Need Help in Getting The Best Home Loan?
They say buying a home can be one of the most stressful times in a person’s life, so why make it more difficult than it has to be? If you find property finance confusing or you’re unsure about housing loans in Singapore, we’re here to help.
Whether you’re a first-time buyer trying to hunt down the best house loan Singapore has to offer, or a seasoned investor torn between fixed deposit and floating rate deals, Instant Loan’s comparison service will help you make smarter property financing decisions today.
Top Features of Housing Loans in Singapore
Getting your head around housing loans in Singapore isn’t always easy when there’s such a huge variation of loan tenures, types and packages on the market. Whether you want a fixed interest deal for 2 years, a floating rate loan for 1 year or a longer-term loan package with a more generous lock in period, we’re here to pin down the best deals to suit you.
If you want to get the most suitable mortgage available, it’s important to compare the following home loan features:
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The type of home loan
Fixed rate mortgages ensure your monthly payments always remain the same and can make planning your monthly expenditure much easier. Floating rate deals follow the Singapore Interbank Offered Rates (SIBOR), which could mean lower interest but might be unpredictable from month-to-month. Some deals offer better rates, but only for a temporary “lock in period”. Choose wisely!
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All-round affordability
Think carefully about the loan amount you need, keeping in mind that some banks have minimum and maximum limits, but your budget might not always stretch that far. The same goes for monthly payments. Use our loan calculator to see what you could realistically borrow.
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Lower interest rates
Getting the best interest rates doesn’t necessarily mean finding a long lock in period on a super-low fixed interest deal. Floating rate mortgages linked to SIBOR might be a better bet, depending on market conditions. Use Instant Loan to find out what you could get today.
Top Home Loan Banks in Singapore
Getting a housing loan in Singapore is easy when there’s so many amazing banks on the market offering better board rates, fees and lower interest rates than elsewhere.
The best way to find the perfect loan package is to use Instant Loan’s comparison service. Here are some brief details about some of our favourite home loan providers:
- Superb for lower value home loans (from $100,000)
- Low interest mortgages available on fixed rate and SIBOR-linked deals
- Approvals given within minutes on private home loans.
- Gifts of up to $3,800 available on refinancing.
- Reputable bank offering some of Singapore’s best rates.
- Good range of deals with no lock in period.
- Competitive refinancing options and fixed deposit deals.
- Perfect for higher value home loans (above $500,000).
- Amazing selection of loans; especially floating rate deals.
- You can get home financing up to 75%.
- The go-to provider for fixed deposit mortgages.
- A worldwide reputation as a banking leader.
Disclaimer: Instant Loan is a loan comparison site dedicated to compare cost of financial products and other services in Singapore. This will enable you to make an informed decision before proceeding to your chosen loan provider. The results of our comparison facility are based on our up-to-date objective analysis.
Note that all financial products and services are presented without warranty and may differ from other loan comparison sites.
Additionally, this site may post paid advertisements marked as sponsored. Rest assured that we provide unbiased and independent comparison and our results are ranked accordingly.
Here’s How Instant Loan Can Help You
We compare home loan rates and deals from more than 150 top banks in Singapore with the click of a button. This gives you the information you need to fully understand each and every housing loan Singapore has to offer and choose the best loan package to suit your needs.
By choosing us, you can expect:
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Tailored loan quotes in 3 easy steps
We compare the best home loan packages on the market in multiple categories. Just fill in a simple form and let us do our magic.
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Smarter cost estimations
Our loan calculator will help you determine what type of home loan and interest rates you can realistically afford.
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Amazing time savings
Just tell us what you need, and we’ll research the best home loans, rates, lock in periods and mortgage deals on your behalf.
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Quicker, easier loan applications
Forget slow approvals – we search home loans from hundreds of banks that each offer easy approval processes.
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Personalized home loan quotes just for you
Whether you need a 1 year lock in period, a fixed rate that lasts 2 years, a longer loan tenure or lower early repayment fees, we’ll find quotes that suit you.
Get Your Perfect Home Loan in 3 Easy Steps
Here’s how to find the best housing loan today:
1. Submit your desired amount, monthly income, and contact details to us
2. Receive upto 3 quotes from the best banks in Singapore
3. Select the perfect offer to suit your home loan needs, the bank representative will keep in touch with you
Get the Best Home Loan Rates with Instant Loan
Looking for a fixed interest home loan for 1 year, 2 years or more? We’ll help you get the best loan rates, best lock in periods and most suitable loan tenure today.
Instant Loan – A Better Loan Hunting Experience
Hunting for a house loan can take hours, if not days – but we want to make the process as easy as possible. If you’re looking for the best loan packages, best interest rates and best home loans in Singapore, Instant Loan is here to help.
Who Are We?
Instant Loan is an online finance directory that offers a loan matchmaking service with a difference. Using the most accurate and up to date financial information available, our service compares the best loans from more than 150 top banks in Singapore at the touch of a button. Try Instant Loan now!
Why Choose Us?
We navigate all the best home loans, mortgages and interest rates in Singapore so you don’t have to – bringing the best board rates and lowest interest rate deals straight to your inbox. What’s more, we bring you all this vital information in a matter of seconds, via a quick and easy 3 step process guaranteed to save you both time and money.
Compare board rates, interest rates, fixed deposit mortgages and floating rate home loans all in one place with Instant Loan. Just fill in the quick and easy form below and we’ll get back to you with the best home loan deals currently available.
Instant Loan’s Quick and Easy Home Loan Application Form:
Find the Best Loan Package to Suit You
Here at Instant Loan, borrowers often ask what they need to look for to find the best housing loan deal to suit them. Naturally, everyone is different and requirements will vary on a case-by-case basis – which is why we recommend using our loan comparison service to get tailored quotes from top banks. However, here’s a few general tips to help you find the best housing loans in Singapore:
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Pick the right loan to suit you
Floating rates can provide big savings if you can handle fluctuating monthly payments. Fixed rates might be better for people who value certainty.
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Do an affordability check
Use our affordability checker to ensure you’re borrowing a sensible loan amount.
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Get the best interest rate
Use our comparison service to get the best rate today.
Private Property Bank Loans – Are They the Best?
Living in Singapore doesn’t always come cheap, which is why securing lower interest home loans to cut down your monthly repayments is a great way to save money in the longer-term. We make shopping around as easy as possible, in 3 quick and easy steps!
HDB Housing Loans – What’s the Difference?
Financing a home purchase with a housing loan from Singapore’s Housing & Development Board (HDB) can help you enjoy concessionary interest rates. However, there are a number of eligibility criteria you must meet before you can apply, as stipulated on the HDB website.
A great alternative might be to fast-track your home loan today by comparing the best deals from the top banks in Singapore with Instant Loan.
Home Loan Hunting Made Easy
Here’s a few common terms, bits of mortgage jargon and other things to be aware of when hunting for your perfect home loan with Instant Loan.
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Lock in period
A lock in period is a set amount of time that a bank will enable you to enjoy a lower interest rate or special deal on your monthly payments.
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SIBOR
SIBOR is Singapore’s banking base rate used to set interbank interest rates on variable loans and floating rate mortgages all across Singapore. It can sometimes be unpredictable.
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Fixed rates
Fixed deposit or fixed rate mortgages are home loans with rates or monthly payments that stay exactly the same for a fixed period of time (or lock in period). Fixed rates are stable, transparent and dependent solely on a bank’s own decisions.
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Floating rates
A floating rate or variable rate mortgage is a home loan with interest rates based on SIBOR – which means your monthly payments can change depending on SIBOR fluctuations. Sometimes you can save money and enjoy lower interest rates if SIBOR is performing well.
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Early repayment fees
Early repayment fees are charges incurred when you repay a mortgage earlier than was initially agreed with your bank (i.e. if you decide to sell your home). They are usually set at 1.5% or less of the full loan amount.
For more helpful information, check out what moneysense.gov.sg has to say on the matter, or carry out a home loan comparison search with Instant Loan to see what deals are available to you today.
Get the Best Home Loan Rates with Instant Loan
Looking for a fixed interest home loan for 1 year, 2 years or more? We’ll help you get the best loan rates, best lock in periods and most suitable loan tenure today.
Frequently Asked Questions (FAQs)
Still don’t know your fixed rates from your floating rates? Your 1 year lock in periods from your loan tenures of 2 years? Here’s a few helpful FAQs from the team at Instant Loan.
The Singapore Interbank Offered Rate (SIBOR) is a banking base rate used all across the country. It is based on the individual interest rates used by banks that borrow unsecured funds of any kind from one another – but it also has an important impact on mortgages.
If you opt for a floating rate mortgage, your interest rates will be linked to SIBOR, meaning that your monthly payments could fluctuate depending on how SIBOR is performing. SIBOR is unpredictable – it can either change regularly or remain virtually the same for several months at a time. Sometimes, there is potential to save some serious money by opting for a floating rate over a fixed rate.
In short, stamp duty refers to any taxes placed upon documents relating to immovable financial assets – such as stocks, shares or properties. In Singapore, stamp duty is calculated based on the market value of the asset in question (i.e. the property’s price or value).
More information about stamp duties can be found on the Ministry of Finance website.
Housing loans change constantly, and interest rates can vary drastically from bank to bank. Do a loan comparison search with Instant Loan today to compare the best, most up to date rates.
In, short – yes! Home loans are readily available to foreigners living in Singapore, but overall charges and costs may differ. If you are purchasing your first property, for example, you may incur an additional stamp duty surcharge of 20% of the property’s value. Eligibility criteria will differ between banks, so as always, it’s important to shop around.
Banks can be time-consuming to deal with if you visit them one by one to compare deals. Use Instant Loan today to compare the best loan packages currently available online, all in one place. We’ll find you great deals with attractive lock in periods of 1 year, 2 years or more.
Most banks will offer fixed, attractive interest rates for 1 year, 2 years or 5 years depending on the deal you choose. Use our comparison tool to compare the best, most flexible deals available right now.
Not always, but comparing deals between different banks is always a good option for borrowers who have a low credit rating. By using Instant Loan, you can compare flexible loan packages, either fixed deposit or floating rate, tailored to suit your unique needs and credit history. Try us out today.
Sometimes banks may reject home loan applicants. For example, those with a bad credit history might not be eligible for some mortgages. But being rejected by one bank doesn’t necessarily mean you won’t be able to get a loan elsewhere.
Here at Instant Loan, we compare deals from more than 150 banks from across Singapore – and many of these institutions offer specialized deals to customers with poor credit histories or high Total Debt Servicing Ratios (TDSRs).
As long as you are able to pay off any outstanding debts you have to your name, there’s a good chance that our easy to use comparison tool can find you a suitable home loan. However, some banks might not be quite so flexible with loan tenures and lower interest rates under these circumstances.
This issue can sometimes be a little tricky. You may not be eligible for a conventional housing loan, but there are other options available. Some home loans are tailored for people who wish to purchase a Building Under Construction (BUC), but you should expect slightly less competitive interest rates and loan amounts, and stricter eligibility criteria when applying.
No – we’d recommend comparing specialized renovation loans if you intend to borrow money for this purpose.
Whether you need a fixed interest mortgage or a floating rate home loan with a longer loan tenure, we’re here to help. Within a matter of minutes, our online comparison service compares the best home loans from more than 150 banks in Singapore, saving you valuable time and money.
You can tailor your search results to match your ideal interest rates, board rates, loan tenure and more – and we’ll send the best housing loans in Singapore straight to your inbox as soon as you click send. If you want to get the best home loan deals on the market with minimum hassle, Instant Loan is the comparison service for you.