Where to get the best Singapore home loan in 2021?
As the property market in Singapore has not slow down much in 2020, we expect to see similar purchasing in 2021. Thus, it is important to help the public understand the responsibility when taking up home loans. This is because a mortgage loan might last one to pay off in 5 – 25 years depending on their financial plans. Hence, even 0.5% interest rates might cause a house owner to end up paying so much more. Let us look at the guide below for home loans in Singapore 2021.
Fixed Rates Home Loan Packages 2021
For fixed rates home loan packages, it is higher comparing to floating rates. However, rates are stable and provide assurance against floating rates. The only take on fixed rates mortgage loans is a higher interest rate and it will get higher during uncertain financial times.
Nevertheless, after the lock-in period interest rates will become floating rates. In many cases the interest rates may be much higher, which is why most home owners will plan for refinancing.
For fixed rate home loans the interest range as shown below:
1st to 2nd year – Fixed 1.20% to 1.45%
3rd year – From 1.20 to 1.72%
4th to 5th year – From 1.50% to 2.25%
Minimum Loan amount starts from $100,000 subjected to banks approval.
3 banks that we will recommend are Standard Chartered Bank, DBS and OCBC. However, it will be base on case by case basis, other banks like RHB, Citibank and HSBC might provide better rates in some cases.
SIBOR (Floating) Property loan Rates 2021
SIBOR which represent Singapore Inter-Bank Offered Rate is a package in short whereby banks lend to other banks in Singapore interbank market. Therefore, repayments interest may increase or decrease after banks’ review every few months. SIBOR rates offer greater transparency as the rates will be readily shown online.
Here are the rates for SIBOR (Floating) Property Loan rates:
1st to 2nd year: 1.05% to 1.419% (1 month to 3 months SIBOR)
3 year: 1.20% to 1.655% (1 month to 3 months SIBOR)
4th to 5th year: 1.25% to 1.805% (1 month to 3 months SIBOR)
Minimum loan amount is from $100,000 subjected to bank approval.
As SIBOR (floating) property loans keep fluctuating, most mortgage loan specialist will only recommend upon accessing your financial details. Hence, the best bank will provide a lowest interest package with the most minimum increase range.
Few banks we recommend: Maybank, Standard Chartered Bank, DBS and HSBC.
Otherwise, just fill up this form for a soonest respond.