How to Pay Off Your Mortgage Faster Complete: Bank Rate Comparison Guide

Paying off your mortgage faster in Singapore involves comparing bank rates, making extra principal payments, and leveraging refinancing opportunities to reduce loan tenure and total interest. Homejourney's bank rates comparison tool at https://www.homejourney.sg/bank-rates lets you instantly compare rates from DBS, OCBC, UOB, and more while calculating eligibility with Singpass integration for faster approvals[4][5].

This cluster article builds on our pillar guide, How to Pay Off Your Mortgage Faster: Complete Guide | Homejourney, by focusing on bank-specific strategies to accelerate mortgage payments safely and transparently.

Why Compare Bank Rates to Accelerate Mortgage Payoff

Bank rate comparison is key to early mortgage payoff because lower rates reduce interest costs, freeing up cash for extra principal payments that shorten loan tenure. In 2026, with home loan rates at 3-year lows around 1.35%-1.6% for fixed packages, switching banks or repricing can save S$4,100 annually on a S$500,000 loan[4][5].

Homejourney prioritizes your safety by verifying real-time rates from partner banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank. Use our tool to see effective rates including SORA spreads and lock-in penalties without leaving the platform.

Current Singapore Home Loan Rates: Major Banks Comparison (2026)

As of early 2026, fixed-rate loans start from 1.35% p.a. for top packages, with floating SORA-based rates at 1.6%-2.0% effective. Here's a snapshot:

DBS Bank: 2-year fixed at 1.60%, 5-year at 1.80%. Best for penalty-free partial repayments[4].
OCBC Bank: 5-year fixed at 1.55%, SORA + 0.5%. Sevenfold repricing surge in 2025 shows popularity[4].
UOB: 3-year fixed at 1.50%, floating SORA + 0.4%. Strong for HDB loans.
HSBC: Fixed rates from 1.45%, flexible refinancing.
Standard Chartered: SORA + 0.35%, low fees for extras.
Maybank, CIMB, RHB, Public, Hong Leong, Citibank: Rates 1.40%-1.70%, competitive for private properties[5].

Compare all instantly on Homejourney's bank rates page – submit one application via Singpass to let banks compete for your business.

Understanding SORA and Interest Rate Trends

SORA (Singapore Overnight Rate Average) is the benchmark for most floating home loans in Singapore, replacing older rates for transparency. Current 3M SORA hovers at 1.2%-1.5%, making floating rates attractive amid falling trends[4].

The chart below shows recent interest rate trends in Singapore:

As seen in the chart, rates have dropped sharply since 2025 peaks, favoring refinancing to fixed or low-spread SORA loans. Track live SORA on Homejourney to time your moves perfectly.

Actionable Strategies to Pay Off Mortgage Faster

1. Make Extra Principal Payments: Add S$100 monthly to principal – on a S$500,000 loan at 2%, this saves S$12,000 interest and shortens tenure by 18 months[2]. Round up payments (e.g., S$1,950 to S$2,000) for compounding effect[1]. Check lock-in penalties first.

2. Use CPF Optimally: Maximize CPF Ordinary Account for payments, reducing cash outflow. For HDB loans, comply with MSR/TDSR limits[3][7]. See our guide 5 Strategies to Optimize Your Mortgage with CPF.

3. Refinance or Reprice: Switch at lock-in end to lower rates – e.g., from 3% to 1.6% saves S$500/month[4]. Homejourney's multi-bank system connects you to brokers for personalized refinancing.

Calculate savings on Homejourney mortgage calculator.
Compare packages on bank-rates.
Apply via Singpass for offers from all partners.

4. Lump-Sum Prepayments: Use bonuses for principal reduction – cuts tenure by years without refinancing fees[1]. Banks like DBS allow penalty-free partials.

Bank-Specific Tips for Early Mortgage Payoff

Bank	Best For	Extra Payment Perk
DBS	HDB upgraders	Penalty-free up to 20% yearly
OCBC	Fixed-rate seekers	Easy repricing
UOB	Floating SORA	Low spreads
HSBC/SCB	Private properties	Flexible partials

Maybank and CIMB suit investors with competitive investor loans. Always verify on Homejourney – we update rates daily for trust and accuracy.

Homejourney's Safe Path to Faster Payoff

Homejourney builds trust through verified rates, Singpass applications, and broker connections – no hidden fees. Calculate eligibility, compare, and apply in minutes at https://www.homejourney.sg/bank-rates. Pair with property search at https://www.homejourney.sg/search to find homes fitting your accelerated budget.

Disclaimer: Rates change; this is not financial advice. Consult professionals and check MSR/TDSR compliance[7][9]. Homejourney verifies data for your confident decisions.

Frequently Asked Questions (FAQ)

How much extra should I pay monthly to reduce loan tenure?
Adding S$100-S$500 monthly can shorten a 25-year loan by 2-5 years, saving S$10,000-S$50,000 interest. Use Homejourney calculator for your numbers[1][2].

Can I prepay during lock-in period?
Yes, up to 20%-50% penalty-free at banks like DBS/OCBC, but confirm terms. Homejourney shows all details[4].

Is refinancing worth it in 2026?
With rates at lows, yes – save S$500/month on average. Time it post-lock-in via Homejourney[4].

How does CPF help pay off faster?
Max OA usage lowers cash needs; refunds boost principal. Details in Using CPF to Reduce Your Mortgage Burden [3].

Best bank for extra payments?
DBS/Standard Chartered for flexibility. Compare on Homejourney bank-rates.

Ready to accelerate your mortgage payoff? Start with Homejourney's free comparison at https://www.homejourney.sg/bank-rates and link back to our full guide How to Pay Off Your Mortgage Faster: Complete Guide for more strategies.