Find the Best Mortgages in Singapore
Up to $3,000 cash incentives!*
We work with all major banks in Singapore.
Why Apply Through Us?
Competitive Valuations. Lowest loan rate
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Are the loans packages available through us different?
We work with experienced bankers who can help secure the best home loans in Singapore! We are able to offer to you any loan packages that are offered to you by your bankers.
In today's high interest environment, take advantage of Mortgage Offset Accounts to reduce loan interest payment by up to 70%. See an example of how this works below.
Can I get loan rates lower then what is "published"?
Yes. Banks offer different rates at different times. Also depending on your loan quantum and creditworthiness, you may be able to get better rates or terms compared to the "published" rates. By using us, you are able to reach out to our entire panel of banks and check out the best rates for you!
Save time with our mortgage brokerage service!
We have access to hundreds of loan packages across all major banks in Singapore! When you reach out to us, we will work with multiple banks at the same time. This makes the process extremely efficient for you especially when you have a short time frame to make an offer on a hot property! We help you to save time and effort with one point of contact.
Check out what you should do at every stage of property hunting:
Thinking of buying a property
Get an In-Principle Approval ("IPA") by leaving your contact details above.
So that you know the maximum amount that may be extended to you based on your income and creditworthiness.
IPAs are typically valid for 30 days, but IPAs are ultimately not legally binding.
You should also get a sense of monthly repayments to ensure that it is affordable.
Want to make an offer on a property
Let us know your property details above and we will help you get a bank valuation on the property.
Once you get a valuation that matches your price, then we can help you apply for an IPA if you have not already gotten it.
An indicative valuation usually takes 1 to 2 days. It really depends on the volume of requests to the banks and some banks will react faster than others.
An IPA can take a further 2-3 days to secure assuming that all documents are in order.
You should only sign the Option-to-Purchase after you have the indicative bank valuation and an IPA, otherwise your option money could be at risk!
Want to refinance on an existing home loan, get an equity/term loan
Let us know your property details above and we will help you get a bank valuation on the property.
Once you get valuations that matches your expectations, we can help get the best rates for you.
The loan quantum should at least be equal to your existing loan if you are refinancing. Otherwise, you will need to top up the difference.
Check out what is a equity loan/term loan here.
What is a Mortgage Offset Account?
Simply place your cash in a special deposit account offered by the bank and earn the same interest rate as your mortgage rate for up to 70% of your funds.
| Home Loan |
Mortgage Offset Account (this is a current account) |
|---|---|
| Loan Quantum | Deposit |
| $1,000,000 | $1,000,000 |
| Interest payable @ 3% | Interest earned on 70% of deposits is 3% |
| $30,000 |
70% of deposits at 3% is $21,000 |
|
Net Interest Payable $9,000 or 0.9% p.a. |
|
Mortgage promotion: Up to $3,000 cash incentive*
How much can I borrow?
Banks and financial institutions have differing criteria to assess how much you can borrow for your home loan. Broadly, the factors affecting how much home loan you can get will depend on :
- Gross Monthly Income (also for joint applications)
- Buyer's / Buyers' Age
- Loan Quantum
- Credit Score (e.g Total Debt Servicing Ratio / Mortgage Service Ratio)
- Type of property
- Others
The TDSR is capped at 55% of your gross monthly income for private properties, whereas HDB is capped at 30% for both TDSR and MSR.
What are the different types of loans?
Depending on the type of property, here are the types of home loan you can apply for according to HDB and MAS guidelines:
| HDB Home Loan (from HDB Directly) |
Private Home Loan (Banks & Financial Institutions) *Inclusive of HDB BTO, sale of balance flats or resale |
|---|---|
| Loan Tenure | |
| 30 Years Maximum | 35 Years Maximum |
|
Maximum Age (at which loan must be repaid by and does NOT apply to refinancing) |
|
| 65 Years Old | 65 Years Old |
| Minimum Down Payment | |
| 10% (paid through cash, CPF ordinary account or both) |
5% (cold hard cash) AND |
|
Loan to Value Ratio |
|
| 85% | 75% |
| Interest Rates | |
|
2.6% (as @ 14 May 2021) |
1.2% to 2.5% |
| Type of Interest Rates | |
|
HDB BTO, SBF, Resale, Under Construction |
Private Property Completed (Fixed Rate / Floating Rate) |
Fixed vs Floating Interest rates?
What are fixed and floating interest rates?
| Fixed Interest Rates |
|
 |
| Floating Interest Rates |
| Pegged and deteremined by bank board rate, SIBOR or SORA (pegged between 1 month, 3 months, 6 months or 12 months interest rates) |
 |
Do you offer Equity Loan / Term Loans?
Yes we do! Our partner banks offer very attractive terms for Equity Loans / Term Loans.
These loans are available to you if:
- You own a private property (cannot be taken out against HDBs)
- the valuation of your property has increased significantly and you want to "cash-out" some of the value through a loan
- You have paid down/paid off the loan on your property and you want to "cash-out" against the property.
A Term Loan is one where you are taking a loan on top of your existing home loan. An Equity Loan is one where you have fully paid up your home loan and are using your property as collateral to borrow money from the bank. Others may also refer to this as cash out refinancing.
How much can I borrow?
You will be able to borrow up to 75% of your home's current value subject to this formula (provided your outstanding loan and CPF balance does not exceed 75% of current home value) :
75% of current home value (subject to bank's approval) - outstanding loan amount - CPF amount used for home payment so far
Loan Tenure
Your loan tenure is subjected to this formula:
75 Years - your age - number of years spend servicing an existing loan
So, if you are 50 years old, then your maximum loan tenure is 25 years old. After subtracting the number of years you have spent servicing your existing loan for 20 years, then your maxmum loan tenure is only 5 years.
Basically, you can monetise the value of your home through a loan if there is just a large positive difference between the value of your property and your current loan.
Note that TDSR and LTV rules still apply. In addition, you need to deduct the CPF amount used for the property from the loan quantum. In today's low interest rate environment, it may make sense to "cash-out" for other urgent needs or to invest in higher yielding assets. Just remember that the cash should not be left idle in your bank account as you are paying the loan interest on it!
Here are some common questions
about Home Loans
1. Should I get a loan if the property I am buying is under construction?
Yes. If you plan on using your CPF to pay for the downpayments, you will need to show evidence that you have gotten a bank loan before CPF can disburse your monies.
2. Should I get an In-Principle Approval if I am looking to buy a new property?
Absolutely. At a minimum, you really need understand 2 things before you go property hunting:
1) the maximum amount a bank is willing to lend to you based on your income, assets and credit worthiness.
2) a rough sense of the monthly loan payments for the quantum of loan that you have in mind and whether you be comfortable paying that amount every month. Remember that loan interest rates may go up in the future.
This will help you to target properties that are affordable to you. An IPA is only valid for about 30 days. However, if there has been no significant difference in your financial standing and creditworthniness, then you can expect to be able to borrow at a similar level when you actually do apply for a loan subsequently.
Remember to get a property valuation through us before you make an offer!
3. I am a foreigner. Can I get a mortgage in Singapore?
Yes, you can! In fact we work with banks that provide the highest LTV ratios to foreigners. Contact us to find out more!
Email us: [email protected]
WhatsApp us: +65 9151 5963 (Mon to Fri: 9am - 5pm)
4. What is the LTV if I already have an existing property?
The LTV limits for individuals change depending on the number of outstanding housing loans you have.
| Outstanding housing loans | LTV limit | Minimum cash downpayment |
|---|---|---|
| None | 75% or 55% |
5% (for LTV of 75%) 10% (for LTV of 55%) |
| 1 | 45% or 25% | 25% |
| 2 or more | 35% or 15% | 25% |
The lower LTV limit iis applied f the loan tenure exceeds 30 years (or 25 years for HDB flats), or the loan period extends beyond the borrower’s age of 65 years.
The Total Debt Servicing Ratio ("TDSR") is a measure of your current debt servicing obligations relative your income for private property.
The Mortgage Servicing Ratio ("MSR") measures the portion of a your gross monthly income that goes towards repaying all property loans, including the loan being applied for are and is applicable for HDB flats/executive condominiums bought directly from a developer.
The TDSR is capped at 60% of your gross monthly income, but some financial assets may be included in the calculation. The MSR is capped at 30% of your gross monthly income.
TDSR Calculation
Basically, the bank will calculate your monthly debt obligations as a percentage of your gross monthly income.
Monthly Debt Obligations (TDSR Numerator)
Monthly debt includes all outstanding debt obligations:. This includes:
- Property-related loans, including the loan being applied for.
- Car loans.
- Student loans.
- Renovation loans.
- Credit card loans.
- Any other secured or unsecured loans, including revolving loans.
When calculating the monthly interest payable, a medium-term interest rate is applied to the loan of the property being purchased or secured against for refinancing. Other properties use the following interest rates:
| Liquid assets | Other financial assets |
|---|---|
| Eligible financial assets | |
| Singapore dollars and coins, including deposits |
|
| Pledged for at least 4 years | |
| Recognise up to 100% of value | Recognise up to 70% of value |
| Unpledged, or pledged for less than 4 years | |
| Recognise up to 30% of value | Recognise up to 30% of value |
Calculating MSR
When calculating MSR, the bank will consider:
- All the your property loans.
- At least 20% of the monthly debt obligation for any property loan where the you are a guarantor.
This is then divided by your gross monthly income to derive the MSR.
* Cash incentives are provided to you by the bank. T&Cs apply.
The materials and information on this site are current at the date of publication and are provided on an “AS IS” basis. InsureDIY Pte Ltd (“InsureDIY”) and Sierra Global Pte Ltd (“Sierra Global”) make no representation or warranty, whether expressly or impliedly, as to the adequacy, completeness, accuracy or timeliness of the contents for any particular purpose. FinanceDIY is a brand of Sierra Global Pte Ltd.
The contents are for general circulation and information only. They shall not be construed as advice, recommendation or a preference for a particular bank or bank loan. The information herein is in no way complete and do not represent the entire array of banks loans relating to property loan financing.
For avoidance of doubt, Sierra Global neither carries out broking activities nor financial advisory activities in relation to life policies and collective investment schemes. They are instead carried out by InsureDIY.
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