TL;DR: The best home loan in Singapore depends on your buyer type and your timing, not just the lowest headline rate. Compare live rates below, or jump to the path that matches your situation.
Jump links: Best Rates Today • Redbrick’s Insider View • Buyer Type Paths • Eligibility • HDB vs Bank Loan • Application Process • SORA Guide • Refinancing • Hidden Fees • FAQs
The best home loan in Singapore is not always the one with the lowest headline rate. It is the mortgage loan that matches your buyer profile at the moment you lock it in, since banks reprice their offers every few weeks.
What are today’s best home loan rates?
Snapshot as of October 2026
Based on compare.redbrick.sg. Assumes a $100,000 loan over a 30-year tenor. Rates shown are headline package rates and are subject to bank-specific conditions, such as minimum loan sizes or deposit and investment placements.
What you can do with our comparison tool:
- See each bank’s special features, plus up to 6 years of projected interest rates and monthly payments
- Compare rates across all 16 partner banks
- Sort by rate type: fixed, 1-month SORA, 3-month SORA, or board rate
- Sort from lowest to highest interest rate, or lowest to highest monthly instalment
A mortgage is not just about today’s lowest rate. A few package features matter just as much, depending on your plans:
- Waiver of penalty upon sale: can matter more than half a percentage point on the headline rate if you intend to sell within a few years.
- Interest offset account: reduces interest costs while keeping spare cash accessible.
- Free conversion: lets you switch to fixed later without breaking your package early, useful if you are unsure how rates will move.
Summary of the Mortgage Loans Across Categories
This regularly updated table helps you compare the best loans for HDB, Private Properties, and BUC, across the two main types of interest rates.
| Fixed rates | Floating rates (SORA, Board, FD) | |||
| Best loan for: | Rates | Banks | Rates | Banks |
| HDB | 1.800%-2.650% | CITI, SCB, OCBC | 1.400%-2.234% | DBS, OCBC, CITI |
| Private Properties | 1.800%-2.650% | BOC, CITI, SCB | 1.400%-2.380% | DBS, OCBC, CIMB |
| Buildings Under Construction | 1.850%-1.950% | HLF | 1.480%-2.484% | DBS, OCBC, SCB |
| Enquire | Enquire | Enquire | Enquire | |
How to use this table:
- Identify your property type: HDB, private property, or a building still under construction.
- Decide your certainty level: fixed stays the same for the lock-in period, floating moves with the market.
- Use the example bank as a starting point, then compare the full package list on our tool, since the sharpest rate changes week to week.
💡 Redbrick’s Insider View (October 2026)
As of October 2026, our advisors are seeing DBS Bank offer the most competitive spread for private property floating-rate loans, based on the packages we track across all 16 banks. This changes often, so if you are not sure where you fit, a short conversation can tell you whether it is worth waiting, switching now, or locking in a fixed rate.
Why trust Redbrick’s methodology?
Redbrick’s rates come from watching every partner bank daily. As Singapore’s largest independent mortgage advisory, Redbrick offers unbiased advice on loan selection and application across 16 partner banks.
We monitor over 100 packages to keep our comparison tool accurate, the same live information our advisors use to structure loans and handle credit underwriting. We evaluate product features, not just headline rates, to make sure a package matches your long-term plans.
Disclaimer: Every effort has been made to ensure the information on this page is accurate. You should not rely on this information alone to make a financial or investment decision. We recommend speaking with a professional advisor.
Which home loan is best for your buyer type?
The right mortgage loan depends on your property type and how much liquidity you need to keep.
1. First-time HDB Buyers
- The landscape: the Mortgage Servicing Ratio caps your mortgage at 30% of gross income, and the maximum loan is 75% of the flat’s value.
- Our recommendation: the HDB Concessionary Loan if you want to preserve cash, since your entire downpayment can come from CPF. A bank loan if you want to minimise interest, with rates below 2.6%, though it needs at least 5% cash upfront.
- Timing note: start with the HDB loan if unsure. You can refinance into a bank loan later, but not the reverse.
2. Private Property Buyers
- The landscape: no MSR, only the Total Debt Servicing Ratio at 55% of gross income, and a 75% loan-to-value limit on a first home loan.
- Our recommendation: a fixed-rate package if you are close to your TDSR ceiling. A low-entry floating package if you plan to sell within three to five years.
- Pro tip: if you are moving from a private property to a resale HDB flat, the wait-out rule changed in July 2026. See the FAQ below.
- Timing note: private property loan packages are revised frequently, sometimes within weeks. If your current package is over a year old, it is worth comparing even if you are not ready to switch.
3. Refinancing (Out of Lock-in)
- The landscape: your goal is to reduce your monthly interest.
- Our recommendation: refinancing to a new bank, since banks reserve their best rates for new customers, not existing ones repricing internally. Start comparing about six months before your lock-in ends.
- Pro tip: if you received a legal or valuation subsidy, check the clawback terms first. Most must be repaid if you refinance within three years, which can turn a cheaper rate into a net loss. See our refinance home loan page and a breakdown of legal and valuation subsidies.
4. Buildings Under Construction – BUC (Progressive Payments)
- The landscape: your loan is disbursed progressively as the building rises, so you are not paying the full mortgage yet.
- Our recommendation: a floating, SORA-based package, the standard choice here. Your principal starts small, so rate volatility has limited impact in the first 12 to 18 months.
- Timing note: prioritise a free conversion feature, so you can switch to a fixed rate at no cost once the project reaches Temporary Occupation Permit.
Are you eligible for home loans?
Eligibility depends on your income against two MAS-set caps, and your credit standing. Two regulatory limits set by the Monetary Authority of Singapore determine how much you can borrow.
| Limit | Cap | Applies to |
| Mortgage Servicing Ratio (MSR) | 30% of gross monthly income | HDB and EC purchases only |
| Total Debt Servicing Ratio (TDSR) | 55% of gross monthly income | All property types, all monthly debts combined |
| Loan-to-Value (LTV) | 75% of the property’s value | First home loan |
If you are buying an HDB flat or EC, both MSR and TDSR apply, and you must meet the lower of the two. If you are buying private property, only TDSR applies.
For your first home, you can typically borrow up to 75% of the property value. You must fund the remaining 25% yourself. For a bank loan, at least 5% must be in cash, and the rest can come from CPF. For an HDB concessionary loan, the full 25% can be paid with CPF, with no minimum cash required.
Meeting these ratios is only part of the picture. Your credit report, compiled by Credit Bureau Singapore, also affects a bank’s decision and the rate offered. Most banks and HDB also require fire insurance on the property for the life of the loan, since it secures your mortgage.
Should you choose an HDB loan or a bank loan?
The choice comes down to stability against savings.
| HDB Concessionary Loan | Bank Loan | |
| Interest rate | 2.6% p.a., fixed, pegged to CPF Ordinary Account rate plus 0.1 percentage points | Typically lower, but tracks SORA and can rise |
| Downpayment | Full 25% payable via CPF, no minimum cash | 25% minimum, at least 5% in cash |
| Flexibility | No lock-in period | Lock-in period applies, with early redemption charges |
The HDB loan suits buyers who want to maximise cash flow and preserve certainty, since zero cash upfront is possible and there is no lock-in. The bank loan suits buyers focused on minimising total interest, provided they can fund the 5% cash portion and accept a lock-in with early redemption charges. Your own risk tolerance and cash flow needs should guide the final call, ideally with an advisor who can look at your specific numbers.
You can refinance from an HDB loan into a bank loan later. You cannot switch back once you leave it. For the full comparison, see our HDB loan or bank loan guide.
How do you apply for a home loan?
The mortgage application process follows four broad stages.
- In-Principle Approval (IPA): obtain this first to establish your maximum borrowing capacity. Banks assess your ability to repay at a stress-test rate of 4% per annum for private property and 3% per annum for HDB, not your package’s actual rate, so your maximum loan may be lower than the headline suggests.
- Option to Purchase (OTP): exercise this once you have chosen a property.
- Valuation and Letter of Offer: the bank conducts an independent valuation before issuing its formal offer.
- Legal work and disbursement: your conveyancing lawyer manages the paperwork and the eventual release of funds.
For the full walkthrough, see our guide to the mortgage application process.
What is SORA?
The Singapore Overnight Rate Average, or SORA, is the primary benchmark for SGD floating-rate mortgages.
You can typically choose between 1-month and 3-month SORA. The 1-month rate reacts faster to market moves, while the 3-month rate is smoother, since it compounds over a longer period. Since SIBOR was fully discontinued after 31 December 2024, SORA is now the sole public benchmark for floating-rate home loans in Singapore.
Not every floating package is SORA-based. Some banks price against an internal board rate instead, set at the bank’s discretion rather than a public benchmark. A board rate package is not automatically worse, just less transparent.
For the full explanation, see our SORA guide.
When is the right time for refinancing and repricing?
Review your package before your lock-in period ends, not after.
Banks reserve their most attractive rates for new customers, so refinancing to a different bank is typically cheaper than repricing internally. Repricing is simpler, since it skips the legal and valuation work a full refinance requires, but comes with fewer perks and its own admin fee.
Two things banks do not highlight: the “thereafter” spread that applies once your first year or two ends, and clawback clauses on any legal subsidy you received, usually triggered if you refinance within three years.
For the full decision framework, see should you reprice or refinance your home loan and our refinancing guide.
What hidden fees can change the real cost of a loan?
The headline interest rate is only one part of the total cost.
| Fee | Typical range | Note |
| Repricing or admin fee (switching packages within the same bank) | $500 to $800 | Referenced from OCBC and DBS‘s published fee schedules; some banks waive it |
| Early redemption or partial prepayment penalty | Varies by bank and package | Check your Letter of Offer for the exact figure, since no standard industry rate exists |
| Seller’s Stamp Duty (SSD), for property bought on or after 4 July 2025 | 16% within year 1, 12% within year 2, 8% within year 3, 4% within year 4 | Properties bought before 4 July 2025 remain on the earlier 3-year schedule of 12%, 8%, and 4%, per IRAS |
Board rates are set internally by banks rather than pegged to a public benchmark like SORA. Because they aren’t publicly verifiable the way SORA is, compare the actual figure a bank quotes you rather than assuming it is worse.
Choosing your next step
The best home loan in Singapore is not a single package. It is whichever combination of rate type, bank, and timing fits your buyer profile.
If you already know your buyer type, compare live home loan rates and shortlist two or three packages. If your situation is more complex, such as balancing a refinance against an upcoming sale, a short conversation with one of our advisors can flag which banks are actually competitive this month.
Frequently Asked Questions
What is the home loan interest rate in Singapore right now?
Rates change frequently, so refer to the live snapshot table above rather than a fixed number. As of October 2026, floating rates range from roughly 1.40% to 2.38%, and fixed rates from 1.80% to 2.65%.
Which home loan is best in Singapore?
There is no single best loan. It depends on your buyer type: first-time HDB buyer, private property buyer, someone refinancing, or a buyer of a building under construction. See the buyer-type framework above.
Is an HDB loan 75% or 80% of the property value?
The HDB concessionary loan’s maximum loan-to-value is 75%, cut from 80% on 20 August 2024. This applies to both HDB loans and bank loans for a first home.
What is the difference between an HDB loan and a bank loan?
An HDB loan holds a stable 2.6% rate and lets you fund the full downpayment with CPF. A bank loan can offer a lower, SORA-linked rate but requires at least 5% cash upfront and comes with a lock-in period. See our full HDB loan versus bank loan comparison for the complete breakdown.
What happened to the 15-month wait-out period?
It was removed on 27 July 2026 for private property owners buying a non-subsidised HDB resale flat without an HDB housing loan. A separate 30-month wait-out still applies if you want a subsidised flat, a resale flat with CPF housing grants, an Executive Condominium from a developer, or an HDB housing loan.
Fixed rate or SORA, which is better for me?
A fixed rate suits borrowers who want budgeting certainty and protection against rising rates. A SORA-pegged floating rate is often more competitive when market rates are stable or falling.
What is ABSD?
Additional Buyer’s Stamp Duty (ABSD) is a tax on top of the standard Buyer’s Stamp Duty (BSD), payable by permanent residents, foreigners, entities, and Singaporeans buying a second or subsequent property. Rates are set by IRAS and vary by buyer profile.
What is BSD?
Buyer’s Stamp Duty (BSD) is a tax payable by all property buyers in Singapore, calculated on the purchase price or market value, whichever is higher. Use our BSD Calculator to calculate your BSD and ABSD.
What is a lock-in period?
The length of time during which redeeming your loan early, or making certain changes to it, triggers a penalty. Most bank loans carry a lock-in of two to three years. Plan refinancing to start about three months before it ends.
How much will my monthly instalment be?
It depends on your loan amount, tenure, and interest rate. Use our mortgage repayment calculator for a figure based on your own numbers.
