A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Best Home Loans for Foreigners in Singapore

    Getting your own home is definitely one of the biggest milestones in your life. Be it constructing or purchasing a house, it doesn’t matter as long as you have a place that you can call your own at the end of the day. But purchasing or constructing your own house can cost quite a bit, thankfully, we have home loans. There is no dearth of home loan options in Singapore. If you are a Singaporean, you will be well aware of the real estate scene and home loan requirements in Singapore but the same can’t be said for expats. Most of the expats in Singapore are not well informed about home loans and hence struggle to purchase their dream home in Singapore. Read on to know more about home loans for expats in Singapore.


    Getting a home loan as an expat in Singapore comes with its own set of requirements. The first thing that banks or financial institutions look into before granting a loan is your ability to repay the loan. Your ability to repay the loan is determined based on your history with previous loans and your credit score. Your debt-to-income ratio should be perfect which means that the proposed home loan and other debts you are liable for should not cross more than 30-35% of your gross total income. Banks tend to favour applicants who can submit evidence of their employment history in Singapore for the last two years. Banks usually hesitate to grant loans for properties with less than 60 years of unexpired lease. The expat applying for the loan is also expected to earn a higher income as compared to a Singaporean national for the same home loan scheme.


    There are certain terms and conditions when it comes to home loans for expats in Singapore. Even though the home loans offered for expats aren’t that much different from any regular home loan, the rules are a little different. For an expat in Singapore, the maximum loan to value ratio for a mortgage is 80% of the price or value of the property. In this case, the applicant should make a minimum downpayment of 20% on the property. Some of the banks might offer a lower rate of interest for owners-occupiers who are purchasing their first property in Singapore.

    Types of home loans

    There are different types of home loan packages an expat can get in Singapore. There are mainly three type of mortgage packages available in Singapore- fixed rate, variable rate, and market pegged loan packages. Though fixed rate home loans do not come with any volatility in the interest rate, early payments (prepayments) will attract a penalty. The other two loan options usually allow prepayment and full loan settlement without charging any penalty.

    Documents required

    Given below is a general list of documents that an expat might have to submit while applying for home loan in Singapore:

    • Passport or NRIC (National Registration Identity Card).
    • Last three months’ payslips.
    • Other proof of employment.
    • Latest bank statements.
    • Last 2 years income tax assessment.
    • Property valuation report.

    The above mentioned documents are just some of the general documents that needs to be submitted while applying for a home loan. The bank has every right to demand additional documents if needed.

    Best home loans for expats in Singapore

    Given below is a list of some of the best home loans for expats in Singapore:

    • UOB Home Loan- UOB Home Loan is one of the many home loans available for expats in Singapore. The loan is available to expats who intend to purchase a permitted residential property in Singapore. The bank offers financing up to 80% of the purchase price or property value depending on whichever is lower for new purchases. The home loan package by the bank includes fixed rate package, floating rate package, and SIBOR rate pegged package.
    • DBS Home Loan- DBS is another bank that offers home loans with attractive rates of interest and amazing features for expats in Singapore. Given below is a list of the types of home loans offered by the bank:
      • Home loan for private property
      • Refinancing private property loan
      • Buying or refinancing HDB Flat Loan
      • Renovation loan

    The above mentioned loan schemes are just some of the many home loan options available for expats in Singapore. Almost all the banks in Singapore offer home loans for expats provided that they fulfill the eligibility criteria.

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