Best Home Loan Rates Singapore Feb 2026: Bank Comparison Guide

Best Home Loan Rates Singapore February 2026: Your Complete Bank Comparison Guide

As of February 2026, Singapore's home loan rates have reached 3-year lows, with fixed mortgage rates now roughly half what they were in January 2025.[4] The lowest fixed rates for private properties and HDB flats start from 1.35%, while floating rates begin at 1M SORA + 0.25% (approximately 1.36%).[3] For HDB loans, promotional rates are even more competitive, with some banks offering 2-year fixed rates as low as 1.45% to 1.50%.[1] This represents a significant opportunity for both first-time buyers and those considering refinancing.

Understanding which bank offers the best rate for your specific situation requires more than just comparing headline numbers. Loan amounts, lock-in periods, property types, and your personal financial profile all influence the actual rate you'll receive. Homejourney's bank rates comparison tool lets you compare rates from all major Singapore banks instantly and calculate your eligibility in seconds.

Current Market Rates: What's Available in February 2026

The mortgage market in Singapore has transformed dramatically over the past year. Fixed-rate home loans that cost around 3% in early 2025 now sit between 1.4% and 1.8% for most borrowers.[5] This shift reflects broader economic trends and increased competition among banks to capture market share.

The chart below shows recent interest rate trends in Singapore to help you understand how rates have moved:

Rates vary significantly based on loan tier. Banks typically reserve their lowest rates for larger loans—usually above S$1 to S$2 million—which they don't advertise online.[3] However, even standard borrowers have access to highly competitive rates compared to historical averages.

Fixed Rate Mortgages: Stability and Predictability

Fixed-rate loans lock in your interest rate for a set period, typically 2 to 3 years.[2] This provides payment certainty and protects you if rates rise. Current fixed rates for resale properties and HDB flats range from 1.48% to 1.75% for 2-year terms, depending on the bank and loan amount.[1]

Key advantages of fixed rates:

Predictable monthly payments for the lock-in period
Protection against future rate increases
Easier budget planning
Currently at historically low levels

After the lock-in period expires, most fixed-rate mortgages convert to floating rates pegged to SORA (Singapore Overnight Rate Average). Some banks offer "free conversion" features that let you switch to floating rates without penalty after 12, 24, or 36 months.

Floating Rate Mortgages: Flexibility and Lower Initial Rates

Floating rates are typically lower than fixed rates and adjust quarterly based on SORA movements. Most banks offer floating rates at 1M SORA + 0.25% to 1M SORA + 1.00%, depending on the loan amount and lock-in period.[2][3]

For example, if 1M SORA is currently 1.11%, a floating rate of 1M SORA + 0.25% would equal approximately 1.36%. As SORA changes, your rate adjusts accordingly—potentially saving you money if rates fall, but costing more if rates rise.

Key advantages of floating rates:

Lower initial rates than fixed mortgages
Potential savings if SORA decreases
Greater flexibility to refinance
Suitable for short-term holders

Bank-by-Bank Rate Comparison: February 2026

The following comparison reflects current promotional and standard rates available in February 2026 for resale properties and HDB flats. Rates vary based on loan amount, property type, and borrower profile.

DBS Bank: Market Leader with Competitive Rates

DBS maintains a dominant position in Singapore's mortgage market, particularly for HDB loans. The bank absorbed POSB into its operations, giving it the largest pool of Singapore dollar funds and enabling competitive fixed rates.[3]

Current DBS rates (February 2026):

2-year fixed: 1.75% for resale properties
3-year fixed: 1.70% for HDB flats
POSB HDB loan (3-year fixed): 1.55% with no early repayment penalty
Floating rates: 1M SORA + spreads starting from 0.80%

DBS's POSB HDB loan product has seen exceptional take-up, with application rates increasing 13 times between October and November 2025 compared to the start of the year.[4] This product appeals particularly to HDB buyers seeking simplicity and competitive rates without lock-in penalties.

OCBC Bank: Competitive Rates with Strong Customer Service

Current OCBC rates (February 2026):

2-year fixed: 1.65% for resale properties
Floating rates: Available with various lock-in periods
Cash rebates: S$2,000-2,800 for refinancing depending on loan amount

UOB (United Overseas Bank): Flexible Terms and Features

UOB offers competitive rates with flexible conversion features, allowing borrowers to switch from fixed to floating rates without penalty after specified periods.

Maybank: Promotional Rates and SORA Options

Current Maybank rates (February 2026):

2-year fixed: 1.65% for resale properties
1M SORA + 0.80% or 3M SORA + 0.70% for floating rates
1-year lock-in period with up to 50% prepayment flexibility

Standard Chartered: SORA-Pegged Mortgages

Current Standard Chartered rates (February 2026):

2-year fixed: 1.68% for resale properties
3M Compounded SORA + 1.00% for floating rates (approximately 3.45% today)
2-year lock-in with quarterly rate adjustments

HSBC: Premium Service with Competitive Rates

Current HSBC rates (February 2026):

2-year fixed: 1.70% for resale properties
Floating-rate options pegged to SORA with flexible terms

HDB Loans vs. Bank Loans: Which Should You Choose?

HDB loans and bank loans serve different borrower needs. Understanding the differences helps you make the right choice for your situation.

HDB Loans:

Concessionary rate of 2.6% p.a. (reviewed quarterly)
Loan-to-Value (LTV) ratio up to 75%, requiring 25% down payment
Down payment can be fully paid using CPF OA savings
Maximum tenure: 25 years or until age 65
No lock-in period or early repayment penalties
Requires HDB Flat Eligibility (HFE) letter

Bank Loans:

Lower rates available (currently 1.35%-1.75% for fixed rates)
LTV ratio up to 75% for first property (25% down payment required)
At least 5% down payment must be in cash; remaining 20% can use CPF OA
Maximum tenure: 30-35 years depending on property type
Typical lock-in period: 2-3 years with early repayment penalties
Subject to Total Debt Servicing Ratio (TDSR) of 55% of gross monthly income

Mortgage experts recommend taking advantage of the current gap between HDB and bank loan rates if you're prepared for potential rate volatility and understand that you cannot return to HDB loans in the future.[4]

Key Factors That Affect Your Actual Rate

The rates quoted above represent promotional or standard offerings. Your actual rate depends on several factors:

Loan Amount

Larger loans attract lower rates. Banks don't advertise their best rates online because they're reserved for loans above S$1-2 million.[3] Even if your loan is smaller, you'll still access competitive rates—just not the absolute lowest tier.

Credit Profile and Income

Your credit score, employment stability, and debt servicing ratio influence the rate you receive. Borrowers with strong credit profiles and stable income typically qualify for better rates.

Property Type

HDB flats, resale condos, new launch properties, and landed homes may have different rate structures. HDB loans are generally more favorable than bank loans for HDB purchases.

Lock-in Period

Longer lock-in periods (3 years vs. 2 years) sometimes offer slightly lower rates. However, shorter lock-in periods provide more flexibility.

Fixed vs. Floating: Which Rate Type Should You Choose?

The choice between fixed and floating rates depends on your risk tolerance, market outlook, and personal circumstances.

Choose fixed rates if you:

Prefer payment certainty and predictable budgeting
Believe interest rates will rise in the future
Want to lock in currently low rates
Have limited financial flexibility for rate increases

Choose floating rates if you:

Can handle potential payment increases
Believe SORA will remain stable or decrease
Plan to refinance or sell within 2-3 years
Want to benefit from lower initial rates

Many borrowers split the difference by taking a fixed-rate loan for the lock-in period, then converting to floating rates when rates are expected to fall.

How to Find Your Best Rate: A Step-by-Step Process

Finding the best home loan rate requires systematic comparison and understanding your borrowing capacity.

Step 1: Calculate Your Borrowing Power

Use Homejourney's mortgage eligibility calculator to determine how much you can borrow based on your income, existing debts, and the property's value. This prevents you from wasting time on properties outside your budget or applying to banks that won't approve you.

Step 2: Compare Rates Across All Banks

Visit Homejourney's bank rates page to compare current rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and other major lenders. Rates update in real-time, ensuring you see the latest offerings.

Step 3: Understand the Total Cost, Not Just the Rate

A lower rate doesn't always mean the lowest total cost. Consider:

Lock-in period and early repayment penalties
Conversion features and flexibility
Processing fees and valuation charges
Cash rebates for refinancing
Rate after the lock-in period expires

Step 4: Apply to Multiple Banks Simultaneously

Submit one application through Homejourney and receive offers from all major banks. This lets banks compete for your business, often resulting in better rates than if you applied individually. Use Singpass to auto-fill your application in seconds for faster approval.

Step 5: Negotiate and Lock In Your Rate

Once you receive offers, negotiate with your preferred banks. Mention competing offers to encourage them to improve their terms. Lock in your rate as soon as you're satisfied—rates can change daily.

Refinancing Opportunities in February 2026

If you already have a home loan, refinancing to a lower rate could save you thousands of dollars over your loan tenure. Current refinancing rates are particularly attractive.

Current refinancing rates (February 2026):