Best Home Loan Rates Singapore (May 2026)

It depends on what you optimise for. OCBC typically has the tightest SORA spread (0.60%) and the lowest minimum loan amount; SCB has the lowest minimum loan ($300K) and a unique offset facility; DBS often has the highest cashback for large loans. The "best" rate alone is a misleading metric — net cost (rate × period − cashback) matters more. Use the calculator above to rank by NET cost for your specific loan amount and comparison window.

Fixed gives certainty for 1-3 years. Floating (SORA-pegged) tracks market rates and is typically cheaper when SORA is falling, more expensive when SORA is rising. In stable or falling-rate environments, floating wins on average. In rising-rate environments (like 2022-2023), fixed wins. For 2026 with rates relatively stable, the 2-year fixed packages around 2.6-2.7% are competitive vs floating at 3.0-3.2% — fixed currently has the edge.

SORA = Singapore Overnight Rate Average, published daily by MAS. SG bank floating-rate mortgages are typically pegged at "3M SORA + spread" — meaning the 3-month average of SORA, plus a fixed margin (currently 0.55%-0.70% depending on bank). The rate resets every 3 months. As of May 2026, 3M SORA is hovering around 2.3-2.5%, so SORA-pegged floating rates land around 2.9-3.2%.

For new purchases: most banks bundle $1,000-$2,200 cashback when you take a fixed-rate package, paid out around drawdown. For refinancing: banks typically swap cashback for a legal fee subsidy ($1,500-$2,000 covering the conveyancing). You can't usually get both. The calculator shows the cashback amount in the net cost ranking — bigger cashback offsets slightly higher rates, which is why DBS's 3-year fixed at 2.70% sometimes beats OCBC's at 2.75% on net cost.

2-year fixed = 2-year lock-in. 3-year fixed = 3-year lock-in. Floating (SORA-pegged) packages typically have no lock-in. Breaking lock-in triggers a penalty of usually 1.5% of outstanding loan amount — on a $500K loan that's $7,500. Inside lock-in, both refinancing and repricing typically trigger this penalty.

No — these are indicative rates for May 2026 compiled from public bank disclosures. SG banks change rates monthly (sometimes mid-month based on market shifts). Always verify with the bank's current home-loan page or your relationship manager before relying on a specific number for an application. The calculator is meant for relative comparison and break-even maths, not as a real-time rate feed.

Repricing = stay with current bank, switch package (no legal fees, fast, smaller rate cut). Refinancing = switch banks (legal $1,800-$3,000, valuation $200-$500, possible lock-in penalty, larger rate cut available). Use our [Mortgage Repricing Calculator](/housing/mortgage-repricing-calculator) for that decision. Generally: if your current bank offers within 0.4% of competitor offers, reprice. Wider gap and 5+ years remaining tenure, refinance.