HSBC describes its home loan offers as the best around since these come with zero lock-in packages. If you are looking for the right home loan option to fulfill your dream of owning a house, HSBC Home Loans could come to your rescue with their versatility and extensive benefits. HSBC Home Loans come with the option of either fixed or variable interest rates, and you can choose the format of your liking according to your convenience and estimated ease of repayment. The applicants can choose to peg the interest rate applicable to their home loan to the market rate as per the Singapore Inter-Bank Offered Rate or SIBOR based loan package, or opt for a fixed rate of interest rate as applicable.
The Hong Kong and Shanghai Banking Corporation, known more commonly as HSBC, began its operations in the year 1865 when its founders sensed that Hong Kong’s trading and merchandising industry needed a bank that offered a wide array of international banking services while still remaining local. With the rapid growth of Hong Kong as a prime port city, the founder Thomas Sutherland sensed that the needs of the business communities would be more satisfactorily fulfilled with the help of tailored banking solutions rather than trading houses. Ever since its inception, HSBC has always boasted of having a board comprising of academic experts and visionaries from different cultures across the world, as a result of which HSBC has stood as the symbol of perseverance and resilience even in the face of dire crises like economic and political collapse, market fluctuations, technological advances and demographic shifts.
HSBC commenced its operations in Singapore with the inauguration of its first branch in the year 1877, while it had already begun to exhibit its present corporate structure comprising of local staff yet offering wide-ranging international banking services like commercial banking, corporate banking, deposits and insurance, investments and foreign exchange services etc. With its estimable and impeccable track record in the country as well as throughout Asia and other worldwide locations, HSBC today enjoys a concrete reputation as a dependable and respected market leader in the banking scenario worldwide. In Singapore, HSBC boasts of a well-spread network of about 349 branches and more than 26 ATM locations spread throughout the island.
HSBC also offers the SmartMortgage feature wherein the applicant’s home loan account can be linked to their current account and the interest accrued onto the current account would offset the interest payable for the home loan account, allowing them to repay the home loan in lesser time and thus save on the payable interest amount.
HSBC offers four different types of home loans with the flexibility of varying interest rates. Customers can choose any type of interest rate they prefer and can also take a combination of two or more interest rate types.
HSBC Home Loan requires the following documentation:
HSBC home loan can be availed for:
The minimum loan amount limit for private property and HDB flat is S$200,000. The minimum loan amount limit for commercial property, is S$300,000
The loan features vary for every applicant as per their unique financing needs. You can contact HSBC Mortgage Specialists in order to choose from various home loan packages with different customizable options.
The maximum home loan tenor is 35 years for private properties and 30 years for HDB flats, as per the age and other eligibility factors of the borrower.
The bank would automatically debit the monthly installment on the fixed due date every month from the loan servicing account of the borrower.
Yes, you can make a partial or full repayment in advance, but you will have to pay early repayment charges applicable, if any, according to your chosen HSBC Home Loan package.
HSBC home loan borrowers can customize their loan packages with a no lock-in option and enjoy the benefit of selling their properties any time they want without bearing the burden of pre-penalty charges. Additionally customers can also opt for a lock-in period from one to three years with lower interest rates.
HSBC offers the flexibility of determining the repayment dates to its customers for some of its home loan packages, if the loan is not being serviced through CPF.
HSBC also offers an array of additional services to home loan customers like 24/7 Emergency Home Assist service, HSBC credit cards and HSBC's Personal Line of Credit.
Customers opting for Singapore Interbank Offered Rate (SIBOR) based home loan packages can enjoy the no lock-in feature along with pegging their home loan interest rates to the market.
SmartMortgage customers can efficiently manage their finances by opting for this kind of home loan. Here, HSBC links the borrower’s home loan account to a current account and offsets the interest earned through this account to finance the home loan repayment. By doing this, HSBC customers pay lesser amounts of interests for their home loans and can also save up significantly. Additionally customers can also enjoy no lock-ins or lock-in periods for up to three years.
Variable Rate Loan
Customers can enjoy variable interest rates or floating rates and get a discount against HSBC’s Special Housing Rate (SHR). However, this type of interest rate depends on the Singapore Interbank Offered Rate (SIBOR), market fluctuations and other business conditions.
Fixed Rate Loan
HSBC customers can also take a home loan with fixed interest rates for the initial period of the loan tenure.
Permanent residents of Singapore and foreigners with valid work permits and Visas can apply for a HSBC home loan.
Depending on the type of home loan availed, different interest rates are offered by HSBC Singapore. For the SIBOR-pegged loan and the SmartMortgage loan, the interest rate is calculated as a sum of the Singapore Interbank Offered Rate (SIBOR) plus an extra percent or two. The interest rates for a Variable Rate Loan is calculated based on a discount on the bank’s Special Housing Rate (SHR) and also depending on the SIBOR. HSBC offers preferential interest rates on home loans for HSBC Premier and HSBC Advance customers.
|Retrieval of valuation reports||S$50 / copy|
|Retrieval of statements and documents||S$30 / copy|
|Safeguarding the title deed for fully repaid loan||S$400 / annum|
|Rescheduling of redemption date||S$200 / request|
HSBC does not offer any home loan promotions currently, but please check the bank’s website soon upcoming offers and deals.
HSBC Premier Customers can qualify for any home loan if they avail a minimum loan amount of S$800,000. Foreigners investing on a home in Singapore can also take a HSBC home loan and enjoy various privileges as Premier International customers. Premier banking customers can get preferential interest rates from HSBC with discounts on interest rates for a particular home loan package.
Individuals can qualify as HSBC Advance customers with a minimum home loan amount of S$200,000. HSBC Advance offers discounted interest rates, personalised customer service, rewards and preferential pricing on various products.