Compare home loan rate in Singapore by talking to our financial experts
Unbiased, personalized, and lowest home loan interest rates guaranteed. Our experts will help you compare home loan rates in Singapore and choose the best one.
How does getting a home loan in Singapore work?
Step 1:
Know your home loan eligibility
The first step we help you with is identifying how much you can borrow. It’s mostly decided by using a parameter implemented by banks: Total Debt Servicing Ratio (TDSR) or Mortgage Servicing Ratio (MSR). Our home loan experts help you with this step.
Step 2:
Get your In-Principle Approval (IPA)
Earlier you needed to visit banks to get In-Principle Approval. Now our home loan experts make this step easier and faster for you. Simply gather the required documents, submit everything to us and wait for approval.
Step 3:
Apply for home loan
Once you get your IPA, you’re all set for the next step – getting the best home loan in Singapore. If you’re buying an HDB flat, you can apply for an HDB housing loan or a bank loan. If you’re eyeing a private property, you can only get a home loan from banks or financial institutions.
What Are The Types Of Home Loan Interest Rates In Singapore?
Just like home prices, home loan interest rates in Singapore fluctuate as well. So what are the options you have?
Short-term Fixed Interest Rates
Fixed monthly payments that protect you from rate fluctuations for the first 1 to 2 years, allowing you to plan your budget easily and reliably.
Variable Interest Rates
Loans are pegged to the bank’s board rate and exchange the safety of assured fixed rates for generally lower interest rates.
Sibor-dependent Rates
These rates are the most transparent rates in the market. They are pegged to the Singapore Interbank Offer Rates. This is the rate that the banks use, when they lend and borrow funds from one another. However, transparency comes at a cost. These rates are the most volatile in the market.
Fixed home loan rates vs floating home loan rates
Fixed home loan rates
A fixed home loan has interest rates that remain unchanged throughout the lock-in period. The primary advantage of a fixed interest rate loan is the elimination of uncertainty. Once the loan agreement is finalized, the value of the future interest payments is known. A fixed interest rate simply implies that a borrower would be repaying his home loan in fixed, equal amount instalments throughout the tenure of his loan. The key feature of the fixed interest rate is that it remains unaffected by the fluctuations in the market, giving the borrower a sense of certainty in uncertain market conditions. It is ideal for people who prefer to plan their budget meticulously since it requires you to pay the same monthly instalment, year on year, until the end of the loan tenure.
Floating home loan rates
A floating loan, on the other hand, varies throughout the life of the loan, depending on the economy and market conditions. If the loan has a floating interest rate, also called a variable interest rate, then the interest rate fluctuates over the duration of the loan. The primary advantage of a floating interest rate is that it moves with the market rates. Of course, this can also be a disadvantage, depending on which way the market rates move and which side of the transaction the party is on. In Singapore, a floating rate home loan is usually pegged to the Singapore Interbank Offered Rate (SIBOR), a Fixed Deposit Based Rate (FDR) or the Singapore Overnight Rate Average (SORA). A rise in market rates can increase the cost of the loan for the borrower and increase the interest income for the lender. Conversely, a fall in market rates can decrease the cost of the loan for the borrower and decrease the interest income for the lender. However, the floating rate of interest is not ideal for individuals who prefer to plan their budgets in advance since the interest rate can keep changing frequently. This type of interest rate makes it difficult for one to plan their financials in the long term.
How Can HLW Help You Get The Best Home Loan Rates in Singapore?
Simple and Hassle Free!
Home Loan Whiz experts will make your life easier! With over 100 packages to choose from, we simplify the process and will guide you step by step to make it easier for you to select the best option. And most importantly, we will it handy for you!
Guaranteed “best” mortgage rates?
We save you the hassle of visiting different banks in Singapore and you’ll be guaranteed to find the best rate most suitable for you! By talking to our expert mortgage advisors, over 89% of homeowners save more than $10,000 in home loan interests. With such savings, you can easily bring your family on a week-long holiday!
Highly Experienced team
We have been operating for the past 10 years and is probably one of the longest tenured in mortgage advisory in Singapore.
Thus far, we have assisted more than 8000 clients finance over $6billion from lenders. Our company is also deemed as a subject matter expert in home loans and have often appear in Straits Times and Business Times on mortgage matters.
This all means you will be getting the best home loan advice possible.
Best customer experience
Achieving 4.9/5 stars review on google, many of our customers are extremely pleased with the service and attentiveness we give to each and every customer who enquires for a home loan with us
At no cost!
Our professional services for interest rates comparison will not cost you a thing. Banks will pay us directly for every successful referral. As a matter of fact, you can also earn if you refer someone to us who successfully signed a loan package. Sounds interesting right?
Since we work with all major home loan providers across Singapore, we’re equipped to compare home loan rates and give you the best option
We have helped over 3,524 Singaporeans choose the best personalized home loan option
First home purchase was made easier with Home Loan Whiz. Great rates, but more importantly the education by the team on loan details was a strong plus factor. Not everyone is a finance expert, and it was easy and detailed from him.
After the bank loan was confirmed, good followup to check that everything is well with the banker and lawyer.
Overall, I strongly recommend!
– Weiguo Cai
I was served by Lorraine Lee and she was very patient with my queries and clarified them all. Not only that, she helped me to secure a good rate whilst the rate is changing almost everyday during that period.
Appreciated her initiative and I even recommended my friends to her.
Home Loan FAQs
Q. Which bank's home loan is the best currently?
Banks in Singapore keep changing the home loan packages with time. It’s volatile and may change based on the several economic factors. It also means that no bank is offering the best. You need to do the home loan comparison before committing to a home loan package.
Q. Why should I prefer talking to Home Loan Whiz instead of a bank?
With Home Loan Whiz, you get to talk to home loan experts who are always updated about home loan prices. You don’t need to go to all the banks individually saving you tons of time. And most importantly, it’s free of charge. So our analysis is always unbiased and aims at giving you the best home loan rate.
Q. Can I get a home loan with bad credit?
It’s indeed challenging to get a home loan with a bad credit score. Your credit score is assessed by every bank before giving any kind of loan. However, our financial experts aim to maximize your chances of getting a home loan.
Q. What is SIBOR Rate?
These rates are the most transparent rates in the market. They are pegged to the Singapore Interbank Offer Rates. This is the rate that the banks use, when they lend and borrow funds from one another. However, transparency comes at a cost. These rates are the most volatile in the market
Q. How much does Home Loan Whiz charge?
Home Loan Whiz is absolutely free of charge. The banks will remunerate us directly for every successful referral. In fact, if you refer someone to us and that person signs a loan package, we will pay you a referral fee as well.