Everything About Singapore Home Loan Fixed Deposit Rates. Find Out More.

Comparing Singapore Home Loan Fixed Deposit Rates

Comparing Singapore Home Loan Fixed Deposit Rates

Singapore banks have launched various home loans pegged to fixed deposit rates since 2015. Today, 5 banks (3 local – DBS, OCBC, UOB and 2 foreign – Standard Chartered and Maybank) are competing in the market with their attractive home loans.

Each has its own unique points. How do you distinguish FHR18, FDPR, FDMR, FDMR36 and FDR? Let’s look at how each bank define their home loan fixed deposit rates, and then we compare them side-by-side.

DBS Fixed Deposit Home Rate 18 (FHR18)

DBS defines FHR18 as the 18-month fixed deposit rate for amounts within S$1,000 to $9,999 or such other sum as they may specify.

UOB 36-month Fixed Deposit Property Loan Rate (36M FDPR)

UOB defines 36M FDPR as the 36-month fixed deposit rate for amounts less than S$50,000 or such other sum as they specify.

OCBC 36-month Fixed Deposit Mortgage Rate (36M FDMR)

OCBC defines 36M FDMR as the 36-month fixed deposit rate for OCBC Bank individual customers for amounts within S$5,000 to S$20,000 or such other sum as may be determined by them.

Standard Chartered Fixed Deposit Rate (FDR)

Standard Chartered defines FDR as the 48-month time deposit rate for an amount below S$20,000 or such other amount as they may specify.

Maybank 36-month Fixed Deposit Rate (FDMR36)

Maybank defines FDMR36 as the 36-month Fixed Deposit Rate for at least $1000 deposit.

Overall Comparison

Table to compare home loan fixed deposit rates side-by-side

Bank

Home Loan Fixed Deposit Rates

Current

Historical High

Historical Low

DBS

FHR18 - 18-month fixed deposit rate for amounts within S$1,000 to $9,999

0.50%

1.00% in October 2010

0.50% in September 2011

UOB

36M FDPR - 36-month fixed deposit rate for amounts less than S$50,000

0.65%

0.925% in 2009

0.65% in 2011

OCBC

36M FDMR - 36-month fixed deposit rate for OCBC Bank individual customers for amounts within S$5,000 to S$20,000

0.65%

0.925% from 8 November 2005 to 8 March 2009

0.65% in November 2011

SC

48M FDR - 48-month time deposit rate for an amount below S$20,000

0.50%

1.00% in October 2010

0.50% in September 2011

MB

FDMR36M - 36-month fixed deposit rate for an amount from S$1,000

1.20%

1.15% in October 2010

5.625% in January 1998

Which Home Loan Fixed Deposit Rates should you choose?

We noted every bank refers to fixed/ time deposit denominated in Singapore dollars. The tenure ranges from 18-month (DBS) to 48-month (Standard Chartered), while its 36-month for UOB, Maybank and OCBC. Another interesting observation is every home loan fixed deposit rate is actually at its historical low, which is not a surprise given the low interest rate environment.

For those statistical geeks, DBS and Standard Chartered current fixed deposit rates is 0.50% less than their historical high. For UOB and OCBC, it's a mere 0.275%.However, Maybank current rate is a whooping 4.425% away from the previous peak.

Based on purely the FD rate, then DBS and Standard Chartered should be no-brainer, no? We must not forget that banks add a margin to each rate, resulting in an effective interest rate. For example, 48M FDR + 1.00% = 1.50%. This is what the bank will charge the homeowner. Maybank is charging the lowest margin as of January 2017, at a mere 0.18% only.

So what should you do? You should consider the pros and cons of each fixed deposit rate in the above table and compare the effective home loan rates.

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