New Home Loan For A Building-Under-Construction (BUC) Property?
Just bought a new launch property and wondering which bank gives you the best home loan package for that?
First note that for new property still under construction, or BUC (building-under-construction), almost none of the banks will extend a fixed rate mortgage to you. So your consideration factors differ slightly from choosing a home loan for completed properties. For one, your drawdown on the loan for the initial 3 years will be much smaller up to 60% payment just before TOP, hence you will be more concerned on the flexibility of conversion or switching later on.
What other factors do you look out for then for a BUC home loan? Talk to us today.
The packages below are sorted in order of lowest average rate in the 1st 3 years.
The SIBOR & SOR rates are based on rates published on Association of Banks In Singapore (ABS)’s website on the 1st business Monday of the month. See the weekly money market rates at bottom of home page.
* Note :
DBS FHR (Fixed Deposit Home Loan Rate) is defined as the the average of their prevailing 12mth and 24mth SGD fixed deposit rates for amts between $1000-$9999.
ANZ’s 3M Combo Rate is defined as the average of 3M sibor & 3M sor rates
Citibank offers free switching between 1M,3M,6M,12M sibor anytime during the tenure (1M not avail for HDB loans). For illustration purpose 1M rate is used.
Stanchart offers option of either 1M or 3M sibor to be decided one-time only at outset of loan. For illustration purpose 1M rate is used