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Banks' Home Loan Comparison & Mortgage Calculators

Residential
 
Making decision to buy your ideal house can be a difficult task, especially if you are a first-time buyer. In addition, with all the new cooling measures in place, your initial commitment to purchase a residential property might have risen. You may have many unanswered questions in your mind on how to get your dream house with ease of financing.

 

we believe in the importance of planning for your mortgage as this could be one of your biggest financial commitment in your life. We are here to help you! Our consultants will help you obtain an In-Principal Approval (IPA) to find out the maximum loan you are eligible for, and you can base on this guide to help you make a more informed decision.

 

Before making any commitment , you should find out the following first:

  • Is this property purchased for owner occupation or for investment?
  • How long you intend to loan?
  • How much CPF can you utilise in your Ordinary Account (OA)?
  • How much cash do you have on hand?
  • Is your credit behaviour satisfactory in banks? For e.g. prompt payment for all credit card bills.
  • What is your current financial obligations?

 
1st Residential Property Loan LTV

 

Residential
 
2nd Residential Property Loan LTV

 

Residential
 
3rd Residential Property Loan LTV

 

Residential

Check the latest offer by various banks on the home loan (or housing/property loan) package.

Generally these financial institutions provide different housing mortgage loan rates to HDB, private property (completed or uncompleted project), commercial property (completed or uncompleted project). The floating rate offer are generally more attractive than fixed rate, since the offered rate will not be locked (or guaranteed) and it is fluctuated from time to time in accordance to the board rate (or prime rate). Fixed rate generally required longer locked in period (or comittment period). Both rates offer legal partial subsidy, while some waive legal fee should loan exceeded certain quantum. Check carefully on the bank prime rate or board rate, enquire them on how often these board/prime rate adjust, and the historical adjustment in the time of interest rate fluctuation. It's going to affect you greatly on your mortgage payment servicing on coming month if you pick the floating interest rate package.

The banks vary their packages very often due to their intense competitive environment here.

Hence we don't provide table of their rates here for comparison because some offers may no longer valid while latest offer/rate could just change without formal notice. We provide those links to the bank website and relevant page on ther home loan package. Sellers. landlords, buyers, working, living, studying students, tenants, or relocating expats, call our realtor if you need to access to mobile banker quickly to check the latest offer or help to apply for property financing loan or just mortgage re-financing. Our networks with banks is something you can tap on for more saving at your end. You have nothing to lose but more to gain, by getting a realtor to recommend you or link you to a list of friendly & reliable bankers or mortgage broker who could provide you 1-stop advice on all your financial needs including hassle free service on legal conveyancing by our network panel of down-to-earth solicitors/ lawyer.

OCBC Bank
HomePage http://www.ocbc.com.sg/global/main/index.html
Property Loans

http://www.ocbc.com/personal-banking/loans/Lns_Overview.shtm

Home Loan Calculator http://www.ocbc.com/personal-banking/tools%20and%20info/Toi_Toc_Lns_Listing.shtm

DBS Bank
HomePage http://www.dbs.com/sg/personal/
DBS/POSB Property Loans http://www.dbs.com/sg/personal/loans/
Home Loan Calculator http://www.dbs.com/webapp/calculator?type=homeassist

UOB Bank
HomePage http://www.uob.com.sg/
Property & secured Loans http://www.uob.com.sg/pages/personal/loans/securedloans.html
Financial Calculators http://www.uob.com.sg/pages/personal/resource/calculators.html

Maybank
HomePage http://www.maybank.com.sg/
Home Financial Solution http://info.maybank2u.com.sg/personal/loans/index.htm
Financial Tool (Home Loan e-Calculator) http://info.maybank2u.com.sg/site_functions/financial_tools.htm#

Standard Chartered Bank
HomePage http://www.standardchartered.com.sg/
Mortagages (under personal banking) http://www.standardchartered.com.sg/cb/mortgage/mortgage_main.html
Financial Tools http://www.standardchartered.com.sg/cb/fintool/fintool_frame.html?instalment

HSBC Bank
HomePage http://www.hsbc.com.sg/sg/
Range of Home Loan http://www.hsbc.com.sg/1/2/personal/loans-range-of-home-loans-personal-loan-overdraft
Home Loans Calculator From the website above (Range of Home Loan) click the 'Home Loans Calculator's

Citibank
HomePage http://www.citibank.com.sg/
Home Financial Services From the Homepage, click 'LOAN', next click on 'Get Details' from 'Home Financial Services'.
Home Loan Calculator From the 'Home Financial Services' page, click 'Get Details' from 'Home Loan' or 'HDB Home Loan', you'll see home loan calculators for New Purchase, Refinancing or Construction (for 'Home Loan').

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What banks look for in borrowers

What do banks take into consideration before deciding to grant you a housing loan? The New Paper talks to bank mortgage specialists to find out more.


1. AGE

The maximum tenure a 60-year-old can get in some banks is 15 years. It will get harder to secure loans the older you are because a longer tenure would allow you to pay in smaller instalments.


2. INCOME

  • Salaried employees: CPF statement or payslip, a minimum income of $1,200 a month.
  • Self-employed: Two years’ income tax assessments and earn at least $2,500 a month.


3. GUARANTOR

If a borrower’s income is insufficient, a guarantor may help to secure up to 80 per cent of the loan.


4. CREDIT RECORDS

Those who have defaulted payments in any loan in the last six months are likely to face problems in getting a property loan.


5. THE PROPERTY

Some properties are considered unacceptable collateral to banks.




 

Last updated by Geoffery Ho Apr 16, 2013.

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