UOB offers both fixed and floating rate packages. The lowest floating interest rate offered is in Internal Board Rate Package 2. However, it is tied to 2 years lock in period and it is recommended for those who are looking to sell their property after 2 years as the interest rate hikes up after the 2nd year.
For those who are looking for a long term commitment with an idea of refinancing in the near future, 3 months SIBOR Package 2 will be the best choice, as it is only tied to one year lock in period with lower cumulative rate charges.
If you are looking for fixed rate package, UOB’s 2 Years Fixed rate pegged to thereafter Internal Board package offers the highest premium rate compared to all the other UOB loan packages. Thus, it is suitable for buyers with lower income as you will be able to plan and pay a fixed monthly payment for 2 years.
There are two packages with free lock in period. It again depends on the buyer if they prefer the interest rate to be pegged to Internal Board Rate or finds SIBOR rates more reliable. Nevertheless, the 3 Months SIBOR package 1 ( free lock-in period ) offers an overall lower pricing compared to the internal board rate package.
Individuals that are risk takers and believe in future decrease of SIBOR rate can always benefit from this package. This package is applicable for either HDB or Private homes, it is also preferable for those who are looking into refinancing. They will be able to benefit from the flexibility and features that this packages offer.
UOB also provides bridging loan to help you make the necessary down payment for your new home first. Over draft facility is also available as a finance option.
Floating interest rate loans come in two different variants in. An IBR Package is based on the bank’s own Board Rates minus a discount stated in the Letter of Offer. SIBOR rate loans fluctuate according to the Singapore Interbank Offered Rate (SIBOR) as a benchmark
Fees and Charges
- Administration fee for fire insurance that is not from OAC: $200 a year
UOB Bank ATMs: Transfer funds from your UOB Bank Savings or Current accounts to make your payment at UOB Bank branches.
Express Payment machine: Make a check or cash deposit at UOB Bank branches.
Phone Banking: Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN.
You can also take a look at the full line-up of Best Home Loans in Singapore listed on our website and choose which is the right one for you.
Utilise iMoney’s home loan calculator to estimate your monthly repayments. If you are interested in taking out a UOB home loan, Click the apply button and fill in a simple application form and you will be attended by experienced mortgage consultants