New Home Loan Wizard
Property DetailsUPDATED with the latest 2014 government guidelines
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Loan packages differ between property types. There are also some packages that only apply to uncompleted properties (buildings under construction).
If you are buying an Executive Condominium, select the option that applies to you. You are either buying direct from the property developer (newer ECs) or from the resale market (older ECs).
Your loan % is restricted based on the number of home loans you are currently servicing.
You can get a maximum loan % of:
- 80% (1st housing loan)
- 50% (2nd housing loan)
- 40% (3rd housing loan and beyond)
HDB’s rules require a buyer of (i) an EC unit purchased directly from a property developer, or (ii) a completed/resale or uncompleted HDB/DBSS flat, to sell his/her existing property within six months of TOP/CSC of the EC unit or taking possession of the HDB/DBSS flat.
You must provide the financial institution granting the loan a copy of the signed undertaking to HDB committing to complete the sale of your existing property within the six month period.
This exemption will allow you to be treated as an individual with no outstanding loans.
Your loan tenure is the full duration of the loan. A shorter loan tenure means you pay less interest but higher monthly instalments, while a longer loan tenure means you pay more interest, but have lower monthly instalments.
Your loan % will be reduced further if you violate any other MAS conditions below.
Loan Tenure Conditions:
Your loan tenure is the full duration of the loan repayment period. The maximum loan tenure is 35 years (for private properties and ECs) and 30 years (for HDB flats). However, to qualify for the maximum loan %, your loan tenure cannot exceed 30 years (for private properties & ECs) and 25 years (for HDB flats). The borrower's age also cannot cross 65 years at the end of the loan tenure. Violating these conditions will result in an additional 20% reduction in your loan %.
If you are a single applicant, you cannot service the loan past the 65 year retirement age limit. For joint applicants, banks deduct your "income weighted average age" from 65 years.
A SmartLoans Mortgage specialist will be able to advise you further on this, after you proceed to step 5.
If you have already paid the option fee or are about to, you can expect a faster turnaround time after selecting your loan packages.
The rates you will see next are current rates and are not affected by your answer to this question. You should note however, that banks usually revise their rates monthly.
Fixed rates mean that the interest rates are predetermined and fixed for a duration of 1-5 years (depending on the package). Floating rates fluctuate every other month.
Fixed rates are available only to completed properties and offer stability when it comes to monthly payments. They however start off higher than floating rates.
Floating rates are pegged either to the SIBOR or SOR reference rates and a "spread" is added on to the reference rates. The sum of the reference rate and the spread gives you the total interest rate.
Some packages come with lock-in periods that bind you contractually to the bank for a duration of 1-5 years (depending on the package).
You usually get better rates if you select a lock-in package although penalties are applicable should you make partial prepayments, full prepayment or refinance out of the bank within the lock-in period.
You can think of lock-in periods like telco mobile phone contracts where you get special discounts for signing into a contractual period.
Your Loan Tenure is the full duration of your loan. The maximum tenure is 35 years or until you turn 70, whichever is lower. We recommend 30 - 35 years for first time home buyers. Shorter loan tenures mean you incur higher monthly payments but pay less overall interest. Longer Loan Tenures mean you incur lower monthly payments but will have to pay more overall interest.