SINGAPORE - DBS Bank announced the launch of the POSB HDB loan, a first-of-its-kind HDB home loan in Singapore on Sunday.
The bank said in a press release that the loan is the first floating rate programme in Singapore to provide HDB homebuyers with the security of having interest capped below HDB concessionary rates for 10 years while benefiting from the current low interest rates.
The POSB HDB Loan will form an integral part of DBS' suite of mortgage offerings.
POSB HDB Loan customers also enjoy other features including waiver of fees and charges for early repayment, or sale of property.
Over the years, the bank has introduced many firsts to help promote home ownership. It was the first bank to offer 20-year housing loans and in 2007, DBS was the first in the market to adopt full transparency in all its loan packages.
In the present low interest environment, DBS is also the only bank to offer a fixed rate programme that allows homebuyers to switch to floating rates or exercise the option to enjoy the same fixed rates for another two years and a floating rate programme with an interest rate cap.
For more information, visit www.posb.com.sg.