DBS is currently offering a wide range of options in terms of home loans. These include schemes that offer financing, refinancing solutions, and bridging loan services to purchase a new home or HDB flat or to renovate an existing residential property. Home loans offered by DBS offer numerous attractive benefits and promotional deals such as flexible lock-in periods to free conversion of legal and valuation fee subsidies or home loan interest rates.
| Product | Loan Tenure | Interest Rate |
| DBS Renovation Loan | Up to 5 years | 5.11% to 8.00% |
| HDB Flat Loan | Up to 30 years | Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a. |
| Private Property Loan | Up to 35 years | Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a. |
| Refinancing Private Property Loan | Up to 35 years | Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a. |
| Executive Condominium Loan | Up to 35 years | Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a. |
| Refinancing Executive Condominium Loan | Up to 35 years | Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a. |
| Refinancing HDB Flat Loan | Up to 30 years | Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a. |
| Bridging Loan | Up to 6 months | NA |
The fees and charges associated with this loan are as shown in the table below:
| Fees and charges | Without lock-in | With lock-in |
| When you repay a portion of the loan or the entire loan | Not applicable | 1.50% of the amount repaid |
| When you refinance your loan with a different financial institution | 0.75% of the undisbursed loan amount (additional valuation and legal fees applicable) | 1.50% of the unsettled loan amount 0.75% of the undisbursed loan amount (additional valuation and legal fees applicable) |
| When you refinance your loan with the same financial institution | 0.75% of the undisbursed loan amount with a processing fee of S$800 | 1.50% of the unsettled loan amount 0.75% of the undisbursed loan amount with a processing fee of S$800 |
| Processing your loan | Not applicable | Not applicable |
| When you make a late payment | Overdue interest calculated as 5% above DBS Prime Rate on the unsettled amount | |
| When you discard the loan after accepting the offer letter | 0.75% of the undisbursed loan amount | |
| Any other fees or charges | Insurance premium, valuation fee and legal fee as charged by external providers. If you have a special request, an additional servicing fee might be applicable. | |
The various types of home loans offered by DBS are as follows:
Private Property Loan: With the DBS Private Property Loan, you can buy a private property in Singapore. You will get a loan amount of close to 80% of the value of the property. The private home loan offered comes with two interest rate packages, a floating rate package with a two-year lock-in period and a two-year fixed rate package.
HDB Flat Loan: DBS also offers a loan to purchase an HDB flat. The interest rate is pegged to the bank’s fixed deposit rate. With this loan, you can either fund a made-to-order HDB flat or a resale HDB flat. It comes with a lower rate of interest and concessionary rate packages. There are two types of interest rate packages with HDB Loans –the HDB concessionary floating interest rate package and the floating rate package.
Refinancing Private Property Loan: If you have a loan with some other bank, you can refinance it with DBS at a lower rate of interest. Just like other loans offered by DBS, it is also pegged to SGD fixed deposit interest rates.
DBS Renovation Loan: If you need funds to renovate your house, you can opt for a DBS Renovation Loan. This loan offers a flat interest rate of 2.31% p.a. (EIR: 4.38% p.a.) with a tenure of up to five years. You will be eligible for a loan amount of up to S$30,000 or six times your monthly salary, whichever is lower.
Bridging Loan: If you wish to have a short-term loan of up to six months, you can opt for the Bridging Loan. This loan is applicable to the purchase of all types of property. With this loan, you can pay for the down payment of your new property that you have purchased while waiting for the proceeds from your current property that you have sold. With this loan, you will have to pay the interest amount only during the loan period. Once you get the sale proceeds you must make the full payment.
Refinancing HDB Flat Loan: If you wish to refinance your HDB loan, you can opt for the refinancing option as it offers concessionary loan rates and is pegged to SGD fixed deposit interest rates whose movements tend to be more stable in comparison to market benchmark rates such as the SOR or SIBOR. You can earn up to 3.5% p.a. using DBS Multiplier.
In addition, you also have the option of taking a loan to purchase or refinance an executive condominium.
Why Take DBS Home Loan?
With DBS home loans, you will enjoy the following benefits:
Eligibility Criteria
If you wish to apply for this loan, you will have to fulfil certain criteria which are as follows:
Documents Required
When you apply for a DBS home loan, you will have to submit a few documents. You will require different documents for purchasing and refinancing.
For the purchase of HDB flat, executive condominium or private property, you must have the following documents:
Financial Commitments
Property and Personal Information
For refinancing an HDB flat or private property from other financial institutions, you must have the following documents:
Property and Personal Information
The financial commitments and income documents are the same as mentioned above for the purchase of HDB flat, executive condominium or private property.
For refinancing of HDB flat from HDB, you must have the following documents:
Property and Personal Information
The financial commitments and income documents are the same as mentioned above for the purchase of HDB flat, executive condominium or private property.
How Do I Apply?
If you wish to apply to any of these loans, you will have to take the following steps:
Repayment Options
You can make your DBS home loan repayments in the following ways:
Frequently Asked Questions
Q. Can I compare my DBS HDB loan with HDB concessionary loan?
A. Yes, with a home loan interest savings calculator, you can easily compare your DBS HDB loan with HDB concessionary loan.
Q. Is there a way to find out the monthly repayment for my renovation loan?
A. Yes, you can use the renovation calculator to find out your repayment amount each month for your renovation loan. However, the computation made using the calculator is for indicative purposes only.
Q. Will there be any site visits by the bank after disbursement?
A. Yes, the bank will conduct visits after the loan disbursement to make sure that the proceeds are used for the stated renovation works.
Q. Are there any online promotions available with DBS home loans?
A. Yes, DBS offers online promotion packages with DBS home loans. These promotions are in the form of interest rates lock-in period. These promotional offers are available with completed properties as well as the buildings that are under construction.
Q. Do I have the option of repricing my DBS home loan?
A. Yes, you have the option of repricing your home loan by updating your loan to the latest interest rate package. However, you may have to pay a repricing fee based on the terms of your current loan.
DBS Research Group released a report, which stated that the Singapore residential market is expected to exhibit a weakness in price and volume this year. The buyers have stopped purchasing houses due to the execution of the property cooling measures and the new ‘minimum size’ rules introduced last year.
The new cooling measures have created uncertainty in the Singapore housing market and lowered invertors’ interest in the property market. The ‘minimum size’ rule added to this uncertainty. The buyers and investors have developed a ‘wait-and-see’ attitude before purchasing a house.
Another reason behind the slow market is the revision of the loan-to-value and the additional buyer stamp duty (ABSD) in July 2018. This has significantly increased the cost of owning a house which the report believes will majorly affect foreigners and investors.
The report further states that there are approximately 40,000 units in the market, ready to be launched. But, the chances of achieving strong sales during launches are low. But the developers believe that the displaced collective sales or en-bloc buyers will boost the sales in 2019. However, the impact will be visible from 2H19. After receiving the proceeds from the collective sales, home owners might look for a replacement house this year.
11 January 2019
