(Last Updated: 1 Nov, 2024)

Benefits Of UOB Home Loan

United Overseas Bank (UOB) is one of the Big 3 banks in Singapore incorporated in 1935, with headquarters in Singapore.  It has an unrivalled presence in Southeast Asia with a global network of more than 500 offices.

For its Singapore mortgage business, UOB offers extensive range of home loan packages.  Speak to our team of experienced mortgage consultants to get overview of all packages in the market.

Apart from Singapore residential propertie financing, we also broker UOB’s property financing packages for:

• Commercial property loan under personal name
• Commercial property loan under company name

For the latest UOB home loan rates do contact us or check all the latest rates from the market here:

The 3 local banks collectively command more than 80% of the local mortgage market and most are familiar with their brands and have some sort of banking relationship with one or the other be it credit card or savings account.  However, not all are familiar with their mortgage loan features which can be quite different and unique to each bank.  

We recommend switching banks periodically and we do not just say that for self-serving purpose.  Very ofren one finds that repricing quotes from existing bank may not be the best in the market.  With digitalisation the entire refinancing process is now a breeze, and comparing for best home loan rates can be done in a minute when you work with a trusted mortgage broker.  It simply does not make sense to stay loyal to the same bank even if the savings is a mere $500 as that can be used to recontract for the next new iphone!  What’s more, if there should be a conversion fee charged for repricing.

More importantly, there are myriad of mortgage loan features out there to suit every situation and financial objective, some of which may not always be available from the current bank.  We summarize the UOB home loan features in this article.

Benefits/Features Of UOB Home Loans

Fast approval	UOB boasts of quick processing and in fact they market it as “Instant Home Loan Approval” on their website.Such “instant approvals” can also be submitted via a broker and so long homeowners meet all the basic income and credit criteria with full documentations – the IPA (in-principle approval) for purchase or the approval for all loans in generally will be instantly approved by the system.
Legal subsidy	For refinancing of home loans, UOB offers both legal subsidy (loan < $450,000) and cash rebate (loan > $450,000).
Free conversion	UOB does offer free conversion for selected packages from time to time.Free conversion simply means the option of calling up the bank to switch to another prevailing package, without being slapped with the usual conversion fee of around $500 for local banks.Free conversions may be offered at the end of a typical 2-year lock-in period which is important as there is usually still a legal subsidy clawback if one refinances out in the third year of the tenure.UOB also offers a free conversion during the lockin period on BOARD rate packages should the bank decides to adjust the BOARD rate up.
Waiver due to sale	This has become quite a common feature these days that most of the local banks offer it, even for fixed rate home loans.  And UOB is no exception.It is offered on selected packages for 50% waiver but may be removed at the bank’s discretion.  For other packages, UOB may even offer full 100% waiver of penalty due to sale from time to time.
Lowest valuation fee	UOB has the lowest valuation fee amongst all banks in Singapore which saves homeowners a few hundred dollars easily as their valuation fee is just a flat fee of $150 plus gst.  Compare this with the typical valuation fee (especially for private property) in the range of $400-600.Note however this valuation applies only for condominums (not for landed) up to a valuation of $3m.
Online promotions	UOB runs special online “direct-to-bank” promotions from time to time with free gifts ranging from vouchers, electronic products to airmiles. The gifts may not applicable for all packages though, especially those with “deviated rates”.  The bank also runs a referral program for home loans.  Check the bank’s website for details.

On the last feature, we are probably the few, if not the only, mortgage broker in town who would tell you this.  If you choose to apply direct to the bank, it means no business for us.  But this is our philosophy and how we like to operate here at MortgageWise – to be totally transparent in our dealings with clients. 

Like to compare home loan packages across all 12 major banks in Singapore?

Now, there’s one final benefit and perhaps the most pertinent reason for why you should take a UOB home loan through us at MortgageWise.sg – become completely Mortgage-Free In 6 Years!

Need more personalised advice?  Not only do we help clients navigate through the myriad of mortgage rates quick and fuss-free and get you the best home loan Singapore, we show you how to become Mortgage-Free in 6 Years! So, be it for residential or commercial property loan, work with us today and you’ll also be helping to support our social cause!

Stay tuned for rate alerts on our Telegram channel SG Mortgage Rates.

Disclaimer: MortgageWise Pte Ltd is not in the business of providing financial advice nor are we licensed or regulated by MAS under the Financial Advisory Act (FAA) in Singapore. All information presented are opinions and any representations given, whether by way of example, illustration or otherwise, are purely portfolio allocation advice and not recommendations or inducements to buy, sell or hold any particular investment product or class of investment product.  All opinions are generic in nature and are not tailored to the particular circumstances of any reader.  Seek advice from a qualified financial advisor before making any investment decision.

Though every effort has been made to ensure the accuracy of the information and figures presented, we make no representations or warranties with respect to the accuracy or completeness of the contents in this blog and specifically disclaim any implied warranties or fitness for a particular purpose.  We shall not be held responsible for any financial loss or any other damages suffered whatsoever, directly or indirectly, if you choose to follow any of the advice or recommendations given in this blog.