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How to Get the Best Home Loan Rates in Singapore

moneysmart housing loan calculator
So you have found your dream home, what’s next? Buying a home is a huge commitment, so make sure you can afford it first. With so many housing loans offered by the various financial institutions in the market, how do you know if you are getting the best deal? What are the different types of home loans available out there? How can you be sure if you can repay the monthly instalments? With all these mind-boggling questions, it certainly pays to do your homework and a bit of research.

With the recent property cooling measures implemented by the government early July this year with higher ABSD ( Additional Buyer’s Stamp Duty ) rates and tighter loan limits, developers are once again offering buyers discounts and rebates hoping to attract buyers.

New launches since the new property curbs such as Daintree Residence near Beauty World MRT Station are sold with a 5% discount, and Tre Ver condominium in Potong Pasir to offer 10% at their Phase 1 launch. Not exactly a fire sale, but definitely caught my eye.

The 99-year leasehold Tre Ver Condo with 1 to 4 bedrooms configuration with selling price ranging between $1,500 to $1,600 psf certainly looks attractive with the 10% discount. Buying a home is a major investment; naturally the next step would be scouting for home financing from the relevant banks in Singapore. Home loans are long-term commitments, so you gotta make sure you can manage your monthly repayments.

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To start off, there are some online tools home buyers or those seeking home refinancing can use. These sites offer financial tools, advice on different types of home mortgage packages to help you weigh your options. Thanks to technology, obtaining a home loan is much easier these days, and one such tool that every home buyer should make use of is MoneySmart, an online comparison site to compare home loans and mortgage interest rates.

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The first crucial step to purchasing a new home is to know How Much Can You Borrow. Assuming I am looking at a $1.8m unit at Tre Ver Condo, and have already paid off my current home loan, MoneySmart gives me an idea of my home loan breakdown with the maximum loan amount and also the minimum down payment I have to make.

moneysmart singapore home loans compare mortgage interest rates
With MoneySmart, you will get to compare all the best home loan rates from the banks, and choose your preferred home loan rate, all for FREE! Check out which home loan package works best for you! While a 30-year mortgage may be most popular, but it may make more sense if you can afford a 15-year mortgage due to the lower interest rates. Talk to their Mortgage Specialists, who will be more than happy to assist you at no charge at all.

Now that you have the rough estimates, don’t forget to obtain the Approval in Principle (AIP) from your bank of choice before making the purchase. Although the application process entails some paperwork to be done, it is necessary for the bank to analyze your creditworthiness and financial health before approving the loan in principle.

Home purchase can be a daunting task. It is also vital that you look at your monthly cash flow and figure out how much you can afford. Also factor in expenses such as property taxes, insurance and maintenance fees etc. Work with the experts to get the best deal and advice!

What I like about MoneySmart is the easy-to-understand information provided in their portal, and there is so much to learn such as Fixed Rate vs Floating Rate Home Loans, especially for new home owners which can be quite a challenge.

Navigating the site is fuss-free, and everything is clearly explained. It is Online Comparison + Expert Advice without physically hopping from bank to bank, saving you time. Let them do the legwork for you!

moneysmart singapore latest home mortgage rate takashimaya promotion
MoneySmart is currently running a promotion offering up to $500 Takashimaya Vouchers when you get a Home Loan or Refinance with them! So, if you are looking for a place to compare housing loans before you make the leap, MoneySmart may be the ideal one-stop online portal for home buyers. Best part, their Home Loan Service comes free of charge! With a bit of planning and help from experts, you can also reap the joy of homeownership.

13 comments:

  1. good to know about these loan rates! Have a nice day.

    ReplyDelete
  2. Wonderful information, Shirley! Hope you're having a terrific week!

    ReplyDelete
  3. Very informative and useful post, dear!
    Very interesting! :)
    XO
    S
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  4. Thanks for sharing this info with us.

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  5. Wonderful post!
    Have a nice evening!
    Gil Zetbase

    ReplyDelete
  6. As usual very interesting post) Have a nice weekend)

    ReplyDelete
  7. This is good information especially for first time home buyers.

    ReplyDelete
  8. Can anyone actually afford to buy in Singapore?

    ReplyDelete
    Replies
    1. It really depends on what you mean by owning, Monica. Majority of Singaporeans do buy & “own” flats from our government at a leasehold of 99 years.

      According to statistics, Home Ownership Rate in Singapore averaged 88.99% from 1980 until 2017. I’m also living in a 99-yr leasehold private apt, & have already paid up our loan. What’s the situation like over at your end?

      Delete
  9. Dear Shirley
    Nice post with great details!
    Thanks for sharing.
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  10. I'm not planning to buy a home for now, but a very useful post.

    ReplyDelete
  11. sounds very interesting) thanks for sharing)

    ReplyDelete

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