Cheapest Home Loan Rates

 In Home Loan

Types of Home Loans

HDB Flats

Though the main goal of HDB flats is to make housing affordable to Singaporeans, still it costs hundreds and thousands of Singapore dollars for many people. In order to buy an HDB flat, most people need a home loan. 

Private properties

There are about 20% of homes that account for private residences. These consist of condos and other properties that cost a million dollars. And these types of properties are generally liked by foreigners and permanent residents.


Many people in Singapore tend to refinance their home loans in a term of 2 or 4 years. Sometimes, the loan is shifted to some other bank where the interest rates are favorable. And also the same bank can offer a lower interest rate to retain the borrower.

Under construction properties

For an under-construction HDB flat or private property, the interest rate is usually lower. It is 10-20% cheaper than the market rate. 

Home loan providers in Singapore

  1. Citibank:
    Citibank provides a variable interest rate for a new property and refinancing starting from 0.98%, subject to a minimum loan size of S$ 8,00,000.
  2. DBSBank:
    Whether you are planning to take a home loan for a new property or refinancing, DBS has a wide range of fixed and floating rate packages.

    • The floating rate for the 1st year starts from 0.80% p.a capped at 1.40% p.a with a current FHR6 rate of 0.200% p.a. This rate is for a 2 year lock-in period. Whereas in a no lock-in period, the rate for years 1 -3 is 1.60% p.a with a current FHR6 p.a.
    • The fixed rate of interest starts with 1.30% p.a for the 1st 2 years and 1.60% p.a +FHR 6 from the 3rd year onwards.
  3. HSBC:

    • The HSBC SIBOR pegged loan package applies to both completed and under-construction properties. The interest rate for the 1st 3 years is 1.80% + SIBOR. The minimum amount for this loan is S$ 2,00,000. SIBOR refers to the Singapore Interbank Offered Rate, which is fixed at 11 a.m. by the association of banks every first business day of the calendar month.
    • HSBC SORA(Singapore Overnight Average Rate) Home loan is a 1-month compounded interest rate, where the home loan rate is reset every month.
    • A fixed-rate loan is fixing your home loan rate for the initial years.
    • Smart pegged mortgage rate for the 1st 3 years is SIBOR + 1.80% p.a.
  4. POSB:
    The POSB refinance home loan rate starts from FHR6 + 0.80% p.a capped at 2.00% p.a with a lock-in period of 5 years.
  5. Maybank:
    The home loan rate of Maybank starts from 0.90% + 3 months compounded SORA for the first 2 years and a lock in period of 1 year. Thereafter, the interest rate is 1.40%.
  6. Standard Chartered:
    The home loan rate of Standard Chartered starts from 7.99% p.a with a flexible repayment tenure of up to 24 years.
  7. CIMB:
    CIMB offers home loan rates starting from 1.45% p.a + 2.75% p.a (Bank Rate) for a loan amount equal to or less than S$ 2,00,000.
  8. Hong Leong Finance:
     Hong Leong Finance offers home loan rates of 1.23% that are fixed for 1st 2 years. Whereas the variable rate starts from 1.20(HHR- 3.65%) for the 1st 2 years. HHR stands for HDB Home Rate.

Best mortgage rates in Singapore

For an HDB flat

Fixed-rate of interest:

There are certain banks that offer cheaper interest rates than other banks. It is 15-20% lower than the average market rate. You can save a lot of money by choosing wisely. Below is a list of banks offering home loans at fixed rates of interest.Fixed-rate of interest

Floating interest rate

Floating interest rate table

Fixed-rate of interest Private Properties

Fixed-rate of interest Private Properties

Floating interest rate

Floating interest rate



Under Construction Properties

Under construction properties interest rate

Cheapest home loan rates

Choosing the cheapest home loan rate is a complex process and involves in-depth analysis and knowledge of the current market rates. There are various factors that help you decide the best home loan for your needs. 

Not only do the rates change due to market conditions, but also the type of property and the type of loan need to be considered. The documentation also plays a vital role in the approval of a home loan. 

After comparing the home loan rates offered by the above-mentioned banks, we have come to a conclusion that the cheapest home loan rate is provided by the Standard Chartered Bank, i.e, 3 months SORA @ 0.85% with a lock-in period of 2 years.

Enquire for cheapest loan rates

Best home loan rates for HDB

  • Fixed rate:  HSBC and Standard Chartered Bank – 1.150% to 1.720% 
  • Floating rate : Standard Chartered Bank and HSBC – 1.081% to 1.650%

Best home loan rates for private properties 

  • Fixed rate : Bank of China & CIMB – 1.150% – 1.750% 
  • Floating rate :  Standard Chartered Bank and DBS – 0.981% to 1.431%

Best home loan rates for refinancing

  • Fixed-rate : HSBC and CIMB – 1.150% to 1.750%
  • Floating rate : Standard Chartered Bank and DBS – 0.981% to 1.431%

Best home loan rates for under-construction properties

  • Floating rate: Standard Chartered Bank and DBS – 1.031% to 1.411%
Enquire Today for the lowest interest rates
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