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  • Home Loan BYTES FROM OUR KITCHEN

    Home Loan Interest Rates

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    A home loan can help you in fulfilling your dream and purchasing the house that you desire. You can become a homeowner and get a place where you can safely live with your loved ones. In today’s world, the prices of houses are quite high and so you may not be able to purchase a house of your choice without taking the help of a home loan. In Singapore, there are many banks that offer home loans or mortgages at very attractive rates of interest. By doing a little research, you can find an affordable home loan without a lot of difficulty.

    How is the interest rate calculated for home loans?

    The interest rate charged by the bank for home loans can either be fixed or variable and it is calculated based on a range of factors. Some of these factors are given below.

    1. The type of property that you purchase – The type of property that you purchase will have an impact on the rate of interest that will be offered. For example, interest rate charged for HDB flats is often lower than that charged for private properties.
    2. Prime Rate – The prime rate is the interest rate charged by the bank to their premier customers and also to those who have the best credit score. This rate will have an impact on the interest rate charged for home loans.
    3. SIBOR – The interest rate for most variable (floating) mortgages or home loans in Singapore is linked to the Singapore Interbank Offered Rate or SIBOR. For these mortgages, the interest rate and the monthly instalment payments increase when SIBOR increases and they decrease when SIBOR decreases. This rate comes in tenures of 1 month, 3 months, 6 months or 12 months.
    4. Tenure – The tenure of the loan will have a big impact on the interest rate. If you choose for a longer tenure, the interest rate charged will most likely be higher as your monthly instalment payments will be comparatively lower. Alternately, if you opt for a shorter tenure, the interest rate will most likely be lower but the instalment payments will most likely be higher.
    5. Loan amount – It is most likely that the loan amount that you opt for will depend on the price of the property and since the loan amount will be higher for properties that are more expensive the interest rate will most likely be higher as well.
    6. Creditworthiness – Your credit score and credit history with determine your creditworthiness and if you have an excellent credit history the banks are more likely to approve your home loan application and also offer you with the loan at very attractive interest rates.

    Apart from the above, the Singapore Swop Offer Rate or SOR can also affect the interest rate for some mortgages. This rate is dependent on the exchange rate between Singapore Dollar and US Dollar. In the past, mortgages offered by some of the banks in Singapore were linked to this rate. However, such a practice has been discontinued and only existing mortgages that were pegged to SOR earlier are affected by this rate.

    Home Loan Interest Rates
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    HSBC Bank Home Loan Interest Rate

    Variable Interest Rate Package(TDMR-pegged package)

    Tenure of the Loan Interest Rate
    1st year TDMR24 + 1.00%
    2nd year TDMR24 + 1.00%
    3rd year TDMR24 + 1.00%
    Thereafter TDMR24 + 1.00%

    Maybank Home Loan Interest Rate

    Singapore Residential Financing Rate (SRFR) 4.50% p.a.
    Prime Lending Rate 5.2500% p.a.

    The home loans offered by the bank are connected to the SRFR.
    Renovation Loan Interest Rates
    Loan Amount Rate of Interest (variable) Flat Rate
    Less than S$15,000 5.98 percent (2.52 percent less than RBR) 3.68% p.a.
    S$15,000 or more 5.38% p.a. (3.12% p.a. less than RBR) 2.98% p.a.
    Bundle Rate (along with Home Loan) 2.88% p.a. (5.62% p.a. less than RBR) N.A.

    Standard Chartered Bank Home Loan Interest Rate

    The interest rates are determined as the total of the bank’s 9-month SGD Time Deposit rates and a fixed margin.

    CIMB Home Loan Interest Rates

    CIMB will allow you to opt for either a fixed rate package or a SIBOR package and you can choose the one that suits your needs the most.

    POSB Home Loan Interest Rates

    Tenure Interest Rate (p.a.)
    1st year 1.85%
    2nd year 1.85%
    3rd year 1.95%/FHR8 + 1.75%
    Thereafter 0.20% +1.75%

    RHB Home Loan Interest Rates

    HDB Loan

    Variable Rate Package
    Tenure of the Loan Rate of Interest(p.a.)
    1st Year 2.08% (HDB Board Rate 1 – 2.17%)
    2nd Year 2.13% (HDB Board Rate 1 – 2.12%)
    3rd Year 2.88% (HDB Board Rate 1 – 1.37%)
    Thereafter 3.38% (HDB Board Rate 1 – 0.87%)
    Lock-in period 2 years

    Currently, the HDB Board Rate 1 (HB1) is at 4.25% p.a.

    Private Property Loan

    Variable Rate Package(p.a.)
    Tenure of the Loan Variable Package
    1st Year 1.98% (Mortgage Rate 1 – 3.77%)
    2nd Year 2.03% (Mortgage Rate 1 – 3.72%)
    3rd Year 2.88% (Mortgage Rate 1 – 2.87%)
    Thereafter 3.38% (Mortgage Rate 1 – 2.37%)
    Lock-in period 2 years

    At present the Mortgage Rate 1 (MR1) is at 5.75% p.a.

    Commercial Property Loan

    Tenure of the Loan Variable Rates(p.a.)
    1st Year 2.38%(C Commercial Rate 2 - 2.30%) 2.18%(Commercial Rate 2 - 2.50%)
    2nd Year 2.68%(Commercial Rate 2 - 2.00%) 2.58%(Commercial Rate 2 - 2.10%)
    3rd Year 3.38%(Commercial Rate 2 - 1.30%) 3.18%(Commercial Rate 2 - 1.50%)
    Thereafter 4.68 percent (Commercial Rate 2) 4.68 percent (Commercial Rate 2)
    Lock-in period 2 years 3 years

    *Currently, the Commercial Rate 2 (CR2) is at 4.68% per annum.

    Malaysian Residential Property Financing

    Tenure of the Loan Interest Rates(p.a)
    1st Year 2.88%(Malaysia Property Board Rate 2* – 3.12%)
    2nd Year 3.18%(Malaysia Property Board Rate 2* – 2.82%)
    3rd Year 3.38%(Malaysia Property Board Rate 2* – 2.62%)
    Thereafter 3.38%(Malaysia Property Board Rate 2* – 2.62%)
    Lock-in period 2 years

    At present, the Malaysia Property Board Rate 2 (Malaysia Property Board Rate 22) is at 6 %p.a.

    Malaysian Commercial Property Financing

    Tenure of the Loan Interest Rates(p.a)
    1st Year 4.85%(Malaysia Property Board Rate 2* - 1.15%)
    2nd Year 4.85%(Malaysia Property Board Rate 2* - 1.15%)
    3rd Year 4.85%(Malaysia Property Board Rate 2* - 1.15%)
    Thereafter 4.85%(Malaysia Property Board Rate 2* - 1.15%)
    Lock-in period 5 years

    DBS Bank Home Loan Interest Rates

    Tenure Interest Rate (p.a.)
    1st year 1.85%
    2nd year 1.85%
    3rd year 1.95%/FHR8 + 1.75%
    Thereafter FHR8 +1.75%

    OCBC Bank Home Loan Interest Rates

    • OCBC Home Rate (2-year fixed): This package offers protection from rate fluctuations for the first two years. As of 25 May 2018, the OCBC Home Rate (2-year fixed) was 2.18% p.a.
    • OCBC Home Rate: It’s a floating rate package. As of 25 May 2018, the interest rates under this package were 1.65% p.a. for the first year and 1.70% p.a. for the second year.
    • SIBOR-dependent rate package: The SIBOR linked interest rates are at 3M SIBOR +0.30% for the first year, +0.40% for the second year, and +0.50% thereafter.

    UOB Home Loan Interest Rates

    UOB offers fixed rate packages, floating rate packages and packages that come with both fixed and floating rates.

    UOB HDB Home Loan Packages
    Tenure of the Loan Flat Rate Package for 2-years
    1st Year 3.50% p.a. (flat)
    2nd Year 3.50% p.a. (flat)
    3rd Year 1M SIBOR + 0.60% p.a.
    Thereafter

    1M SIBOR + 0.60% p.a.

    Bank of China Home Loan Interest Rates

    The interest rates for home loans offered by the bank are pegged to SIBOR.

    Citibank Home Loan Interest Rates

    Citibank’s floating rate package is based on 1M SIBOR rates. There are fixed rate packages as well.

    HLF Home Loan Interest Rates

    Floating Rate Package for private properties that are either completed or uncompleted

    Tenure of the Loan Rate of Interest (2-year fixed rate)
    1st Year 1.68% p.a.
    2nd Year 1.75% p.a.
    3rd Year 1.90% p.a. (HDB Home Rate – 2.60% p.a.)
    Thereafter 3.25% p.a. (HDB Home Rate – 1.25% p.a.)

    HDB Home Loan

    HDB offers concessionary rate that is based on the prevailing rate of interest on CPF Ordinary Account. This rate is pegged at 0.10% above the CPF Ordinary Account rate, which is revised every three months.For the quarter ending 30 June 2018, HDB home loan rate is 2.60% p.a.

    Philippine National Bank Home Loan Home Loan Interest Rate

    Under the Own a Philippine Home Loan program, the following interest rates are applicable:

    • 9% for 10 years (fixed)
    • 8.5% for 5 years (fixed)
    • 7.50% for 1 year (fixed)
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