About HSBC Home Loans
HSBC home loans are offered by HSBC, one of the largest banking and financial services organisations in the world. It serves an estimated 48 million customers through four global businesses: retail banking and wealth management, commercial banking, global banking and markets, and global private banking.
HSBC is headquartered in London, United Kingdom. Their global network covers 72 countries and territories in Europe, Asia, the Middle East, Africa, North America and Latin America.
HSBC Group has a long history in Singapore, which dates back to 1877 when it opened its first branch on the island. Today, HSBC's headquarters remain at the original Collyer Quay site where its first branch was set up. As a qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; investment and private banking; insurance and securities and capital markets services.
Being one of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multinational corporations, local businesses, private banking clients, institutional and retail customers.
It offers a range of HSBC credit cards, home loans, and personal loans as well.
HSBC Home Loans
HSBC offers a comprehensive range of fixed and floating rate home loans in Singapore.
HSBC provides 1 month and 3 month SIBOR-pegged loans for both completed properties as well as those under construction. A minimum loan amount of $200,000 applies. The bank offers several different packages for new purchases, refinancing and home equity loans. HSBC Advance and HSBC Premier customers get to enjoy preferential rates on home loan packages.
For properties under construction, SIBOR + 1.50% is applied across the years with no lock-in period.
Variable Rate Loans
HSBC offers variable rate home loans with a discount against the bank's Special Housing Rate (SHR). The rate mark is benchmarked against the SIBOR, internal business costs and market conditions. Current SHR rate (Nov 2015) is at 5.80% per annum. You can choose to have no lockin-in period, a 2 year lock-in period or a 3 year lock-in period.
HSBC also offers a unique home loan product that links your home loan account to a current account, reducing your interest payments on your home loan by offsetting them with the interest earned on the current account. This package offers SIBOR-pegged rates with a 1-month or 3-month tenure.
You can choose to have no lock-in period, or lock-in periods of up to three years. This loan package applies only to completed properties with a minimum loan amount of $500,000.
HSBC Home Loan Eligibility
If you are taking a HDB home loan make sure you meet HDB's eligibility conditions. You may borrow up to a maximum period of 35 years (for private properties) and 30 years (for HDB flats), depending on the age of the borrower(s).
HSBC Home Loan Fees And Charges
- Loan statement and documents request: $30 per statement
- Custody of title deed for loans that were fully repaid: $400 per year
- Retrieval of valuation reports: $50 per copy
- Rescheduling of redemption date: $200 per request