If you want to buy a home in Singapore, you need to gain access to the right financial support. With property prices rising, home loans in Singapore are becoming increasingly popular, but finding the best home loan or mortgage loan to meet your unique needs isn’t always easy.

If you want to buy a home in Singapore, you need to gain access to the right financial support. With property prices rising, home loans in Singapore are becoming increasingly popular, but finding the best home loan or mortgage loan to meet your unique needs isn’t always easy.

 

Top Features of Home Loans

When looking for the right home loan to suit your property purchasing needs, you should always consider the following:

  • High loan amount
    It’s important to borrow the right loan amount you need to fund your purchase. However, you should also ensure you can 100% afford the repayments.

  • Low interest rate
    Whether you’re opting for a fixed rate loan, or a floating rate deal, securing a lower interest rate will always mean lower costs in the long run.

  • Flexible repayment options
    You need a loan that not only meets your financial needs, but offers a loan package and repayment schedule that works for you on a monthly basis.

  • Simple eligibility criteria
    Different loan providers will always have different terms and conditions, but a loan that’s easy to qualify and apply for will always be a better bet if you’re looking for minimum hassle.

Moneylender Review offers access to quick and easy personal loans that can be used to fund home-related expenses, such as home purchases and renovations. Find the best loans to suit you today!

 

Top Bank Listings

Finding the most suitable home loan isn’t always easy – especially when there are hundreds of great loans offered by so many banks and moneylenders in Singapore.

Moneylender Review’s loan application service can provide you with the best personal loan package offers that meet your home purchasing needs. If you’d rather apply for a traditional home loan, however, here are some of the top home loans on the market right now:

DBS

DBS Housing Loan
Key features:

  • Competitive rates and transparent T&Cs
  • Straightforward application process
  • Superb reputation in Singapore, dating back to 1970s

Citibank

Citibank Housing Loan
Key features:

  • Favourable interest rates available on loans above $500,000
  • Tried and tested reputation in banking
  • Citibank is great for refinancing deals

Standard-Chartered

Standard Chartered Housing Loan
Key features:

  • Standard Chartered offers very low overall borrowing costs
  • Competitive home loans are available from $100,000
  • Excellent interest rates offered by Standard Chartered right now

HSBC

HSBC Home Loan
Key features:

  • Superb choice for fixed interest mortgages and home loans
  • You can get a flexible loan package easily
  • Hidden fees and costs are very low

Maybank

Maybank Home Loan
Key features:

  • Perfect for floating rate home loans
  • Financing available up to 75%
  • Good loan selection

 

Compare Top Loan Packages in 3 Easy Steps

Finding finance for home purchases has never been easier than with Moneylender Review. With our loan application service, you can enter your desired loan amount, loan rates and interest rate requirements and get the best home loan deal in seconds.

Just follow these 3 simple steps and we’ll send you up to 3 quotes from the best licensed moneylenders on the market:

  • Enter your details and submit a form
    Tell us your desired loan amount, monthly income and contact details and hit send.

  • Get your quotes instantly
    We’ll send you the 3 most suitable personal loan quotes from the top licensed moneylenders in Singapore, to help you fund your home-related expenses quickly and easily.

  • Visit the lender to sign your paperwork
    Applying online takes just a matter of minutes and most moneylenders grant personal loan approvals within 1 hour. However, you will need to meet with the lender to discuss the agreement and receive your loan in-person.

 

Compare Home Loans in Singapore Now

Whether you need to refinance a mortgage and lock in the best rates in Singapore, or you’re looking for a fixed rates deal of 2 years, 5 years or more, we’re here to help you better understand home loans in Singapore, and compare them to alternative options like personal loans.

With Moneylender Review, you can get competitive loan packages to suit you by comparing the best offers on the moneylender market. Our comparison service reviews personal loans only and couldn’t be easier to use – try it now to find the right loan for you in a matter of minutes.

Get Loan Quotes Now

 

Home Loans for Private Properties in Singapore

If you need a home loan to fund the purchase of one or more private properties in Singapore, you’ll need to apply for a housing loan with either a bank, or another financial institution, such as a licensed moneylender.

Your budget and risk tolerance will be closely scrutinized when looking at home loans and you’ll need to think carefully about affordability and what type of loan best meets your needs – i.e. whether you’d benefit more from fixed or floating rates.

Keep in mind that an HDB loan cannot usually be used for private properties. What’s more, if you are purchasing a Building Under Construction (BUC), you might benefit more, cost-wise, from a loan that doesn’t have a lock in period, or a standard personal loan.

 

HDB Home Loans in Singapore

Here in Singapore, the Housing & Development Board (HDB) will sometimes grant a housing loan to Singaporeans who are purchasing a flat or apartment. However, there are strict eligibility criteria for this type of loan outlined on the HDB website. For example, at least one applicant must be Singaporean, and there’s a maximum household income cap that must not be exceeded.

These loan types are ideal for buyers who are pursuing a Build to Order (BTO) or resale flat purchase. If approved, you will get to enjoy a home loan at a concessionary interest rate. However, there might not be as much choice available. It might make more sense to browse the various other loan products offered by banks and moneylenders instead.

 

Bank Loans vs HDB Loans

Choosing between a bank loan or HDB home loan in Singapore might be a matter of eligibility, or just dependent on the state of your finances.

HDB loans usually benefit from downpayments as low as 10% and can make for big savings when it comes to monthly repayments too, making them popular with buyers who don’t want to take on too much risk.

That said, HDB loans tend to have a fixed interest rate of 2.6%, whereas home loans offered by banks offer much more choice – including the option of going for a floating rate rather than a fixed rate mortgage. Nevertheless, both HDB home loan packages and bank loans tied to private properties enable homeowners to save money in the longer-term by refinancing later down the line.

Once you’ve decided which type of loan best suits you, try out Moneylender Review’s loan application and comparison service to compare personal loans against the other options you have discovered, and get the best deal.

 

Why Loan from Moneylender Review?

If you want to compare today’s top personal loans quickly and easily in one place, Moneylender Review is here to help you find a simple way to finance your home-related expenses.

With the click of a button, we can provide you with detailed lists of licensed moneylenders that best suit your unique home loan requirements – enabling you to find the best loan package, loan amount, interest rates and more to suit you at your own leisure.

 

How to Choose the Right Home Loan for You

Here’s what to look for when comparing the market:

  • A loan amount to suit you
    First and foremost, when comparing loans in Singapore you need to decide on the loan amount you need and the total amount you can afford to repay, with interest.

  • The right loan tenure for your needs
    Buying a home is a big commitment. You can often cut monthly repayment costs by opting for a longer tenure, but a loan package that’ll be paid off sooner might sometimes be a better fit.

  • A lock in period that really works
    Securing a better interest rate in your lock-in period can help you save some short-term cash, but is it better to secure a rate for 5 years, or just for 2 years with a view to refinancing onto a better deal later on? Maybe a standard personal loan might be easier? Always check.

  • The best possible interest rate
    If you opt for a floating rate, you could save money in year 1 but SIBOR 1 or 2 years down the line might not offer you such a favourable deal.

In fact, each and every month SIBOR can change, so floating rates might not be for those who like an unpredictable life! That said, you need to determine whether the security offered by a fixed rate is really worth the difference in the longer-term.

  

Compare The Best Loans in Singapore Now

Make your home ownership dreams come true by comparing the best personal loan deals from Singapore’s top licensed moneylenders today. Personal loans can help you fund all kinds of home-related expenses – including home purchases.

  

 

Get the Best Loan Rates Today

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What to Know When Choosing Your Home Loan

  • BOARD RATE
    Any interest rate changes based on a bank’s internal decisions are known as “board rate”. Expect the rate to change quarterly, based on market conditions.

  • SIBOR
    The Singapore Interbank Offered Rates (SIBOR) are transparent but can fluctuate at any time. It always pays to check before agreeing to a floating rate.

  • FIXED DEPOSIT RATE
    Fixed rates will remain stable and transparent, unless internal banking factors change.

  • Home Loan Lock in Periods
    You can usually “lock in” a home loan for anywhere from 1 year to 3 years or 5 years.

  • Fees and Penalties
    If you pay off your home loan early, you may incur an early repayment fee of 1 to 1.5%.

 

Frequently Asked Questions (FAQs)

Home Loan

Which bank's loan is best and who has the lowest interest rates?

This can change on a daily basis, so while Standard Chartered might look more attractive one day, Maybank home loans could offer better rates the next. 

Use Moneylender Review now to compare the best personal loan deals from licensed moneylenders. These kinds of loans can also fund home-related expenses, but typically offer faster approvals than banks.

Should I go to banks directly, or use Moneylender Review?

We highly recommend using our comparison service to compare loans from the outset. Once you’ve found a personal loan deal you like, however, you will need to compare this with other home loans you’ve found elsewhere and apply with your desired lender directly.

Is my interest fixed during my lock in period?

With a standard home loan, your monthly repayments will typically remain the same during a lock in period, whether that be for 2 years, 3 years, 5 years or more.

Can foreigners get a home loan in Singapore?

Yes – but you may have to pay an additional stamp duty charge of 20% if you’re buying your first private property.

What is SIBOR?

The Singapore Interbank Offered Rate (SIBOR) is our nation’s benchmark interest rate upon which banks and moneylenders will base their floating rates.

Can I get a home loan with bad credit?

Yes – but moneylenders might be more lenient than banks in this area.

Can I use a home loan for renovation?

Yes, you can – but a renovation loan or personal loan might be a better fit for this purpose.

Can I get a home loan for a property that is not yet constructed?

Yes – you can apply for a Building Under Construction (BUC) loan, but you might face higher costs and interest rates due to the higher risk involved for the lender.

What can I do if my home loan gets rejected?

If you are rejected by a bank, you might be able to apply to a licensed moneylender, as these financial institutions tend to look upon bad credit history or debts more leniently, especially with personal loans. Use Moneylender Review’s comparison tool to get the best moneylender quotes now.

What are the top home loan features I should consider?

Every homeowner or first-time buyer has their own unique requirements. However, everyone should think carefully about the following:

  • Long or short lock in period?

Some home loans in Singapore, like Maybank home loans, will allow you to enjoy lower interest rates during a pre-agreed lock in period, perhaps of 2 years or 5 years. This can help you to save money in year 1 to 5 of your home loan.

  • Fixed rate or floating rate?

Fixed rate mortgages offer buyers fixed monthly home loan payments that won’t change during the lock in period. In contrast, floating rate deals are linked to the Singapore Interbank Offered Rates (SIBOR), meaning your payments could go up or down at any time, depending on what rate SIBOR is at.

  • What loan amount do you need?

Before comparing loan packages, you need to know how much you can realistically afford to borrow and repay, including interest or offset interest. Moneylender Review will help you find the most suitable rate home loan on your desired loan amount – just enter your preferences into our home loan search tool.

How can Moneylender Review help you?

We can help you find and compare the most suitable loans all in one place. Compare top home loans from licensed moneylenders now.

Will I be charged for processing a home loan with Moneylender Review?

No – we’ll send you up to 3 home loan quotes absolutely free, but individual lenders themselves might charge a processing fee.