Best Home Loan in Singapore 2020

Loan Advisor has done the comparison and came up with the best renovation loan deals for you to choose from.

Buying a property is a life-changing decision, as is finding the right home loan. From traditional fixed-rate mortgages to private property refinancings and special deals with floating rates, home loans can be complicated – but it doesn’t have to be. Here at Loan Advisor, we specialize in taking the hassle out of hunting for home loans.

Whether you need a high-value housing loan to purchase your first ever property, or you’re just looking to refinance your mortgage with a lower interest loan package, Loan Advisor is here to help. Our straightforward loan comparison service does all the legwork for you.

The Biggest Benefits of Loan Advisor

With hundreds of trusted banks on the market, finding the right housing loans in Singapore to fit your unique needs can be a challenge.

Here at Loan Advisor, we want to save you valuable time. That’s why we offer a straightforward, three-step comparison service that’ll connect you with the most suitable housing loan in Singapore in minutes. Here are the biggest benefits of choosing Loan Advisor:

  • Enjoy fast approval on your perfect home loan

Loan Advisor scours the web for the most desirable house loans and interest rates currently available. We then enable you to apply for your ideal loan quickly and efficiently.

  • Stop wasting time shopping around

Loan Advisor does the legwork for you, comparing home loan interest rates, interest rates, and special features between the best housing loans in Singapore so you don’t have to.

  • Pick the perfect home loan to suit you

Whether you need a fixed rate, floating rate, a longer loan tenure, or flexible loan package, our service allows you to compare the best housing loans in all conceivable categories, helping you make better financial decisions.

  • Pursue hassle-free home loan applications

Loan Advisor lets you apply for housing loans quickly and easily online. However, under rights reserved by the banks themselves, you have to visit their office to sign the contract.

If trying to hunt down the best housing loan is driving you crazy, stop right now. Let Loan Advisor do the hard work for you.

Key Home Loan Features

Looking for a home in Singapore, but worried you don’t have the finances to make your dream come true? If so, it sounds like you need an affordable house loan.

The good news is that home loans are readily available from hundreds of banks in Singapore, with great interest rates and attractive lock-in periods, too. The bad news is that the housing loan marketplace is complex and confusing – which is where our trusted comparison services can help. Here are some key home loan features to look out for when applying for your next housing loan:

  • Loan amounts

Figuring out how much you can realistically afford to borrow is the first step to looking for any kind of loan. Some banks require you to borrow minimum amounts, such as $100,000, while others cater more towards homebuyers investing in higher-value properties.

  • Fixed rates versus floating rates

Not all housing loans in Singapore are the same. You’ll need to decide whether you want a “fixed-rate” mortgage, where your fixed interest payments will remain the same each month, or a “floating rate”, where your mortgage rate will be linked to SIBOR. The latter option will see your monthly payments move in sync with the market. Compare rates with Loan Advisor now.

  • Interest rates

Whether you’re borrowing for 1 year, 2 years, or for the longer-term, securing a good interest rate will always reduce the overall cost of your loan. If you’re refinancing a mortgage or home loan, you’ll want to compare your current rate with what’s on offer elsewhere. If you’re hunting for a new loan, it always pays to see which bank is offering the best deal. Get the latest home loan rates now with Loan Advisor.

  • Lock in periods

A mortgage or home loan lock in period is a set amount of time that a loan provider will allow you to enjoy a certain interest rate. Some banks, like Citibank, will grant customers attractive introductory rates for short periods before slowly increasing their monthly repayments. Others, like Standard Chartered, may offer lower floating rates.

  • Other fees and charges

It’s not uncommon for even the very best house loan Singapore to have hidden charges and fees for customers. Look out for cancellation fees and any other potential charges or penalties you may incur later down the line. Early repayment fees, for example, could kick in if you decide to pay off your mortgage earlier than anticipated. Compare home loan fees with Loan Advisor now.

Bank Listings

Which banks are best known for offering great home loans in Singapore? Here’s a handful of trusted banks that Loan Advisor recommends.

DBS
DBS Housing Loan
  • Quick and easy applications
  • Competitive, transparent rates
  • Trusted reputation dating back to 1970s
Citibank
Citibank Housing Loan
  • Superb introductory rates
  • Better interest rates on loans above $500,000
  • Great for refinancing
Standard Chartered
Standard Chartered Housing Loan
  • Brilliant for lower overall borrowing costs
  • Loans available from $100,000
  • Excellent interest rates
HSBC
HSBC Home Loan
  • Superb choice for fixed interest
  • Flexible loan packages available
  • Low hidden fees
Maybank
Maybank Home Loan
  • A good option for floating rates
  • Allows financing up to 75%
  • Good loan selection

Get Your Home Loan in 3 Easy Steps

Ready to compare and apply for your perfect home loan today? Just follow these 3 simple steps:

1. Submit a short form

Tell us your loan amount, loan tenure, and interest rate requirements, and hit send.

2. Get your quotes

We’ll send you up to 3 home loan quotes absolutely free.

3. Sign your paperwork

Apply online then visit the bank to sign your paperwork and claim your home loan. It’s as easy as that!

Ready to Make Your Dream Home a Reality?

Loan Advisor takes the hassle out of home loan applications by simplifying the mortgage search and approval process into 3 easy steps.

So, whether you need a fixed deposit, fixed interest mortgage, or a flexible home loan with a floating rate, we can help you find what you’re looking for in seconds.

Bank Loans Versus HDB Loans

HDB loans offer lower downpayments and no repayment fees, but bank loans have lower interest rates and easier eligibility criteria. Get a free loan quote today to find out which loan best suits you.

Why Use Loan Advisor?

Here at Loan Advisor, we’re passionate about connecting people with the best loans Singapore has to offer.

Our mission is to take the legwork out of searching for and comparing home loans by serving up easy to understand quotes from top banks in Singapore. This equips our customers with everything they need to know about the best deals available and empowers them to make better financial decisions.

Time and again, Loan Advisor gets great customer reviews and we want to show you how easy finding and applying for the right home loan can be.

How to Choose the Best Home Loan

We understand that the mortgage market can appear intimidating at first glance. To get the best home loan to suit you, we recommend asking yourself the following questions – and thinking very carefully about your answers:

  • What loan amount do you need?

Maybe you’re a first-time buyer in need of a larger mortgage? Or perhaps you’re refinancing and just looking for the best interest rate? Consider how much you can realistically afford to borrow.

  • Do you prefer fixed rates or floating rates?

Fixed interest rates can give you peace of mind that your monthly payments will always be the same. In contrast, a floating rate could help you save some money depending on current market conditions.

  • What interest rate are you prepared to pay?

Whether you’re borrowing for 1 year, 2 years, or longer, think carefully about what loan rates are realistic to you and try to select an interest rate that pays off in the long run.

  • What lock-in period are you looking for?

Lock-in periods tie you to a mortgage for a certain length of time, so compare loan packages carefully and pick one that suits your needs.

  • Are hidden fees worth it?

A pricey product fee could pay itself off if you’re getting excellent home loan rates. In contrast, an early repayment fee could punish you if you’re planning on paying off your mortgage quickly.

Things to Know When Choosing Your Home Loan

The Singaporean government offers lots of helpful information about home loans on the website, but we’ve distilled some of the basics below:

  • Fixed rates and floating rates

Fixed rates will see your monthly payments stay the same while floating rates will be based on SIBOR and can fluctuate.

  • BOARD RATE

Board rate refers to any interest rate changes based on a bank’s internal decisions. Board rate usually:

    • Changes quarterly
    • Depends on market conditions
    • Isn’t transparent
  • SIBOR

This is a base rate used to set interbank interest rates. SIBOR will always be transparent, but can:

    • Go up or down at any time
    • Remain stable for long periods
  • FIXED DEPOSIT RATE

Fixed rates only ever change based on the bank’s own decisions.

    • Movement depends on internal banking factors
    • Fixed rates are usually stable
    • They are also transparent
  • Home loan lock in period

A home loan lock in period could be either 1 year, 2 years, or anywhere up to 5 years depending on your loan package. Monthly repayment rates can be “locked-in” for a set amount of time if you opt for a fixed rate deal.

  • Fees and Penalties

Penalties and fees are not uncommon on home loans. Early repayment fees, for example, tend to range from 1 to 1.5% if you decide to repay your loan early. However, depending on the bank, such fees may be waived if you sell up during a lock in period.

Find Your Perfect Home Loan Today

Loan Advisor will help you find a low-interest rate housing loan with a flexible loan tenure to meet your needs, regardless of what loan amount and type of monthly repayments you need.
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Frequently Asked Questions

Still unsure about housing loans in Singapore? We’ve provided some helpful FAQs below, but first, let’s look at some key things to keep in mind.

The best loan packages can change weekly, if not daily, so it always pays to do an up to date search before applying for any housing loan. Get the latest quotes now with our loan comparison service

It’s not uncommon for banks like Maybank and Standard Chartered to offer home loans with interest rates as low as 1.24% – but the best rates will fluctuate from day today. Do a comparison search now to find the best up to date deals.

You may have heard that banks offer the best deals directly, but if you only approach one bank looking for a loan, you could miss out on other great deals currently on the market.

Loan Advisor searches and serves up the best loan deals just minutes after you submit our simple form. Try out Loan Advisor today.

The terms and conditions governing a lock in period will depend on the loan package you choose and could vary from bank to bank. A lock in period could last 1 year, 2 years, or even 5 years.

Your monthly repayments will usually remain the same during that period and you may enjoy a special promotional interest rate which will last until the lock in period ends, whether that be 2 years away or more.

Foreigners living in Singapore might wish to buy a home just as much as locals do, but sadly Singaporean residents from overseas might have to jump through a few more hoops – and might only qualify for certain loans. Usually, you’ll need to find out what legal restrictions apply to you and pay an additional stamp duty charge of 20% on your first residential property.

If the loan is for other purposes, like rental deposits, it might make more sense to get a foreigner loan. Find out more about foreign loans here.

The Singapore Interbank Offered Rate (or SIBOR rate) is the benchmark interest rate upon which banks tend to base their home loan floating rates. The SIBOR rate can fluctuate at any given time, so it always pays to check the latest and predicted rates before agreeing to a floating rate home loan package.

Under other circumstances, you might be able to make an individual appeal to the bank of your choice to consider your case.

If you’re interested in renovating your property, it’s best to consider either a specialized renovation loan or a standard personal loan.

If you want to get a home loan for a Building Under Construction (BUC), this is generally considered a higher risk by loan providers. However, you can still apply for certain types of home loans – and these may not necessarily suffer from higher interest rates either.

If your home loan gets rejected by a bank due to bad credit history or a high Total Debt Servicing Ratio (TDSR), there are other options available. For example, you could try financing from other financial institutions like licensed money lenders, as long as you are able to clear any outstanding debts. However, you might need to reduce your desired loan amount or extend your loan tenure beyond what you were originally planning.

By using Loan Advisor’s loan comparison service, you can receive up to 3 tailored quotes absolutely free. However, once you’ve selected your perfect loan, the bank in question may charge its own processing or other fees.

Loan Advisor can help you compare the best home loans in Singapore to suit your loan amount and unique circumstances in just 3 easy steps.