What is the current best housing loan from Bank of China?

3 months ago

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For individuals considering a home loan from the Bank of China in Singapore, here are some key points to note:

Interest Rates

For the purchase of private properties, the Bank of China offers competitive rates. For example, you can get a fixed rate of 2.45% for the first three years, followed by a floating rate of 3-month SORA + 1.00% thereafter.
Alternatively, there is a package with 3-month SORA + 0.50% for the first two years, 3-month SORA + 0.60% for the third year, and 3-month SORA + 1.00% thereafter.

Lock-in Period

These packages typically come with a lock-in period of 2 or 3 years, depending on the specific package chosen.

Minimum Loan Amount

The minimum mortgage amount for these loans is $500,000.

Subsidies and Incentives

For refinancing private properties, there is a subsidy or incentive of up to 0.4% of the loan amount, capped at $1,800.

Eligibility

Eligible applicants include individuals aged between 21 to 65 years old, with a minimum annual income of SGD 24,000. Singapore Citizens, Permanent Residents, and foreigners are eligible to apply.

Loan Purpose

These loans are applicable for owner occupation or investment in new purchase or resale properties, as well as for refinancing purposes.

This information should help you make an informed decision when considering a home loan from the Bank of China in Singapore.

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