Home Loans in Singapore
Home Loans and mortgages in Singapore are confusing at the best of time but as its one of the largest monthly outgoings, it’s critical that you find the best rates and terms. Here at EnjoyCompare, we understand your frustrations, that’s why we provide a free home loans comparison tool, which ranks the cheapest home loans based on the effective 1st-year monthly repayment.
If you are interested in comparing home loans in Singapore, then review and compare Singapore mortgages and complete our free quote form to have a friendly and experienced mortgage advisor take your application to the next step.
Home loans calculator
You can compare by Mortgage Type and Banking Supplier. Are you looking to compare refinancing rates, new development rates or is your building under construction? These definitions will affect the rate you pay and the minimum loan amount. What building are you looking to purchase? HDB, Commercial or Private Residential property? These definitions define the type of mortgage you can apply for and will affect the rates you pay in Singapore.
Home loan Singapore
How do you find the right mortgage in Singapore? What mortgage type or rates are the best? At EnjoyCompare we can help you compare and find the right mortgage, with our free comparison of all mortgages available in Singapore. After comparing mortgages, you can contact us with more questions or apply for the mortgage.
Fixed Rate VS Floating Rate Mortgages
- SIBOR refers to the Singapore Interbank Offered Rate, which is the daily reference rate banks offer to lend unsecured funds to other banks in Singapore.
- Fixed rate Home Loans in Singapore refers to an interest rate that is fixed for a locked period. This is interesting if you wish to secure your repayments or if you believe a fixed rate is better than a floating rate in the future
- Floating rate mortgages in Singapore refers to an interest rate that is flexible and will change with the SIBOR rate. In most cases, mortgage providers structure the floating rate mortgages with a percentage on top of the SIBOR rate. Some Mortgages in Singapore have a lock-in period that provides the benefit of a lower rate in exchange for securing your rate for a set period of time, in most cases 1-3 years.
Buying your first home
If you are looking to buying a home for the first time, it may be one of your life’s greatest experiences. Buying a home in Singapore can be a complex process, especially trying to understand the ins and outs of the mortgage process and the various home loans available in the market! Here at EnjoyCompare, we recommend plain and simple planning and preparation will help you to pick an appropriate home loan package, but if you need support, then feel free to contact our team of home loan specialists.
Still not sure about home loan terminology, want to better understand mortgages in Singapore. Find out more information in our home loan guide and enjoy making an informed comparison of the best mortgage deals in Singapore.
Frequently Asked Questions
- What is the LTV ratio? The Loan To Value ratio is the difference between the amount you want to borrow and the deposit you are willing to put down.
- Are local banks better than mortgages from foreign banks? There is no difference between foreign or local mortgages, except that some might be lenient to property types, property location (Geylang) and LTV.
- How much of my CPF OA can I use? On a 25% deposit, 5% must be cash and 20% can be from cash or your CPF OA.