Comparing home loan packages since 2009

At MortgageSENSE.com.sg, we provide FREE, NON-OBLIGATORY and UNBIASED comparison of all housing loan packages.

We are firm believers that you, our client, should “Maximise your Savings!
As such, our comparison and consultancy services are 100% FREE. This is due to the referral arrangement with the banks and financial institutions.

Try our FREE Home Loan Comparison Widget (no registration or verification needed) and access to the lowest housing loan packages instantly.
We compare housing loan packages from:
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Confuse over which home loan packages are suitable for you?
Call us @ 91600090 for a free and non-obligatory consultancy.

Testimonials

In just a few clicks, I can compare all available mortgage loan packages. This save me a lot of time and energy. Thank you MortgageSENSE.
- Mr and Mrs Chew, Citylights condo
I can access to all banks home loan packages instantly. Not only I can also see my monthly installment amount, I can also see how much interest and principal I am paying for the next 3 years. This is amazing!
- Mr Lee, Watertown condo
Very knowledgeable team! Very detailed comparison which save me a lot of time. Most importantly, its FREE service. Wow!!!
- Lawrence, Hougang HDB

Understanding Home Loan

Maximum loan amount

1st property loan = 80% of property valuation
2nd property loan = 50% of property valuation
3rd property loan = 40% of property valuation

Maximum Loan tenure

65 years - age of applicant = maximum loan tenure (capped at 30 years loan).

If loan amount is 60% (or less) of property valuation, you can take up to 35 years loan.

Home Loan Interest

There are 3 main type of home loan packages that determine your home loan interest rate. They are fixed, floating and Sibor/SOR home loan.

Scroll below for more details.

Different type of home loan packages

Fixed Rate

Banks/ financial institutions will state upfront the fixed interest rate for a number of years. The fixed rate is usually 1-3 years, followed by a floating rate.

Advantage: Simple and straight forward.
Worry-free as it is not affected by the market conditions.

Disadvantage: Interest rate is usually higher compared to a floating rate mortgage.
Generally, it comes with a lock-in period (Eg. 2 years fixed rate = 2 years lock in period).

Floating Rate (board rate)

Interest rate varies and is adjusted based on the banks/ financial institutions discretion. It is usually stated as Mortgage Board Rate – x%.

Advantage: Interest rate is usually lower than fixed rate.

Disadvantage: There is uncertainty as the rate is adjusted based on banks/financial institutions discretion.

Sibor/Sor

Sibor is the rate at which banks lend to one another in SGD. When it falls, so does the mortgage rate of Sibor-linked Mortgages. SOR rate represents the cost of borrowing SGD synthetically through borrowing USD and swap out in return for SGD for the same tenor.
Sibor/ SOR home loan rate are usually stated as 1month Sibor + x%, or 3months SOR + x%.

Advantage: Transparency as Sibor/ SOR rates are made known to the public

Disadvantage: Uncertainty as rate is adjusted based on market conditions.

Documents needed for home loan application

1) Completed Mortgage Loan Application Form for all applicants
2) Photocopy of NRIC or Passport (front and back) for all applicants
3) Income Documents for all applicants:
Self-Employed: Latest 2 year Notice of Assessment
Salaried: Computerised pay slips (latest 3 months) or Latest 1 year Notice of Assessment
4) CPF property statement (if using CPF)
– showing ordinary account balance
5) Option to purchase
6) HDB statement showing no HDB existing HDB loan

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