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Are you paying too much for your home loan?
With bank promotions constantly changing, it can be hard to know which bank actually offers the lowest home loan rates in Singapore. Many homeowners end up paying more than they need to, simply because comparing across all the banks is such a hassle.
In this guide, I’ll break down the basics of home loan packages in Singapore and show you a free online tool that lets you compare mortgage rates from DBS, UOB, OCBC, Standard Chartered, HSBC, Citibank, CIMB, and more — instantly. The best part? It takes less than 10 minutes to see if you’re really getting the best deal.
Understanding Home Loan Packages in Singapore
Before you start comparing, it’s important to know the two main types of home loan packages:
- Fixed Rate Packages
Your interest rate is locked in for a certain number of years, usually 1–3 years. These provide stability, but they may not always be the cheapest option. - Floating Rate Packages
These are pegged to benchmarks like SORA (Singapore Overnight Rate Average) or a bank’s fixed deposit rate. Floating rates often start lower than fixed rates, but they can rise if market interest rates go up.
Besides the interest rate itself, pay close attention to:
- Lock-in Period – how long you must stay with the bank before switching.
- Free Conversion / Repricing – whether you can change packages within the same bank without penalties.
- Redemption Fees – penalties for full or partial repayment during the lock-in period.
These conditions can significantly affect the total cost of your loan, so don’t decide based on interest rates alone.
A Free Tool to Compare All Banks Instantly
Traditionally, comparing mortgages meant calling up multiple banks or meeting different bankers. Today, you can do this online in just a few clicks.
One platform I recommend is Cashew, a mortgage brokerage website that compares all major banks in Singapore.
Here’s how it works:
Step 1 : Sign up for a free account.
You can use my affiliate link here to create an account. All sign ups help support my page at no cost to you.
Step 2: Go to “Mortgage Explorer” (top menu). This is the home-loan screener across all banks.
Step 3: Property Type: Choose Private / HDB / Commercial.
Step 4: Under Property Status: Choose between Completed or BUC (Building Under Construction).
Step 5: Under Purpose: Choose between New Purchase or Refinance.
Step 6: Under Rate Type: Choose from Fixed, Floating or Both
Step 7: Under Loan Amount: Enter your Loan Amount
I usually set my Lock-in Period between 0 to 5 years and my Fixed Rate Period between 1 to 5 years — this gives me the widest range of loan packages to choose from
In seconds, Cashew generates a side-by-side comparison of the most relevant packages across banks. You’ll see the interest rates, monthly instalments, lock-in terms, and even perks like subsidies — all in one dashboard.
Compare rates for free here: Get Instant Access to Cashew
Limited-Time Cashback Promotion (Sept–Oct 2025)
If you’re planning to refinance or take up a new home loan soon, there’s good news. Cashew is currently running a cashback promotion for new clients from 4 September 2025 to 31 October 2025.
This means that on top of securing a competitive rate, you could also enjoy cashback rewards and legal subsidies from participating banks — extra savings on top of lower interest rates.
Full details here: Cashew Cashback Promotion
Final Thoughts
Even a 0.5% difference in your mortgage rate can save you thousands over the life of your loan. That’s why it pays to compare across all the banks before committing.
With tools like Cashew, it’s never been easier to find the best home loan rates in Singapore 2025, whether you’re buying a new property or refinancing an existing one.
Ready to check your rates?
Click here to compare the latest home loan packages on Cashew
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Please consult a licensed advisor before making financial decisions.
