| FIXED RATE PACKAGE If you want certainty in interest rates , You can choose FIXED rate packages. A) 2 Years Fixed Rate with 2 Years lock in: 1)Hong Leong Finance: Year 1 at 1.18% fixed, Year 2 at 1.68% fixed, Year 3 at 2.18% floating, thereafter at 3.08% floating. Lock in period is 2 years. Min Loan S$100K. Legal Subsidy at 0.4% or up to S$2,000. 2)RHB: Year 1 at 1.3% fixed, Year 2 at 1.7% fixed, Year 3 at 2.48% floating, thereafter at 3.38% floating. Lock in period is 2 years. Min Loan S$500K. Legal Subsidy at 0.5% or up to S$2,500. B) 3 Years Fixed Rate with 3 Years Lock In: 1)Maybank: Year 1 at 0.88% fixed, Year 2 at 1.9% fixed, Year 3 at 2.3% fixed, thereafter at 3.25% floating. Lock in period is 3 years. Min Loan S$100K. Legal Subsidy at 0.4% or up to S$2,000. C) 5 Year Fixed Rate with 5 Years lock in: 1)Maybank: Year 1 at 0.88% fixed, Year 2 at 2% fixed, Year 3 at 2.25% fixed, Year 4 & Year 5 at 2.5% fixed, thereafter at 3.25% floating. Lock in period is 5 years. Min Loan S$100K. Legal Subsidy at 0.4% or up to S$2,000. FLOATING RATE PACKAGE Pegged to the Bank's respective reference rate, which is influenced by prevailing market conditions The reference rates can be changed by the Bank at its sole discretion. D) Bank Floating Rate With 2 years lock in period package: 1)OCBC: Year 1 at 1.18% floating, Year 2 at 1.38% floating, Year 3 at 1.68% floating, thereafter at 3.75% floating. Lock in period is 2 year. Min Loan S$100K, Legal Subsidy at 0.5% or up to S$2,500. 2)Maybank: Year 1 at 0.8% floating, Year 2 at 1.68% floating, Year 3 at 2.28% floating, thereafter at 2.6% floating. Lock in period is 2 year. Min Loan S$100K, Legal Subsidy at 0.4% or up to S$2,000. If you want transparency in the way banks charge interest rates, you can consider choosing packages pegged to Singapore Inter-bank Offer Rate or Swap Offer Rates. As and when inter-bank offer rates moves up or down, your interest rates would be adjusted as well, and NOT up to the bank's discretion. E) SIBOR/SOR Rate Without lock in penalty period package allow partial repayment: 1)HSBC: Year 1 at SIBOR + 0.95%, Year 2 at SIBOR + 0.9%, thereafter at SIBOR + 0.85%. (choice of 1 or 3 mth SIBOR) Min Loan S$350K. Legal Subsidy at 0.5% or up to S$2,500. F) SIBOR/SOR Rate With 1 year lock in period package: 1)Maybank: Year 1 at 3mth SIBOR + 0.5%, Year 2 at 3mth SIBOR + 1%, thereafter at 3mth SIBOR + 1.25%. Lock in period is 1 year. Min Loan S$100K. Legal Subsidy at 0.4% or up to S$2,500. G) SIBOR/SOR Rate With 2 years lock in period package: 1)HSBC: Year 1 at SIBOR + 0.75%, Year 2 at SIBOR + 0.8%, Year 3 at SIBOR + 0.8%, thereafter is at SIBOR + 1%. (choice of 1 or 3mth SIBOR) Lock in period is 2 year. Min Loan S$100K. Legal Subsidy at 0.5% or up to S$2,500. Please noted that if the package is using SIBOR or SOR rate, the package I had worked out for 3month SIBOR/SOR rate is 0.7% for yr 1, 1% for yr 2 and 1.5% for yr 3 onward. For your information, please note that the current 1 month SIBOR is around 0.31%, 3 months SIBOR is around 0.44% and 3 months SOR is 0.3%. As you may have noticed, the most competitive fixed rate loan packages are Maybank, Hong Leong Finance and RHB; floating rates are from HSBC and Maybank. Attached below are some of the proposed loan analysis for your kind consideration (if you want to know the portion of principal and interest, please click on the package show below under " More" but need to had internet connection). Documents needed to apply a Housing Loan from ALL owners/borrowers: 1. Application form duly filled up and signed (Attached, please find the HSBC bank application form). 2. Photocopy of NRIC (when photocopying, please lighten it and enlarge IC), otherwise, it might not be clear. 3. Photocopy of Payslip (for employed), photocopy of last 2 years tax assessment from IRAS for (for Self-employed). 4. CPF Statement of Account 5. CPF last 12 months contribution history 6. CPF last 12 months transaction history 7. CPF property withdrawal statement (for your existing property) 8. Copy of tenancy agreement (if your property is rented out) 9. Existing bank's latest bank statement to show your repayment record and the current loan outstanding amount.
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