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Best Home Loans In Singapore 2020

SingSaver team
·5-min read

So many banks, so little time. Deciding on the most ideal home loan package could be a tall order on even the most seasoned property buyers. Luckily, we’ve done the legwork for you in this handy list.

Once you’ve found your dream home, the next biggest challenge in your homeownership quest in Singapore, be it a HDB or private property, is finding the best possible way to finance it – specifically, knowing how to pick the right home loan that’s in line with your unique circumstances and financial priorities. 

This then raises the question: which bank offers the best package in terms of interest rates, lock-in periods and promotions? To ease your search, we narrowed down the best home loans in the market to help you compare and break them down. 

Best for


Completed private properties


Private properties under construction

Standard Chartered

HDB Resale Flats




Competitive interest rate


Long lock-in period


Instant approval for new customers


Best for completed private properties: Citi Home Loan

When it comes to home loans for completed private properties, Citibank is worth considering due to its easy-to-understand fixed rates during lock-in periods and Singapore Interbank Offered Rate (SIBOR) pegged floating rate options. What sets Citi Home Loan apart from the rest is the flexibility to make free and unlimited switches across 1-month and 3-month SIBOR tenures to lower your interest cost throughout the repayment period.

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Best for private properties under construction: Standard Chartered Home Suite

For private projects under construction, Standard Chartered Bank offers a highly attractive home loan package because its floating rates are pegged to its Fixed Deposit Rate (36-month FDR 1.37% p.a.) or SIBOR (3-month SIBOR). With a spread or margin, the bank adds to the benchmark interest rate as their profit, of 0.93% for 36M FDR and between 0.3% and 0.5% for 3M SIBOR, you can expect Standard Chartered Bank home loans to remain competitive throughout the duration from construction to completion of your private property.

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Best for HDB Resale Flats: DBS Home Loan

In addition to the 5-year lock-in period fixed rate package and insurance coverage against loss of income for a period of 6 months, DBS Bank’s home loan package is ideal for HDB Resale Flats as it uses its Fixed Deposit Home Rate (FHR24), which refers to the bank’s prevailing 24 months SGD fixed deposit interest rate, to link its floating interest rates. FHR24 is now at 0.900% and we do not expect it to increase further within the year since the US Federal Reserve is not expected to raise interest rates due to slower economic growth. Take advantage of its FHR24-pegged interest rates but be prepared to refinance once interest rates go against you.

Best for refinancing in Singapore: OCBC Home Loan

Switch your home loan package without a fee to lower monthly home loan installments at lower interest rates if you sign up for the OCBC mortgage board rate or 3M Compounded SORA package. What makes OCBC the best for refinancing is the cash rebate feature that provides eligible borrowers with a cash rebate of up to $2,500 to help alleviate refinancing costs. To qualify for the rebate, applicants would need to be above 21 years of age with a home loan that’s worth at least $200,000 (for HDB) and $300,000 (for private properties).

Best for competitive interest rate: HSBC Home Loan

If you’re on the hunt for a home loan package that boasts competitive rates, HSBC is a strong contender. With a minimum loan size of $200,000, you can choose from a variety of different home loan options that range from the dependable fixed-rate package to the more unpredictable SIBOR-pegged and Time Deposit-pegged interest rates. Take the fixed-rate 2-year lock-in package for instance, which offers 1.80% p.a. for the first 2 years, offering the lowest interest rate as compared to other banks on the list. After the considerably short lock-in period, you will need to service the loan with SIBOR-pegged rates plus a spread of 0.75% p.a.

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Best for long lock-in periods: Maybank Home Loan

Looking at it purely from a lock-in tenure perspective, Maybank home loan packages may rise to the occasion as compared to other flashier alternatives (sadly, lower interest rates almost always come with shorter lock-in periods). With Maybank, you can opt for a 5-year fixed rate package at 2% p.a. with a minimum – and sizable – loan size of $400,000. While you may sacrifice a stable interest rate for one that falls on the higher end of the spectrum, it’s worth noting that this package could be your best option during a rising interest rate environment.

Best for instant approval: UOB Home Loan

In terms of interest rates and lock-in periods, UOB home loans are admittedly not the most attractive of the bunch with 2-and 3-year fixed rate packages at a starting interest rate of 1.86% p.a. However, if you’re big on maximising time and fuss-free applications, UOB is a great option as they provide instant conditional approval for new UOB customers, primarily through MyInfo. Another huge plus is the availability of a bridging loan that’ll come in handy if you’ve yet to receive the sales proceeds on your current house and in need of financial support on the down payment for your new property.

Compare Best Home Loans

Read these next:
Home Loans: SIBOR Rate vs Fixed Deposit Home Rate (FHR) Loans
How Much Do You Need to Buy Your First Home in Singapore?
How to Minimise Your Home Loan Costs?
How Much Can You Borrow For Your Home Loan?
Singapore Home Loans: What does the Bank Jargon Mean?

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