Best Home Loan Rates Singapore 2026: Fixed vs SORA Compared
In April 2026, fixed-rate home loan packages in Singapore start from 1.40% p.a. for jumbo loans, with typical 2-year fixed rates between 1.45% and 1.65% p.a. SORA-linked packages now sit at roughly 1.65%–1.85% p.a. effective. The fixed-vs-SORA gap is the narrowest it has been since 2022. Here is what every Singapore borrower needs to know about locking in the right package right now.
Current Home Loan Rates in Singapore (April 2026)
Singapore home loan rates fall into two broad categories: fixed-rate packages, which lock your interest rate for a defined period (typically 2–3 years), and floating-rate packages pegged to SORA (Singapore Overnight Rate Average) published by MAS. Both are available for HDB resale flats and private property. What differs is the LTV cap, the lock-in tenor on offer, and which lenders are price-leaders for your loan quantum. For the live picture across all 16+ banks, see our live rate sheet across 16+ banks.
| Package Type | Rate (p.a.) | Applies To | Lock-In |
|---|---|---|---|
| 2-Year Fixed | 1.45%–1.65% | HDB & Private | 2 years |
| 3-Year Fixed | 1.55%–1.80% | HDB & Private | 3 years |
| 5-Year Fixed (Jumbo) | 1.40%–1.55% | Loans ≥ S$1.5M | 5 years |
| SORA-Linked (3M) | 1.65%–1.85% | HDB & Private | 2–3 years |
| HDB Concessionary | 2.60% | HDB BTO & Resale only | None |
| Board Rate (post lock-in) | 3.50%–4.50%+ | All (if not repriced) | None |
Rates are indicative as of April 2026. Individual packages vary by bank, loan quantum, and LTV. The board rate applies after a fixed package expires if you do not reprice or refinance.
The most important number in that table is the board rate. Every borrower who takes a 2-year fixed package and does nothing when it expires will automatically revert to their bank’s board rate — which sits between 3.50% and 4.50%+ p.a. On a S$700,000 loan, that reversion alone can add S$1,000–S$1,400 per month to your instalment. Repricing or refinancing at every lock-in expiry is not optional — it is the single highest-value action a Singapore borrower can take. Use our refinance savings calculator to see the dollar gap on your specific loan.
A fixed rate at 1.50% p.a. vs a board rate at 3.80%–4.50% p.a. — on a S$700,000 loan, the difference is roughly S$1,000–S$1,400 every month. Repricing is not optional.
Fixed vs SORA: Which Is Right for You in 2026?
Fixed Rate
SORA-Linked
In April 2026, fixed and SORA-linked packages are surprisingly close. 3M Compounded SORA sits at 1.0201% p.a., with 1M Compounded SORA at 0.9708% p.a. A SORA-linked package with a 0.55% bank spread runs at roughly 1.57% p.a. effective. On a S$700,000 outstanding loan, that is only about S$60–S$130 per month more than the cheapest mainstream fixed rate. The trade-off now is between certainty (fixed) and flexibility (SORA, which could fall further or rise). Jumbo borrowers (S$1.5M+) often get the tightest SORA spreads of all — sometimes 0.20%–0.30% — which can make SORA cheaper than the headline fixed rate.
Why have rates fallen so far? SORA tracked global rates higher in 2022–2023, peaking above 3.7%. Through 2024 and 2025, easing inflation and softer SGD-USD funding pressure pulled SORA back down. By April 2026 it sits near multi-year lows. Banks have responded by sharpening fixed-rate offers to defend market share — which is why the gap between fixed and floating is so narrow today.
HDB vs Private Property: Does Your Loan Type Affect the Rate?
The short answer: not materially, for bank loans. Both HDB resale buyers and private property buyers can access the same fixed and SORA-linked packages from Singapore banks. The differences lie elsewhere — mostly in how much you can borrow, not how much it costs.
- LTV limits differ: HDB resale buyers using a bank loan are capped at 75% LTV. Private property first-purchase buyers are also at 75% LTV. Second-property buyers drop to 45% LTV, which affects loan quantum but not the rate itself. Run the numbers in our TDSR/MSR affordability calculator.
- MSR applies to HDB, not private: HDB flat buyers face the Mortgage Servicing Ratio cap of 30% of gross income, on top of the TDSR limit of 55%. Private buyers only face TDSR. This caps how much you can borrow, not the rate on offer. Read: TDSR for private property.
- HDB Concessionary Loan is HDB-only: The HDB loan at 2.60% p.a. (no lock-in, up to 80% LTV, CPF can cover the full down payment) is not available for private property. It is more expensive than the cheapest bank fixed rates, but offers flexibility that suits some buyers. Full breakdown: HDB loan vs bank loan.
- Stress test is the same: All Singapore bank loans — HDB or private — are stress-tested at the MAS 4% stress test floor. Your TDSR is calculated at whichever is higher: the actual rate or 4.00% p.a.
What Affects the Rate You Actually Get?
Advertised home loan rates are not guaranteed to every applicant. Banks adjust the effective rate — and their willingness to offer it — based on several factors specific to your profile.
- Loan quantum: Jumbo loans (S$1.5M+) unlock the cheapest rates in the market — including the 1.40% p.a. 5-year fixed, and SORA spreads as tight as 0.20%–0.30%. Smaller loans (<S$300K) may not qualify for certain promotional packages and rarely get full legal fee subsidies. See: best loan for condo / private property.
- LTV ratio: Borrowers at 60% LTV or below are lower risk and sometimes receive preferential pricing. Borrowing at 75% LTV does not disqualify you from the best rates but may narrow legal-fee-subsidy eligibility.
- TDSR headroom: If you are close to the 55% TDSR ceiling, your lender choice narrows. Banks see each other’s exposure via the credit bureau. A broker knows in advance which lenders are most competitive for your debt profile.
- Property type: Completed condos, BUC (Building-Under-Construction) condos, executive condos, and HDB resale flats each have their own price-leader at any given month. The same bank rarely tops every category at once.
- Cashback and subsidies: Some banks offer S$2,000–S$5,000 cashback on disbursement, or full legal fee subsidies worth S$1,800–S$2,800. These do not show up in the headline rate but can shave thousands off your year-one cost. For full property-equity refinancing, see our equity / cash-out loan guide.
Why No Single Bank Has the Best Rate for Everyone
Bank home loan rate promotions in Singapore change monthly. A rate DBS led in January may have been overtaken by OCBC in March and matched by UOB in April. The headline number is only part of the picture — you also need to compare legal fee subsidies, cashback clawback periods, what the rate reverts to after lock-in, and whether the lender’s credit assessment fits your income type (salaried, variable, self-employed, or commission-based). All 16+ MAS-regulated lenders are members of the Association of Banks in Singapore and follow MAS rules — but their pricing strategies differ sharply.
The fastest way to find the genuinely cheapest home loan rate in Singapore for your profile is to approach all 16+ lenders at once. An independent broker does exactly that — at no cost to you. The bank pays the referral fee on disbursement. You receive a side-by-side comparison of every live package, including spreads and subsidies that are not published on any bank’s public rate sheet. Start with our live rate sheet across 16+ banks.
What to Do Right Now
- New purchase (HDB or private): Get In-Principle Approval (IPA) before making an offer. The IPA confirms loan eligibility and gives you a 30-day rate hold. CPF planning matters too — see using CPF OA for property.
- Existing loan approaching lock-in expiry: Start comparing packages 3–4 months before expiry. Repricing or refinancing from a 3.80% board rate to a 1.55% fixed saves roughly S$1,100–S$1,300 per month on a S$700K balance. Full guide: when to refinance.
- Currently on a SORA-linked package taken in 2022–2023: Your spread was set when SORA was much higher. Check your lock-in expiry date now. If you are within 3–4 months of it, this is your single highest-value action of 2026.
- Jumbo borrowers (S$1.5M+): The cheapest rates in the market are reserved for you, but they are not advertised. Brokers see broker-only desks and tighter spreads that walk-in customers do not.
Your Mortgage Broker
Talk to Dan Ler — Nexus Mortgage SG
I compare home loan rates across all 16+ Singapore lenders simultaneously and give you a no-obligation side-by-side comparison. No bank preference, no hidden fees — my service is free and the bank pays the referral fee on disbursement.
WhatsApp Dan — Free Rate Comparison →See how much your instalment changes at different rates: use the free Advanced Mortgage Calculator
Or read first: Singapore Mortgage Free Report — the full fixed-vs-SORA decision framework, rate-shopping checklist and lock-in timing worksheet in one PDF.
Further Reading
- Singapore Mortgage Free Report — Dan's complete rate-shopping playbook with worked instalment examples across fixed, SORA and hybrid packages, in one downloadable PDF
- HDB Loan vs Bank Loan: Which Is Right for You? — full comparison of the HDB Concessionary Loan against the best bank fixed rates available today
- When to Refinance Your Home Loan in Singapore (2026) — the exact process and timing to move from your expiring package to the best available rate
- Understanding the MAS 4% Stress Test (2026) — how the stress floor rate determines your maximum borrowable amount at any rate level
- TDSR & MSR Explained for Singapore Property Buyers — the debt ratio limits that cap how much you can borrow regardless of the rate
- MAS: SORA (Singapore Overnight Rate Average) — live daily SORA rates published by MAS
- MAS: TDSR for Property Loans — official MAS explainer on how TDSR is calculated
Nexus Mortgage SG is an independent mortgage advisory in Singapore. This article is for general informational purposes and does not constitute financial advice. Interest rates quoted are indicative and based on conditions as of April 2026. Bank lending guidelines and MAS regulations are subject to change. Please consult a qualified mortgage adviser before making any financial decisions.