{"id":7863,"date":"2016-11-28T02:48:19","date_gmt":"2016-11-27T18:48:19","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=7863"},"modified":"2022-07-01T04:05:14","modified_gmt":"2022-06-30T20:05:14","slug":"mortgage-loan-finance-hdb","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/mortgage-loan-finance-hdb\/","title":{"rendered":"Which is the best HDB home loan to finance your flat&#8217;s mortgage?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span style=\"font-weight: 400;\">Many Singaporeans ultimately wish to be able to live in a private condominium, but little do we appreciate the fact that our public housing is actually <\/span><a href=\"http:\/\/edition.cnn.com\/2015\/10\/29\/asia\/singapore-public-housing\/\"><span style=\"font-weight: 400;\">one of the best in the world<\/span><\/a><span style=\"font-weight: 400;\">. With more than 80 percent of Singaporeans living in HDBs, \u00a0citizens have become proud homeowners thanks to the continuous efforts of the government.<\/span><\/p>\n<figure id=\"attachment_7864\" aria-describedby=\"caption-attachment-7864\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-7864\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/11\/hdb-flats.jpg\" alt=\"Deciding on the best HDB home loan can be tough\" width=\"800\" height=\"532\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/11\/hdb-flats.jpg 617w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/11\/hdb-flats-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/11\/hdb-flats-440x294.jpg 440w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-7864\" class=\"wp-caption-text\">Deciding on the best HDB home loan can be tough<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, housing has become more expensive in recent years. As a result, home-owners need to be more discerning when it comes to financing their homes. Even if it is with the help of government, servicing the mortgage loan for a HDB (for both BTOs and resale) can certainly be problematic.. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not sure how to decide on a suitable HDB home loan? \u00a0We&#8217;ve got some tips for you. <\/span><\/p>\n<h3><b>HDB home loan vs Bank loans<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When you buy an HDB flat, you have the choice of either taking up the HDB concessionary loan or a HDB loan from the bank. The HDB concessionary loan is essentially a flat-rate loan that is pegged at 0.1 percent above the CPF Ordinary Account interest rate. Currently, that will be at 2.6 percent. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, HDB bank loans work similarly to bank loans for private properties. Most are pegged to a benchmark rate, such as the <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/sibor-rate-and-sor-rate-what-is-it\/\"><span style=\"font-weight: 400;\">Singapore Interbank Offered Rate<\/span><\/a><span style=\"font-weight: 400;\"> (SIBOR), can be floating or fixed rate loans, and may or may not require a lock-in period. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are some key differences between the two that you need to consider when making a choice:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Interest rate<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The HDB concessionary loan has a very stable interest rate which hasn&#8217;t changed much in the last few decades. This works well for those who want to know exactly how much they need to pay every month, instead of bearing the risk of your monthly repayments increasing by a few hundred dollars in the coming years. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having said that, in the last 5 years, SIBOR rates have been exceptionally low (as low as 0.56 percent), bringing most mortgage loan rates below the HDB&#8217;s 2.6 percent. If this phenomenon continues, you will probably be able to save a few thousand dollars over the years of repayment with a bank loan. \u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<ul>\n<li><b>Loan-to-Value Ratio<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The loan-to-value (LTV) ratio is a limit on the loan amount a lender can offer you based on your property&#8217;s value. With a bank loan, you can loan up to 80 percent of the value, while an HDB loan gets you 90 percent. <\/span><\/p>\n<ul>\n<li><b>Downpayment<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Downpayment can be a struggle for some people since it can easily be a 5-figure sum you\u2019ll need to pay upfront. The good thing about a HDB loan is that the down payment is only 10 percent whereas you need to pay 20 percent down payment for a bank loan. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the 10 percent down payment for an HDB loan can be fully paid by your CPF money, which means you basically do not need to fork out any extra cash. For a bank loan, you can pay up to 15 percent from your CPF money, but 5 percent has to be made in cash.. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So in the example of a S$500,000 HDB apartment:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">HDB loan &#8211; \u00a0borrow up to $450,000, $50,000 from your CPF and no cash payment required<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bank loan &#8211; \u00a0borrow up to $400,000, $75,000 from your CPF and $25,000 in cash<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Early Repayment<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bank loans typically issue an early repayment penalty at about 1.5 \u00a0percent within the lock-in period. You will not have this problem with an HDB concessionary loan. This can be helpful for those who are expecting a sum of money in the near future, perhaps from their endowment policy or inheritance, so that they can pay off some of their mortgage in a lump sum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, if you are looking for a stable monthly repayment rate, an HDB concessionary loan may suit you more. For those who can take the risk of interest rate fluctuations or intend to sell off the HDB flat within a shorter period of time, a bank loan may be better for interest savings. <\/span><\/p>\n<h3><b>Choosing A Suitable HDB Bank Loan<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you&#8217;ve decided that you prefer to take up a mortgage loan from a bank because of the lower interest rates offered, which ones should you choose?<\/span><\/p>\n<ul>\n<li><b>POSB HDB home loan<\/b><\/li>\n<\/ul>\n<p>This mortgage loan is based on the fixed deposit home rate +1.58 percent, and guarantees that the rate you get for the first 5 years will be lower than the HDB concessionary loan. While the current rate is at 2.18 percent, the bank guarantees a rate cap at 2.5 percent, at least for the first 5 years.<\/p>\n<p><span style=\"font-weight: 400;\">If you are deciding between this and the HDB concessionary loan, you will definitely pay a lower rate with the <\/span><a href=\"http:\/\/www.posb.com.sg\/personal\/landing\/loans\/hdbloan\/index.html?pid=sg-posb-vanity-hdbloan-loans\"><span style=\"font-weight: 400;\">POSB HDB Loan<\/span><\/a><span style=\"font-weight: 400;\">. On top of this, this loan also offers the borrower the flexibility of repaying your loan partially or in full without incurring a prepayment fee. <\/span><\/p>\n<ul>\n<li><b>Standard Chartered 48-Month FDR<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Similar to other banks providing fixed-deposit rate(FDR) loans, Standard Chartered is the only foreign bank which has jumped on the FDR-loans wagon to offer the lowest reference rate amongst the other banks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it launched earlier this year, \u00a0the all-in reference rate for Year 1 was at 1.65 percent, compared to UOB and DBS at 1.8 percent. There were of course other differences between these loans, such as the offer of varying subsidies. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Comparatively to the rest, the reference rate given by Standard Chartered is now at 0.50 percent, compared to the average of 0.6 or 0.65 percent the other banks are offering. Of course, the all-in rate depends on the spread as well, which Standard Chartered is offering at a promotional rate of 0.5 percent for year 1, followed by 0.9 percent for year 2. \u00a0<\/span><\/p>\n<h3><b>Which HDB home loan should you take up?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Let us do a simulation of the interest payable for someone looking to buy an HDB apartment worth S$500,000 dollars. Based on loan amount of $400,000 on a 25-year tenor:<\/span><\/p>\n<table style=\"height: 409px;\" width=\"581\">\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Mortgage Loan<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><b>HDB Concessionary Loan<\/b><\/td>\n<td style=\"text-align: center;\"><b>POSB HDB Loan<\/b><\/td>\n<td>\n<p style=\"text-align: center;\"><b>Standard Chartered 48-month FDR<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Conditions<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">&#8211; <\/span><a href=\"http:\/\/www.hdb.gov.sg\/cs\/infoweb\/residential\/financing-a-flat-purchase\/housing-loan-from-hdb\/eligibility-conditions\"><span style=\"font-weight: 400;\">Need to meet HDB loan criteria<\/span><\/a><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">&#8211; New HDB Owners<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Minimum loan of S$100,000<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">&#8211; Minimum loan of S$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Year 1 interest rate<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.6%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.18%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1 %<\/span><\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Monthly Repayments<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">S$1,815<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">S$1,731<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">S$1,508<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><b>Total Repayments for first year<\/b><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">S21,780<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">S$20,772<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">S$18,096<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">As you can see from the table above, the cheapest loan among the three will be the Standard Chartered 48-month FDR loan. With the first year rate at just 1 percent, it is quite an unbeatable offer in the market. Although the second year rate will increase to a 0.9 percent spread + 0.5 percent FDR rate, it \u00a0will still be just 1.4 percent. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, be very cautious that since FDR is considered aboard rate, banks will be able to change the rate at their discretion. It is thus very important to consider refinancing options after that, should interest rates increase drastically. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another word of caution is that you will not be able to go back to getting a HDB home loan if you started out with a bank loan, whereas you can do it the other way round. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That said, <\/span><span style=\"font-weight: 400;\">while a HDB home loan is an excellent choice if you value stability, there are smart savings to be made if you are diligent enough to monitor the market and choose your home loans accordingly.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home-owners need to be discerning when it comes to financing. We&#8217;ve got some tips on deciding the most suitable HDB home loan for your flat.<\/p>\n","protected":false},"author":37,"featured_media":54539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53631,53632,53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","12":"entry","13":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which is the best HDB home loan to finance your flat&#039;s mortgage?<\/title>\n<meta name=\"description\" content=\"Home-owners need to be discerning when it comes to financing. 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