Maybank Home Loans
As a subsidiary of Malaysia-based Maybank Group, Maybank Singapore is one of Maybank Group's largest overseas operations that provides home loans for HDB, Executive Condominiums, private properties and overseas residential properties in Australia, London, and Malaysia.
Compare all Singapore home loans & apply online
Why Choose Maybank Home Loans?
As part of Maybank Group, the 4th largest bank in Southeast Asia by assets, Maybank Singapore has a total of S$81.5 billion total assets (as per its latest annual report) with over 6 decades of financial expertise.
Maybank is the first bank in Singapore to offer Islamic banking services such as Shariah-compliant property loans to companies, as well as regular housing loans to homebuyers. Its home loan packages include benefits such as cash gifts, shopping vouchers, exclusive renovation loan packages for home loan sign-ups and more.
Over 60 years of track record
With over 6 decades of track record as a renowned bank offering affordable mortgage loans in Singapore, Maybank Singapore has the “A1/P-1” credit ratings by S&P, which is recognised globally as a high credit assessment.
BUC loans for homes
Most banks have ceased to offer Buildings Under Construction (BUC) packages with no lock-in period, or are currently reviewing their BUC offerings since the switch to SORA-pegged housing loans. Maybank is one the few banks in Singapore with a 3-month (3M) SORA-pegged BUC package with no lock-in period.
Free online home loan calculators
Maybank’s mortgage rate and housing loan calculators on their website are useful tools to estimate the costs for either fixed or floating-rate home loans.
However, it helps to compare rates offered by other banks via MoneySmart’s Home Loans comparison wizard, so you’ll not miss out on better mortgage deals.
Maybank Private Property/Executive Condominium Home Loans
Whether you’re looking for fixed or floating home loan rates for an executive condominium or private residential property, Maybank has a range of packages for you to choose from.
Maybank’s SRFR2 vs SORA-pegged packages
Maybank offers two types of floating-rate mortgage packages — either based on the SRFR2 (Maybank’s board interest rate which is published on Maybank’s website) rate or pegged to the SORA rate.
Packages with interest rates that are linked to the SORA rate (which is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market), will be refreshed every 3 months. This is because the 3-month SORA rate is updated every 3 months as per the Monetary Authority of Singapore (MAS).
Maybank also charges a mark-up, which is called a “spread”, on top of the 3-month SORA rate. These 2 components form the total interest rate, and is what determines your monthly payments.
Although both the SORA rate and Maybank’s SRFR2 rate are validated by MAS, the SRFR2 rate is a board rate, which is still entirely determined by Maybank and can change at any point.
Here’s an example to help you understand better:
So let's say, you and your spouse plan to buy landed property costing $1,500,000 and the total monthly income for the two of you is $15,000. Assuming that you’ve picked the 2-year Fixed Board (SRFR2) package with an interest rate of 1.30% p.a. (SRFR2 rate of 4.85% p.a. applies from Year 3 onwards).
After Maybank assesses your loan-to-value (LTV) ratio, which is your maximum borrowing capacity (75% of the property price), you’re eligible for your preferred 2-year Fixed Board (SRFR2) package with a loan amount of $1,125,000 and a tenure of 25 years. The estimated math will be as follows with the help of MoneySmart’s Mortgage Calculator.
Your downpayment:
$300,000 by CPF + $75,000 in Cash = $375,000
(at least 5% of the property price to be paid in cash which comprise of the option fee & option exercise fee, and 20% to be paid in CPF)
Your estimated monthly instalment:
It’ll range from $4395 to $6,479
(based on the increasing interest rate of 1.30% p.a. and SRFR2 rate of 4.85% p.a. from Year 3 and thereafter)
Other one-time payments*:
$45,000 (buyer’s stamp duties) + $3,000 (legal fee) + $400 (valuation fee) = $48,400
Estimated total payment over 25 years:
$1,500,000 + $48,400 = $1,548,400
*Buyer’s stamp duties fee is usually about 3% to 4% of the purchase price of the private property - a form of tax payable to the government for registration of purchase of the property. Legal fees are often paid to property lawyers for the processing of the private property’s home loan. Banks will usually have their own panel of licensed valuers and the valuation fee for a private property can range from $200-$400 due to the valuation report required.
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Maybank Home Loans Refinancing
Are you thinking of refinancing or repricing your home loan?
You may face a dilemma between refinancing or repricing your mortgage loan at some point in your property financing journey.
What’s the difference between refinancing and repricing? Refinancing means financing your current home with another bank instead of the current bank you’re with, while repricing refers to switching to a new home loan package offered by the same bank that you’re currently financing your home with.
If your existing home loan charges you more than 1.10% p.a. interest, you might want to consider refinancing or repricing your home loan. This is because banks are offering lower interest rates at the moment.
To find out more about these rates and how you can go about refinancing your home loan, you can visit our Maybank Home Loans Refinancing page.
How To Apply For Your Maybank Home Loan
Applying or refinancing your home loan as a first-timer can be quite a daunting task. But we’re here to give you a hand to make it a more hassle-free and pleasant experience.
Maybank Home Loan Application Process and Fees
Here are 5 steps to the Maybank Home Loan application process
Get your application documents ready
Our mortgage specialists will liaise with the Maybank’s property loans team on your behalf and do up a list of recommended Maybank packages for you to choose from, depending on your loan-to-value (LTV) ratio (maximum amount allowed to borrow to finance your home based on total monthly income and other financial liabilities you may have).
The documents required for application include:
- Maybank mortgage loan application form
- NRIC and Singpass information
- Option to Purchase
- Proof of income (CPF contribution history up to the last 12 months, latest Income Tax Notice of Assessment, latest computerised payslip)
- IRAS My Property Portfolio page (if owner-occupied) of all applicants
- Latest available statement for all existing credit facilities
- HDB flat information and financial information value confirmed by HDB / Private property information
Have your home loan approved
Once you’ve picked your preferred Maybank home loan, our mortgage specialist team will help process your application.
Thereafter, you’ll sign the Letter of Offer, OTP and other related documents, and your home loan approval will be done at this stage. If you’re getting a resale flat or private property, it’s time to agree with the seller when to submit the resale application.
Payment of fees and charges
You’ll need to fork out an amount for the Option fee to the seller (or pay both the Option fee and Option Exercise fee to the seller, as well as the relevant buyer’s stamp duties fee, if you’re getting a private property).
If you decide to cancel the loan after signing the Letter of Offer, you’ll be required to pay 0.75% of the undisbursed loan amount.
Keep in mind of appointment dates
Our mortgage specialist team and HDB (if you’re purchasing a HDB flat) will notify you of your property purchase completion appointment date.
For a private property purchase, your lawyer will inform you to pay the remaining downpayment in cash or CPF if you have not done so and set a date to sign mortgage documents at the lawyer’s office.
Complete your new home or resale purchase
And now the final step! Make sure you’ve signed all the required legal documents for the transfer of property, and paying of legal fees, valuation fees (if applicable).
Then, you’ll collect the keys from the seller and receive your bank letter from Maybank on the loan disbursement and the monthly instalment amount.
Why Get Your Maybank Home Loan Through Us?
Simple, fast, convenient
Leave your home loan research to us and we’ll break it down for you in simple terms. Our Mortgage Specialist will contact you directly so you can save time for other important things in life.
Get better deals
Feeling so spoilt for choice you can't decide? Settling for the first option is like being forced to marry the first person you come across on a dating app. Don’t feel pressured. We compare across all banks in Singapore, including Maybank’s packages to ensure that you get the best Maybank mortgage deals.
It's free!
Our service to you is free. But, of course we’re not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.
Compare the best interest rates and apply for a home loan with us!
Frequently Asked Questions
What are SRFR and FDMR36 rates?
- Similar to SRFR2, SRFR and FDMR36 are also Maybank’s board rates. SRFR and FDMR36 stand for Singapore Residential Financing Rate, and Fixed Deposit Mortgage Rate 36 (FDMR36) respectively. Some of Maybank’s fixed-rate and floating-rate housing loan packages are pegged to these board rates and these rates may be revised by Maybank from time to time, with 30 days’ notice.
Should I refinance my loan?
- This depends on how much you’re paying for your existing home loan. If other banks are offering much lower interest rates, refinancing your home loan with another bank may help reduce your monthly repayment amount. However, refinancing does incur legal fees, so it may not be worth the cost.
How is my Loan-to-value (LTV) ratio determined?
- LTV is the amount that you are allowed to borrow to finance your home based on Maybank’s assessment on your total monthly income and other ongoing loans or financial liabilities you may have.
Must I pay legal fees for my home loan purchase?
- Yes, you will need to pay legal fees to property lawyers in order to process your private property’s home loan or when you refinance with another bank.
What are Buyer's stamp duties (BSD) fees?
- Buyer’s stamp duties (BSD) fees are a form of tax payable to the government for registration of purchase of the property. BSD fees usually about 3% to 4% of the purchase price of the private property and are computed based on the purchase price or market value of the property, whichever is higher.
