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Home Loan FAQs

When you take a mortgage, you receive a loan that pays for up to 80 per cent of your property's price or value (whichever is lower). The collateral - or guarantee - for the loan is the same property you are buying.

Most banks consider mortgages to be low-risk loans, because there is collateral and most people will not risk losing the house. As such, a mortgage is usually the cheapest possible loan you can get. The typical interest rate is between 1.8 to two per cent per annum; much lower than even your CPF interest rate (2.5 per cent).

Your monthly repayments will vary based on the interest rate, and on your loan tenure. The lower the interest rate and the longer the loan tenure (up to 35 years), the lower the monthly repayments.

To find the cheapest interest rate for a mortgage, check out SingSaver to compare between loan options.

Your can pay your monthly mortgage repayments with your CPF Ordinary Account (CPF OA). You can withdraw up to 120 per cent of the property valuation.

You will need:
- Your NRIC, or passport for foreigners
- 12-month CPF contribution history, or latest IRAS Notice of Assessment
- Previous three montths' payslips
- The Option To Purchase (OTP) or Sale and Purchase Agreement

Some banks may require other documentation, such as a property valuation, or details of existing loans.

Refinancing is the process of switching from your current bank's loan package, to a loan package with another bank. Refinancing helps to keep interest rates low, as you can switch to a cheaper loan package when it comes on the market.

Before refinancing, ascertain that:
- You are switching to the cheapest possible loan on the market, and that the rate is lower than your current loan
- You are not under a lock-in clause. If your loan comes with a lock-in, you should not refinance until the lock-in period is up. Otherwise, you will incur a penalty of around 1.5 per cent of the disbursed loan amount. It is never worth paying the lock-in penalty.
- The costs are justified. Refinancing incurs legal fees of between S$2,000 to S$3,000. In general, you should refinance only if the total savings over the next year would compensate for the legal costs.

You will need the following:
- Your NRIC, or passport for foreigners
- The property information, in the IRAS My Property Portfolio
- CPF Withdrawal Statement, if you have been servicing your mortgage via your CPF
- Past six months of mortgage repayment statements
- 12-month CPF contribution history, or latest IRAS Notice of Assessment
- Previous three months' payslips

Some banks may require other documentation, such as details of existing loans.

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