SIBOR is generally more stable while SWAP tend to fluctuate more. However 3-month SWAP has recently stayed consistently lower than 3-month SIBOR for an extended period of time. SOR is also very reactive to currency exchange rates.

Which bank offers the best home loan deals?

Interest rates and spreads are not all that matter. Don't ignore the closing costs involved. Different banks can have different customized home loans for you. Don't be surprised if you will save more on a home loan that charges more interest because of the lesser closing costs involved. This is especially so if you know that you will refinance your home loan as soon as the lock in period has expired.

HDB loan or bank housing loan?

Our opinion is to always take a HDB concessionary loan if you are eligible for one. One of HDB's objectives is to to provide affordable housing for the people. While a bank is profit driven.

Housing Loan Application – Get These Documents Ready

It would be a definite breeze if you can walk into the office of a mortgage lender, ask for a Singapore housing loan, and be offered on the spot. However, it can never be this way. Housing loans applications can be complex and be prolonged if you are not able to produce the required documents when they are required. So it is best to prepare the documents required for a housing loan application beforehand.

Below are the general documents that may be required for your application. However, additional documents may be requested by the mortgage lender when required.

  • Most recent 3 months computerized pay slip
  • Most recent 2 years income tax assessment
  • Option to purchase (when applicable)
  • CPF statement showing account balance and contributions (when applicable)
  • NRIC or passport
  • Legitimate valuation report (when applicable)
  • Completed and duly signed Singapore housing loan application form
  • Personal HDB page (when applicable)
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