HDB home loans and the plethora of bank loans available in Singapore, you are well-equipped to select the best home loan for your needs. Regardless of whether you are opting for an HDB or bank loan, here are some steps to guide you through the home loan application process. Alternatively, speak to our Mortgage Experts for help.
HDB housing loan's interest rate of 2.6% is calculated by taking the current CPF Ordinary Account (OA) interest rate and adding 0.1% to it. As such, in theory, interest rate for HDB's housing loan can change if the OA interest rate changes (but it is no secret that OA interest rates have remained stable).
Taking a bank loan can potentially be more attractive, given the more competitive interest rates and wide options of packages to pick from. Should you be interested in taking up a bank home loan, find the best home loan interest rates for your HDB flat on PropertyGuru. Now that we have helped you better understand HDB home loans and the plethora of bank loans available in Singapore, you are well-equipped to select the best home loan for your needs. Regardless of whether you are opting for an HDB or bank loan, here are some steps to guide you through the home loan application process. Alternatively, speak to our Mortgage Experts for help.
Promotional (Fixed rate, 2 lock-in period) | 2.95% |
Standard Chartered Bank (Fixed rate, 2 lock-in period) | 2.95% |
Standard Chartered Bank (Fixed rate, 2 lock-in period) | 2.95% |
* Subject to lender's approval and change without prior notice (as of 27 November 2023).
HDB Loan Interest Rate | 2.6% |
HDB Loan LTV | 85% |
HDB Loan Downpayment | Cash &/or CPF |
Bank Loan Interest Rate | 3.75% |
Bank Loan LTV | 75% |
Bank Loan Downpayment | At least 5% cash |
* Subject to lender's approval and change without prior notice (as of 10-Jan-2023).
We can help you secure the best rate
See All HDB Bank RatesThree simple steps to
get your preferred
bank home loan
approved
Calculating Your Maximum Loan Amount
The maximum amount you can borrow from the bank to pay for your property is determined by calculating your Total Debt Servicing Ratio (TDSR) or Mortgage Servicing Ratio (MSR). These can be calculated using PropertyGuru's linked mortgage calculators.
Obtain Your In-Principle Approval (IPA)
Much like the HLE, the IPA is a written documentation issued by the bank stating and documenting the maximum amount of home loan you can take to purchase your property.
Applying for the Home Loan
Upon receiving the IPA, home buyers have up to 30 days to pay the OTP before the IPA expires. Thereafter, the OTP is valid for 21 days for home buyers to make the relevant down payment and obtain approval for the preferred bank loan to take effect.
How to choose a
home loan?
KEY CONSIDERATIONS
Choosing the Best Home Loan
Interest Rates
If you are browsing this page, you are probably wondering, “Which home loan is the best for me?”. Decoding the technical home loan jargon and comparing the numerous packages and interest rates offered by the various banks in Singapore can be time-consuming and tedious.
Not sure where to start?
Begin by understanding the different types of home loans available to you and mortgage terminology used.
Not sure where to start?
Begin by understanding the different types of home loans available to you and mortgage terminology used.
With so many banks offering different home loan packages, choosing the right home loan rates can be hard. When assessing the right package for you, consider:
If a fixed interest rate or floating interest rate is preferable for you
The duration of the lock-in period
If there is any waiver of redemption payable if the property is sold during the lock-in period
If there is any free conversion within or at the end of the lock-in period
Regardless of whether you are going for an HDB home loan or bank loan, deciding on a mortgage is entirely dependent on your financial capabilities and risk profile. If you are leaning towards a home loan with lower risk, HDB's housing loan with a fixed rate of 2.6% may be for you. If you have the appetite for some financial risks and have the financial discipline to review and refinance your housing loan once every couple of years, bank loans may be a viable option for you.
As every housing situation is unique, consider speaking to one of our Mortgage Experts to get your situation assessed and receive tailored advice at no added cost.
As every housing situation is unique, consider speaking to one of our Mortgage Experts to get your situation assessed and receive tailored advice at no added cost.
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Learn more about home financing
Frequently Asked Questions
We recommend speaking with our Mortgage Experts to find the best home loan package that fits your requirements.
- Regardless of whether you took an HDB or a bank loan, you can pay off your loan using money from your CPF OA. This applies for private property loans as well.
- Experts recommend taking a home loan, even if you can pay the sum in full. It is preferable to put down a downpayment and pay off your home with monthly instalments over spending a huge lump sum to maintain better cash flow.
- Yes, you will incur an early repayment fee or penalty if you decide to refinance with another bank, pay off your home loan, or change the loan terms before the lock-in period has ended.
- In theory, selling off your property within the lock-in period will incur an early termination fee. Do check your home loan contract for a waiver clause.
Best Home Loan Comparison Singapore 2023
Housing loan interest rate Singapore: Compare the best ones
You are now one step closer to securing your dream home after purchasing your property. Let PropertyGuru Finance help you pick the home loan best suited to your needs by comparing and securing the best home loan interest rates. Great home loan rates from all major banks in Singapore
Home loan comparison: Types of home loans
There are two types of housing properties in Singapore -- private and HDB properties.
In Singapore's context, private properties consist of landed properties and condominiums.
HDB properties are properties governed by the state's Housing and Development Board (HDB) and consist of new Build-to-Order (BTO) flats, Sale of Balance Flats (SBF), and resale flats.
For each housing type, there is a corresponding type of housing loan that lets you finance your home.
For instance, homeowners of HDB flats or Executive Condominium (EC) can choose between taking a bank loan or an HDB loan. However, if you purchase a private property, you will have to get a mortgage from the bank.
In Singapore's context, private properties consist of landed properties and condominiums.
HDB properties are properties governed by the state's Housing and Development Board (HDB) and consist of new Build-to-Order (BTO) flats, Sale of Balance Flats (SBF), and resale flats.
For each housing type, there is a corresponding type of housing loan that lets you finance your home.
For instance, homeowners of HDB flats or Executive Condominium (EC) can choose between taking a bank loan or an HDB loan. However, if you purchase a private property, you will have to get a mortgage from the bank.
Bank loans
There are different mortgage rates for completed properties, as well as projects that are still under construction.
Depending on your risk tolerance and monthly instalment budget, you get to pick from a wide list of private property loan options on PropertyGuru Finance, using our Mortgage Comparison tool.
If you need tailored financial advice, speak to our friendly and knowledgeable Mortgage Experts. They can help you find the optimal home loan package that suits your needs.
Depending on your risk tolerance and monthly instalment budget, you get to pick from a wide list of private property loan options on PropertyGuru Finance, using our Mortgage Comparison tool.
If you need tailored financial advice, speak to our friendly and knowledgeable Mortgage Experts. They can help you find the optimal home loan package that suits your needs.
HDB home loan
There are various available options when seeking out the best home loan interest rates to finance HDB flats with the best housing loan interest rate. If either you or your spouse is a Singaporean, you can apply for an HDB housing loan. HDB housing loan offers a lower cash down payment requirement and a higher Loan-to-Value (LTV) ratio of 80%.
This is in comparison to a bank loan, which has a down payment of 25% of the purchase price, and a lower LTV ratio of 75%.
This is in comparison to a bank loan, which has a down payment of 25% of the purchase price, and a lower LTV ratio of 75%.
| HDB housing loan interest rate | 2.6% |
| HDB loan LTV ratio | 80% |
| Bank loan LTV ratio | 75% |
Bank loan vs HDB loan
HDB loan has a higher LTV limit
LTV limits the maximum amount you can borrow relative to the value of your dream home. It is used by banks to evaluate the risks involved when lending money to a borrower.
Loan assessments with high LTV ratios (e.g., taking the maximum 80% LTV limit to fund your property purchase) are considered higher-risk loans since a large portion of the property is purchased using borrowed money.
Loan assessments with high LTV ratios (e.g., taking the maximum 80% LTV limit to fund your property purchase) are considered higher-risk loans since a large portion of the property is purchased using borrowed money.
Bank loans are more volatile
Bank loan interest rates move together with the market causing them to fluctuate often. If you are someone who enjoys taking risks and is looking for a competitive mortgage package, then a bank loan is for you.
Floating rate packages and fixed rate packages are offered by banks and not for HDB loans.
Fixed interest rates are more stable while floating interest rates fluctuate with the benchmark rates.
Floating rate packages and fixed rate packages are offered by banks and not for HDB loans.
Fixed interest rates are more stable while floating interest rates fluctuate with the benchmark rates.
Bank loan can be more attractive than an HDB housing loan
Taking a bank loan can potentially be more attractive, given the more competitive interest rates and wide options of packages to pick from. Should you be interested in taking up a bank home loan, you can find the best home loan interest rates for your HDB flat on PropertyGuru Finance.
HDB housing loan is more stable
HDB housing loan's interest rate is at 2.6% which hasn't changed since 1999. If you are not a risk taker, HDB loans could be the one for you.
Home loan comparison: How to choose a home loan?
Ever Googled, 'home loan comparison' hoping to find the best results? Decoding the technical home loan jargon and comparing the numerous packages and interest rates offered by the various banks in Singapore can be time-consuming and tedious.
And with so many banks offering different home loan packages, choosing the right home loan rates can be hard.
But here's how we make it easy for you to find a mortgage with the best home loan interest rate.
And with so many banks offering different home loan packages, choosing the right home loan rates can be hard.
But here's how we make it easy for you to find a mortgage with the best home loan interest rate.
Housing loan interest rate Singapore: Finding the best ones
When finding the best home loan interest rates and package, you will need to consider:
If you are leaning towards a home loan with lower risk, opt for an HDB loan. A fixed rate of 2.6% will work better for you.
If you have the appetite for some financial risks and have the financial discipline to review and refinance your housing loan once every couple of years, bank loans can be a better choice.
- If a fixed interest rate or floating interest rate is preferable for you
- IThe lock-in period duration
- I If there is any waiver of redemption payable if the property is sold during the lock-in period
- I If there is any free conversion within or at the end of the lock-in period
If you are leaning towards a home loan with lower risk, opt for an HDB loan. A fixed rate of 2.6% will work better for you.
If you have the appetite for some financial risks and have the financial discipline to review and refinance your housing loan once every couple of years, bank loans can be a better choice.
Housing loan interest rate Singapore: Get personalised recommendation
Everyone's housing situation is unique, so consider speaking to one of our Mortgage Experts to get your situation assessed to receive tailored advice at no added cost.
Speaking to our Mortgage Experts makes refinancing easy for you. So let us help you secure the best housing loan interest rate.
Regardless of whether you are opting for an HDB or a bank loan, our Mortgage Experts can guide you through the home loan application process.
Speaking to our Mortgage Experts makes refinancing easy for you. So let us help you secure the best housing loan interest rate.
Regardless of whether you are opting for an HDB or a bank loan, our Mortgage Experts can guide you through the home loan application process.
Three simple steps to get your preferred bank home loan approved
No matter whether you are opting for an HDB loan or bank loan, here are some steps to guide you through the home loan application process.
Calculating your maximum loan amount
The maximum amount you can borrow from the bank to pay for your property is determined by calculating your Total Debt Serving Ratio (TDSR) or Mortgage Servicing Ratio (MSR). These can be calculated using PropertyGuru Finance's mortgage calculators.
Obtain your In-Principle Approval (IPA)
Much like the HLE, the IPA is written documentation issued by the bank stating and documenting the maximum amount of home loan you can take to purchase your property.
Applying for the home loan
Upon receiving the IPA, homebuyers have up to 30 days to pay the Option to Purchase (OTP) fee before the IPA expires. Thereafter, the OTP is valid for 14 (HDB) to 21 days (private property) for homebuyers to make the relevant down payment and obtain approval for the preferred bank loan to take effect.
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