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DBS Fixed Rate
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UOB Fixed Rate
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Maybank Fixed Rate
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OCBC Fixed Rate
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BOC Fixed Rate
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SCB Fixed Rate
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SCB Floating Rate
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OCBC HDB 5years Fixed
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- Waiver of penalty due to sale after 1year
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UOB Fixed+
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Frequently Asked Questions
1. Which bank offer the best home loan in Singapore for completed resale properties in 2025?
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Choosing the best home loan in Singapore is more than just picking the one with the lowest headline number in the first year. There are many other pertinent considerations to consider (see next FAQ 2) like:
- Who has the lowest headline interest rate in the promotional years?
- Who has the lowest interest spreads after the lock-in period?
- Who has the best overall loan features in terms of waiver for sale, prepayment, legal subsidy, etc.
- The scale of operations for mortgage lending in the bank and its track record in staying competitive throughout the years
- The risk appetite of the bank when it comes to credit approval and risk policies
There are many broker sites in Singapore touting they offer hundreds of home loan packages from 16 lenders in Singapore. In reality there are really just 12 lenders with the bulk of business going to the 7 D-SIBs (Domestically Systematically Important Banks) in Singapore with the depth and breadth in scale and operations to compete effectively in the mortgage business. These are the Big 3 local banks along with StanChart Singapore, Maybank Singapore, Citibank Singapore and HSBC Singapore who have all incorporated local operations as mandated by MAS.
As the Big 3 local banks command almost 80% of the mortgage market, find out the unique attributes of DBS Home Loan, OCBC Home Loan, UOB Home Loan and how to choose between them in FAQ 8 to 10.
Choosing a Fixed Home Loan Rate OR a Floating Home Loan Rate?
By and large, the top-of-mind question when selecting the best home loan in Singapore is to decide a fixed rate or a floating rate mortgage.
In Singapore, almost all the home loan packages offered by banks come with 2 year lock-in period after which homeowners can review and consider to either reprice or refinance (next FAQ question 5) for lower mortgage rates.
This is so even when fixed home loan rates in Singapore are fixed only for the first few initial years up to maximum 5 years (what we’ve seen thus far), typically first 2 years for a 2-year fixed rate package. There’s no fixed mortgage package in Singapore where the rate is fixed for 15 years, 30 years, or the entire duration of the loan tenure.
That largely depends on the outlook of interest rate direction as it pertains to the interest rate cycle. There are, however, some other factors to consider when choosing between fixed or floating home loan rates which are often overlooked:
- Outlook on interest rate over the next few years
In general, this is the number one most important factor to look at, or the big picture question: where are we now in the interest rate cycle? When rates are rising (like from 2015 to 2018, and from 2022 to 2023), you will benefit more by locking down a fixed home loan rate at the initial phase of rate escalation. The reverse will be true when rates are falling where floating home loan rates will be favoured, but when yield curve becomes inverted like what we witnessed in 2023-2024, fixed rates may still be more favourable as they could trend much lower than prevailing floating rates.
Between the cycles is when the decision becomes tougher and it is here that professional mortgage brokers make the biggest difference in terms of dispensing the right advice. After all this is what they do day in and day out – monitoring macro environments and tracking interest rate movements. - Owner-occupied versus investment property
In general, floating rate is more suitable for an investment property as there is rental income to offset increases in monthly repayment. On contrary, mortgages on owner-occupied properties are serviced entirely from one’s salary and any interest hikes will be felt more acutely. - Intention to sell
As almost all Singapore home loans come with a penalty of 1.50% if the loan is redeemed in full due to sale of property within the lock-in period, it is better to choose a floating home loan rate for those who are selling. This is because it’s more common for floating mortgages to come with feature of a full or 50% waiver of this penalty when due to salew of property within the commitment period. Albeit, from time to time, there are also banks offering such waiver for fixed home loan packages.
Fixed home loan rate makes more sense for own-use property as there is less chance of a sale during the fixed rate lock-in period. Whereas when it comes to investment properties, you never know when an irresistible offer might come or when plans might change, so it’s good practice to ask for the waiver feature on a floating home loan rate package. - Gap between fixed and floating rate
The gap between fixed and floating rates may sometimes narrow or widen as a result of varying interest rate outlook. For example, in recent years, with an inverted yield curve where short term rates like SORA had risen substantially higher than longer term funding cost, fixed rates have dropped more than 100 basis points (1%) from floating rates. As a result, it justifies contracting on the much lower fixed home loan rate whilst rates are already on its way down albeit at a slower pace. In normalised interest rate cycles, fixed home loan rates tend to hover at about 0.30-0.50% above floating rates. - Size of the outstanding home loan
Smaller loans below $500,000 generally costs more to refinance or reprice and you would be better off on a floating rate home loan where the spread stays constant and does not step up after the promotional years. - Job stability
Similarly, if there are headwinds in your industry with risk of potential job loss leading to temporary loss of income, floating rate home loan with constant spread will be preferred.
2. How do you choose the best Singapore home loan and what are factors to consider?
Besides rates, there are many other considerations when looking for the best home loans in Singapore:
(1) Lock-in period
Also known as the commitment period, this is the period which you will be committed to servicing the loan without any variance or exit. For most home loans in Singapore, this lock-in period is two years from the date of disbursement of the loan.
Ceteris paribus, the shorter the lock-in the better it is for you not to get stuck with any interest rate structure for too long a time.
(2) Free conversion
Free conversion simply means that the bank will allow you to “convert” to another home loan package within the bank at no costs, ie.waiver of the repricing or conversion fee typically at $300-500, typically at the end of your lock-in period.
However, in recent years, many banks are also offering free conversion within the lock-in period itself for example after 12 months into a mortgage loan with a 2-year lock-in period. This means that you can actually switch to a more favourable home loan package when something new and better comes up, be it fixed home loan rate or floating home loan rate, which wasn’t available at the point when you first commit to the home loan. Speak to our consultants to find out more.
How is that important? In cycle-turning years like what we seen in 2023 to 2024 where fixed rates keep dropping, we can’t overstate the importance of this feature.
(3) Partial repayment
Most floating home loan rate packages allow you to prepay up to a certain percentage of the outstanding loan, for example up to 30% or 50%, whilst still within the lock-in period. Whereas for fixed mortgage rate packages typically that will not be possible as the banks normally hedge the costs to provide a fixed tranche of funds for the promotion.
(4) Waiver of penalty due to sale during the lock-in period
Though you may not be thinking of selling your property at the moment, this is still a good-to-have feature especially for those who favour a fixed mortgage loan package which typically does not come with this waiver.
(5) Applying for home equity loan
This is when you need to seek cash-out refinancing or do a gearing up of your existing mortgage, in the form of a home equity loan. The official term used by MAS is Mortgage Withdrawal Equity Loan (MWL), or term loan in short. The best time to seek a home equity loan is during refinancing where not only does the new bank provides legal subsidy to cover administrative costs (legal fee $1,400 + valuation), but both your existing housing loan and the new term loan would then commence around the same time, typically around 4 weeks apart. This is important as it means both portions of your mortgage loan will have their lock-in periods ending approximately at the same time which facilitates rate review and refinancing later.
Plus, when you work with MortgageWise and our partner law firms, we save you even more with the legal fee for the extra disbursement of term loan waived. That’s worth another $200.
(6) (For Refinancing) Legal subsidy or cash rebate
If you are refinancing your home loan, another salient consideration is the net costs involved when making the move, i.e. the total subsidies you get from the new bank less legal/valuation fees. This becomes pertinent when the final interest rate quote coming back from your existing bank is within a whisker of the next best rate out that. Often, you could get $500 more in net value depending on which broker you partner with and that can be translated easily to at least another 0.05% savings on your mortgage costs.
In conclusion, there’s no one best home loan for everyone. Even the interest rate per se differs based on the loan quantum these days. The lowest headline interest rate you see on most broker sites are reserved only for the very big loans like above $1.5m or $2m. For the average loan sizes of between $500,000 to $1m, the interest rate offered might still differ slightly based on “deviations” from the standard rack rates. Hence it’s important you work with established brokers who can get you better overall terms – the lowest rate as well as the best overall terms of a mortgage loan.
3. How would mortgage rates in Singapore move in 2026?
Cycle-turning years: 2014 | 2016 | 2019 | 2020 | 2022-current
No one tracks U.S. Fed’s policy action and narrative more closely than us. See our latest interest rate forecast.
The odds of a final December Fed rate cut has increased now following weak labour market data after the government shutdown. With announcement of the new Fed chair out by December as well widely believed to be doing the Trump’s bidding, the bias is clearly downwards for interest rate in 2026.
Speak to our dedicated team of mortgage consultants who meet regularly to have robust discussion on the direction of move on mortgage rates and which home loan packages to recommend and why. Gather and hear our views before you sign on the dotted line. The best way to derive maximum savings on mortgage interest costs is to work with a trusted mortgage broker in the long run, so you continue to “stay ahead of the curve”.
Otherwise you might be jumping from one lock-in period to another and sometimes end up getting stuck on a high fixed rate when interest rate wanes, or being trapped in a floating mortgage rate commitment period and subject yourself to the mercy of the lender when interest escalates. This is especially true for first-time home buyers new to the mortgage market in Singapore which leads to the next question.
4. How early should I start to review my home loan?
Singapore home loans generally require a two months’ redemption notice period to your existing mortgagee bank, before you can port the loan over to the new lender.
Hence, the best time to start reviewing your mortgage will be about three months before the expiry date of your lock-in, which gives you just about the right amount of time like a month to source, negotiate and turnaround the application for a new home loan package.
Having said that, there are times in the interest rate cycle when rates are moving rapidly up or down. This happens in cycle-turning years the most recent being Fed’s easing cycle which started with a 50 basis points rate cut in Sept 2024. During such times when the rate movements can sometimes be fast and quite significant, it pays to start the review process earlier; if you like to make preemptive moves to lock down a fixed rate in a rate escalation phase of the cycle; or to lock down razor-thin SORA interest spreads in a rate decline phase of the cycle.
Refer to our interest rate cycle chart which best showcases such phases over the last 30 years. Better yet, speak to our mortgage strategists who can ping you early where appropriate depending on which phase of the cycle we’re experiencing.
5. Should I reprice or refinance my home loan on expiry of my lock-in?
Repricing means changing your home loan package within the same bank; whereas refinancing refers to moving your home loan from one bank to another.
It used to be more convenient simply repricing and stay with your current bank despite sometimes getting rates which are not as favourable. That has changed with advent of digital banking technologies allowing fast processing, remote acceptance, and having the mortgage broker to help co-ordinate with end-to-end solution including arranging for a partner law firm to help serve the redemption notice and all necessary paperwork involved.
As most of the refinancing costs involved, namely the legal fee and valuation fees, are reimbursed back to you by the new bank who is more hungry for your business, you might end up with not just lower interest rate, but excess cash rebate (or subsidy) in your pocket
Not to mention there are also additional incentives you get from the broker who arranges for the deal (we are paid referral fee by the lender as part of product distribution costs).
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