Which Singapore bank has the lowest home loan rate in May 2026?

Indicative middle-of-band rates this cycle have OCBC's 2-year fixed at around 2.60% p.a. (year 1), with SCB at 2.62% and DBS at 2.65% close behind. SORA-pegged floating packages sit around 3.05-3.15% p.a. Lowest year-1 rate is not the same as lowest net cost — cashback, lock-in, and your loan size all matter. Use the Mortgage Rate Comparison Calculator to rank packages by net cost over 2/3/5 years.

Fixed vs floating home loan rate in Singapore — which is better in 2026?

Fixed-rate packages (2-year or 3-year) give certainty: the rate is locked, your monthly payment is predictable, lock-in is typically 2-3 years. Floating packages tied to 3M SORA reset every 3 months — they're cheaper in a falling-rate environment but riskier when SORA climbs. As of May 2026, fixed rates (~2.60-2.75%) are cheaper than floating (~3.05-3.15%) because banks priced in further MAS easing. Pick fixed if you value predictability, floating if you want to ride future rate cuts and can stomach short-term swings.

How much cashback do Singapore banks offer on home loans?

Bank cashback is typically $1,000-$2,200 depending on loan size and package. OCBC's 3-year fixed offers around $2,200; UOB and DBS 3-year fixed around $2,000-$2,100. SORA-pegged packages offer smaller cashback ($800-$1,200). Cashback is one-off, paid after the loan disburses. Some banks call it 'subsidy' instead — same idea. Don't pick a package on cashback alone; over a 3-year window, a 0.10% rate difference on a $800K loan dwarfs a $500 cashback gap.

Does the cheapest home loan rate apply to my loan size?

Most banks have a minimum loan amount — typically $500K for DBS, UOB, and Maybank; $400K for OCBC; $300K for Standard Chartered. If your loan is below the minimum, that package is not available to you. The comparison calculator filters out packages your loan amount doesn't qualify for. For smaller loans (under $300K), Standard Chartered is usually the only option among the majors.

Lock-in period — what is it and why does it matter?

Lock-in is the minimum period you must stay in the package. Break it early (by refinancing or selling) and you pay a 1.5% penalty on the outstanding loan. Fixed-rate packages are typically 2-3 years lock-in; floating packages 0-1 year. Longer lock-in = lower headline rate but less flexibility. If you might sell or refinance within 2 years, prioritise short or no lock-in even at slightly higher rates.

How often should I compare home loan rates?

Singapore banks change home-loan rates monthly (sometimes mid-month if SORA moves sharply). If you're shopping for a fresh purchase, get fresh quotes from at least 3 banks within the same week. If you have an existing loan, check rates 3-6 months before your lock-in ends — that's when banks send repricing letters and the comparison decision matters most.

What's the difference between repricing and refinancing in this context?

Repricing = same bank, new package (no legal fees, no valuation, 1-2 weeks). Refinancing = different bank (legal $1,800-$3,000, valuation $200-$500, 6-8 weeks). The Mortgage Rate Comparison Calculator focuses on raw package economics — interest + cashback over the window. To factor in friction costs for an existing loan, also use the [Mortgage Refinancing Calculator](/housing/mortgage-refinancing-calculator) and [Mortgage Repricing Calculator](/housing/mortgage-repricing-calculator).

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Best Home Loan Rates in Singapore (May 2026) — Bank-by-Bank Comparison

verifiedBy Smart Calculator Editorial·Verified against official .gov.sg sources·21 May 2026

DBS, OCBC, UOB, Standard Chartered, Maybank — current 2-year fixed, 3-year fixed, and SORA-pegged home loan rates compared side-by-side. Net cost after cashback, lock-in periods, minimum loan amounts. Refreshed monthly.

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Singapore home loan rates change every month — sometimes more often if 3M SORA moves sharply. For a $800,000 loan, a 0.10% rate gap costs you roughly $2,400 of interest over 3 years. Across the 5 major mortgage lenders (DBS, OCBC, UOB, Standard Chartered, Maybank), the spread between the cheapest and most expensive 2-year fixed package this cycle is around 0.15% — which is real money. This guide compares the indicative May 2026 rates package-by-package, explains the trade-offs between fixed and floating, and shows how cashback shifts the rankings.

Rates below are illustrative middle-of-band figures from public bank disclosures. Banks change rates monthly. ALWAYS verify with the bank's current home-loan page or your relationship manager before applying.

Quick answer: which bank wins for May 2026?

For a typical $800,000 25-year loan compared over 3 years: OCBC's 2-year fixed (~2.60% year 1 → 3.05% year 3) and Standard Chartered's 2-year fixed (~2.62% year 1 → 3.00% year 3) are running near the top of the rankings after cashback. DBS and UOB sit close behind. Floating SORA-pegged packages are 30-50 bps higher this cycle. Run your exact loan amount through the Mortgage Rate Comparison Calculator — the ranking shifts with loan size, tenure, and your chosen comparison window (2, 3, or 5 years).

How the 5 major SG banks compare (May 2026)

DBS Bank

2-year fixed: ~2.65% p.a. years 1-2, reverts to ~3.00% year 3+. 2-year lock-in. Cashback ~$1,500 (new purchase only).
3-year fixed: ~2.70% p.a. flat for 3 years. 3-year lock-in. Cashback ~$2,000.
3M SORA + spread: ~3M SORA + 0.65% (≈3.10% p.a. at current SORA). No lock-in. Cashback ~$1,000.
Minimum loan: $500,000.
Distinctive feature: Singapore's largest mortgage book; rate is rarely the absolute lowest, but reliability and relationship-manager access are strong. Refinancing-bound customers get legal fee subsidy of ~$1,800 instead of cashback.

OCBC Bank

2-year fixed: ~2.60% p.a. years 1-2, reverts to ~3.05% year 3+. 2-year lock-in. Cashback ~$1,800. Lower minimum loan ($400K).
3-year fixed: ~2.75% p.a. flat for 3 years. 3-year lock-in. Cashback ~$2,200 (highest among 3-year fixed).
3M SORA + spread: ~3M SORA + 0.60% (≈3.05% p.a.). Tightest SORA spread this cycle. Cashback ~$1,200.
Minimum loan: $400,000.
Distinctive feature: OCBC RateLock+ option (additional fee) lets you lock the floating rate mid-tenure if SORA spikes. Lowest 2-year fixed rate this cycle.

UOB

2-year fixed: ~2.68% p.a. years 1-2, reverts to ~3.10% year 3+. 2-year lock-in. Cashback ~$1,600.
3-year fixed: ~2.72% p.a. flat for 3 years. 3-year lock-in. Cashback ~$2,100.
3M SORA + spread: ~3M SORA + 0.70% (≈3.15% p.a.). Wider spread than competitors this cycle. Cashback ~$1,000.
Minimum loan: $500,000.
Distinctive feature: Existing-customer-only package occasionally available with 5-10 bps discount — ask if you bank with UOB for savings/investment.

Standard Chartered (SCB)

2-year fixed: ~2.62% p.a. years 1-2, reverts to ~3.00% year 3+. 2-year lock-in. Cashback ~$1,500. Lowest minimum loan ($300K).
MortgageOne (offset): ~3.00% p.a. — but linked deposit reduces interest charged. No lock-in. Unique structure.
3M SORA + spread: ~3M SORA + 0.60% (≈3.05% p.a.). Cashback ~$1,000.
Minimum loan: $300,000 (lowest in market).
Distinctive feature: MortgageOne offset facility — interest is charged only on the loan balance minus the linked deposit. If you keep $200K in the deposit account, you only pay interest on (loan − $200K). Useful for buyers with significant cash reserves.

Maybank Singapore

2-year fixed: ~2.70% p.a. years 1-2, reverts to ~3.15% year 3+. 2-year lock-in. Cashback ~$1,400.
3M SORA + spread: ~3M SORA + 0.65% (≈3.10% p.a.). Cashback ~$800.
Minimum loan: $500,000.
Distinctive feature: Smaller share of SG mortgage market — competitive rates for select cycles. Often most aggressive in months when DBS/OCBC/UOB are quiet.

Fixed vs floating: which to choose in 2026

This depends entirely on your view of where SORA goes from here.

Pick fixed (2y or 3y) if:

You value predictability — same monthly payment for the lock-in period
You think rates won't fall meaningfully (or will rise) in the next 2-3 years
You won't sell or refinance during the lock-in (a 1.5% penalty would wipe out the savings)
Your loan is $500K+ and you can capture the best fixed pricing

Pick floating (3M SORA-pegged) if:

You think SORA will fall further (currently ~2.40% in May 2026, down from peaks above 3.7%)
You want flexibility — most floating packages have no lock-in or a 1-year lock-in
You're comfortable with the payment changing every 3 months
You're keeping cash reserves and want the optionality to switch packages when rates move

A hybrid strategy some buyers use: take a 2-year fixed now (lock in current rates) → reassess in year 2 and either reprice or refinance into floating if SORA has fallen. The Mortgage Repricing and Refinancing Calculators on this site walk through that decision in detail.

What "net cost" actually means in the calculator

The Mortgage Rate Comparison Calculator ranks packages by net cost = total interest paid over the comparison window − cashback received.

Why this matters: a 2-year fixed at 2.60% with $1,800 cashback often beats a 2-year fixed at 2.55% with $1,000 cashback — because the cashback gap ($800) outweighs the rate gap on a typical loan.

Three caveats to remember when reading the ranking:

Legal fee subsidy is NOT deducted from net cost in the headline ranking. That subsidy typically only applies to refinancers, not new purchases, and varies by package. If you're refinancing, add the subsidy ($1,800-$2,000) to the bank you're considering as a tie-breaker.
Lock-in penalty risk is not priced in the headline. If there's any chance you'll need to break the lock-in (selling, divorce, job relocation), prefer shorter lock-in even at slightly higher cost.
Floating-rate projections are flat in the calculator (using the current floating rate throughout). Real floating rates will move with SORA — usually within a 50-100 bps band over a 3-year window.

How to use the comparison calculator

Enter your loan amount (typically your purchase price minus 25% downpayment minus any cash on hand — for an $800K HDB resale or $1M condo, that's commonly $600K-$800K of borrowing).
Set the tenure (HDB loans cap at 25 years; private loans go to 30 years; banks usually accept up to 35 years).
Choose the comparison window — 2 years if you plan to reprice/refinance at lock-in end; 3 years if you're going with a 3-year fixed; 5 years if you want a longer-view comparison.
Read the ranking — top of the table is the lowest net cost. Cross-reference with the bank-by-bank section above for the distinctive features.
Before applying, verify with the bank. This calculator uses indicative middle-of-band rates. The actual rate the bank quotes you may be 0.05-0.20% different depending on your loan size, profile, and the day you apply.

When to revisit this comparison

Buying a new property: compare 2-3 weeks before TOP / completion when you need to commit to a bank.
3-6 months before lock-in ends: banks will send repricing letters — compare against the wider market before accepting.
After a SORA move >25 bps: if SORA jumps or falls sharply, rate cards typically reset within 4-6 weeks.
Annually: even if you're locked in, do a yearly check so you know whether you're behind market.

Verify with the source

Bank home-loan pages (visit before applying):

DBS — dbs.com.sg/personal/loans/home-loans
OCBC — ocbc.com/personal-banking/loans/home-loan
UOB — uob.com.sg/personal/loans/home
Standard Chartered — sc.com/sg/borrow/home-loans
Maybank — maybank2u.com.sg/en/personal/loans/home-loans

You can also approach a mortgage broker — they can pull quotes across all major banks in one conversation, though brokers earn a commission from the bank you choose. The broker's recommendation should always be cross-checked against the bank's own website.

Related calculators

Mortgage Calculator — monthly payment for a single loan
Mortgage Refinancing Calculator — net benefit of moving to a different bank
Mortgage Repricing Calculator — net benefit of staying with the same bank, new package
TDSR Calculator — how much you can borrow given your income
Downpayment Calculator — cash + CPF you need upfront

Update cadence: This page refreshes monthly with the latest indicative rate cards. Last update: May 2026.