HSBC Home Loan Review

HSBC Home Loan Review

HSBC is one of Singapore's best home lenders.
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Editor's Rating

4.5

Good for

  • Individuals seeking home loans with low total cost of borrowing
  • Borrowers seeking some of the lowest interest rates available
  • Individuals seeking an interest-offset account for their private home loan

Bad for

  • Borrowers seeking to refinance loans of less than S$500,000

HSBC, one of the worlds largest banks, is also one of Singapore's leading home lenders. In 2017, the bank had S$7.7 billion outstanding in home loans in the country. In addition to being one of the largest lenders, HSBC offers some of the most competitive interest rates for housing loans. The bank offers some of the cheapest loans in terms of total interest cost and interest rate. It also offers SmartMortgage, an interest-offset account, which can help borrowers repay their loan more quickly.

Summary of HSBC's Home Loans
One of Singapore's best banks for home loans
Legal Fee Subsidies: S$2,000 (for loans of at least S$500,000)
Minimum loan principal: S$200,000
Total housing loans in Singapore: S$7.7 billion

Table of Contents

What Makes HSBC Stand Out to Borrowers

HSBC Stands out due to its experience as a home lender and its competitive rates. The bank tends to offer some of the most competitive housing loans in terms of interest rates and total cost. It generally offers great rates for both private and HDB residences as well as fixed and floating rates. Additionally, HSBC offers SmartMortgage, which is a deposit account that earns a SIBOR-pegged interest rate that can be used to repay home loans. SmartMortgage is intended to provide borrowers with a low-risk way to earn interest income that can be used to repay their home loan.

HSBC HDB Home Loans Interest Rates

HSBC generally offers some of the most competitive interest rates for HDB housing loans. As of April 2018, the bank's floating rates were more competitive than its fixed rates. But in months prior, the bank offered some of the best of both rate types. This reinforces the idea that it is important to compare current rates from several banks before choosing a home loan. The table below shows HSBC's current interest rates for HDB loans.

Bank1st Yr InterestLock-in PeriodApply Now
HSBC Board1.6500%2 years
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HSBC Tracker1.8267%2 years
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HSBC Tracker1.7767%2 years
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HSBC Fixed1.9000%3 years
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HSBC Fixed1.8000%2 years
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Similarly, the bank tends to offer some of the best BTO housing loans. Once again, it is crucial to compare rates and total costs before applying for a home loan. The table below shows HSBC's current offerings for loans associated with HDB units under construction.

Bank1st Yr InterestLock-in PeriodApply Now
HSBC Tracker1.8267%0
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HSBC Tracker1.6267%0
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HSBC Private Home Loans Interest Rates

In addition to offering some of the best interest rates for HDB loans, HSBC offers some of the least expensive loans for private residences. The bank's floating rates were more competitive than its fixed rates in April 2018; however, HSBC tended to be competitive for both rate types in previous months. Therefore, it is worth checking its current rates when comparing loans. The table below provides a reference for HSBC's current private housing loan rates.

Bank1st Yr InterestLock-in PeriodApply Now
HSBC Board1.6500%2 years
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HSBC Tracker1.8267%2 years
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HSBC Tracker1.7767%2 years
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HSBC Fixed1.9000%3 years
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HSBC Fixed1.8000%2 years
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HSBC also tends to offer competitive home loan rates for private residences under construction. The table below displays its current rates for these loans.

Bank1st Yr InterestLock-in PeriodApply Now
HSBC Tracker1.8267%0
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HSBC Tracker1.6267%0
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HSBC Refinancing Home Loan Interest Rates

HSBC typically offers some of the best home loan refinancing deals. In particular, it offers some of the lowest floating rates in the market. In April 2018, it was not offering competitive fixed rates, but in previous months it had. This highlights the need for consumers to compare interest rates of several banks before refinancing their home loan.

Bank1st Yr InterestLock-in PeriodApply Now
HSBC Board1.6500%2 years
{"endpoint":"https:\/\/redbrick.valuepenguin.sg\/api\/redbrick","inputs":{"filter_bank":["HSBC"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"refinance","property_type":"hdb","sort":"total_interest_cost","current_financer":"WESTPAC","current_interest_rate":5,"existing_loan_amount":500000},"loan":{"bank_name":"HSBC","name":"Board","interestRateYear1":"1.00","interestRateYear2":"1.00","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Maximum loan tenure for HDB is 30 years","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"TDMR (HSBC)","rt2":"TDMR (HSBC)","rt3":"TDMR (HSBC)","rt4":"TDMR (HSBC)","rt5":"TDMR (HSBC)","rt6":"TDMR (HSBC)","rt1r":"0.6500","rt2r":"0.6500","rt3r":"0.6500","rt4r":"0.6500","rt5r":"0.6500","rt6r":"0.6500","sumYear1":"1.6500","sumYear2":"1.6500","sumYear3":"1.6500","sumYear4":"1.6500","sumYear5":"1.6500","sumYear6":"1.6500","sum":"1.6500","y2":"$2,035","y3":"$2,035","y4":"$2,035","y5":"$2,035","y6":"$2,035","y1":"$2,035","monthly_installments":"$2,035","total_interest_cost":110500}}
HSBC Tracker1.8267%2 years
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HSBC Tracker1.7767%2 years
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HSBC Fixed1.9000%3 years
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HSBC Fixed1.8000%2 years
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Additionally, HSBC offers credits for the legal costs associated with refinancing one's home loan. The bank offers to S$2,000 for all borrowers refinancing loans of S$500,000 or more. This is clearly less appealing to those borrowers that seek to refinance loans of less than S$500,000.

Applicable Fees

Like most banks in Singapore, HSBC charges partial repayment, full redemption and cancellation fees for its home loans. Its fee rates are quite similar to its competitors. The details of its fees are listed in the table below.

Home TypePartial Repayment FeeFull Redemption PenaltyCancellation Fee
Completed Homes1.5%1.5%1.5%
Buildings Under ConstructionN/AN/A1.5%

How to Apply: Application Process

Find the Cheapest Home Loans in Singapore

$
{"defaultValue":"500000","clearOnFocus":true,"label":"Loan Amount","name":"loanAmount","symbol":"$","symbolLocation":"left","showLabel":false}

Home loan applications are typically quite long and complicated. To make your application process more manageable, we suggest that you reach out to our home loan broker partner by clicking any "Enquire now" button on this page.

  • Photocopy of NRIC / Passport
  • Employment pass (foreigners)
  • Latest Notice of Assessment
  • Computerised payslips (salaried applicants)
  • CPF Contribution History (Singaporeans/Permanent Residents)
  • Proof of other income or assets
  • Latest credit facilities statements
  • Option to Purchase / Sale and Purchase Agreement (new purchase)
  • Last 12 months loan account statement (refinance)

How Do HSBC's Rates Compare to Other Bank's Home Loan Rates?

Home loan interest rates change frequently in Singapore. This makes it important to compare the rates in order to obtain the most affordable loan. The table below features updated interest rates for Singapore's top banks.

Bank1st Yr InterestLock-in PeriodApply Now
UOB Board1.6500%2 years
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HSBC Board1.6500%2 years
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DBS Board1.6500%2 years
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SCB Board1.7500%2 years
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HSBC Tracker1.8267%2 years
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