Home Loans

BOC Home Loan Review Singapore 2019 – Which Mortgage to Choose from BOC

Peter Lin


BOC home loans are very niche products in the housing loans market in Singapore. For one, they do not offer home loans for HDB flats.

Secondly, your loan amount has to be pretty substantial to be considered. If you are eligible for a BOC home loan, however, you are one of the lucky ones. We’ll tell you why below.

If you’re buying a new property and looking for a BOC home loan, here are the best packages they offer for completed properties. 


BOC Home Loans for completed private properties

Do note that BOC only offers home loans for minimum loan amounts of $500,000 and private properties of more than 500 sqf in size.

In 2019, BOC only has 2 home loans for completed properties. They are two of the best fixed rates in the market today. You have a choice of going with a 2-year fixed rate package or the 3-year fixed rate package.

2 Years Fixed Rate: You will pay less in the first 2 years, but it’s really a gamble about how high the 3-month SIBOR will climb to in the third year. The interest rate of 2.5% is one of the lowest in the market for fixed rate home loans.

If it climbs beyond 1.88% (the current 3M SIBOR), you are definitely better off with the 3-year fixed rate home loan package.

3 Years Fixed Rate: If you think that 3M SIBOR will increase, it’s better than for you to secure the fixed rate of 2.65% right now for the next 3 years.

Floating rate packages are no longer available.

There is currently a legal subsidy of 0.40% of loan amount that is capped that $1,800 that you can take advantage of.


Illustration: Financing a $1million private property 

The below is calculated for a condominium unit with a purchase price of $1 million, loan amount $750,000, and a loan tenure of 30 years.

BOC home loan Home loan package Estimated monthly instalment
2 Years Fixed Rate Year 1: 2.50%
Year 2: 2.50%
Year 3: 2.50%
Thereafter: 3-mth SIBOR + 0.70%
3 Years Fixed Rate Year 1: 2.65%
Year 2: 2.65%
Year 3: 2.65%
Thereafter: 3-mth SIBOR + 0.70%


Should you go with a BOC home loan package?

BOC home loan packages are excellent for the private property buyer who is convinced that SIBOR is going to rise significantly in the near future. With the best fixed rates in the home loan market today, they offer at least 2 years of security and stability at an unbeatable price.

Unfortunately, they are only available for private properties above a certain loan amount. So if you qualify for a BOC home loan, you should definitely take up one of their fixed rate packages.

Are you interested in applying for a BOC home loan? Speak to one of our mortgage specialists to find out which bank is offering the best home loan in Singapore for your particular needs.


Looking for home loans from another bank? Here are the other home loan packages we’ve reviewed.

Best Home Loans Singapore – Most Affordable Housing Loans Reviewed

OCBC Home Loan Reviews Singapore

DBS Home Loan Reviews Singapore

UOB Home Loan Reviews Singapore

Maybank Home Loan Review Singapore

Citibank Home Loan Review Singapore

Standard Chartered Home Loan Review Singapore

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.