, Singapore

DBS raises fixed home loan rate, scraps 5-year fixed package: report

The new rate is 0.03 percentage points higher than the previous 2-year fixed rate.

DBS Bank has raised its two-year and three-year fixed home loan rate to 2.75% per annum, reports Bloomberg, based on a local report.

Singapore’s largest lender raised the rates on all its home loan packages on 28 June and scrapped its five-year fixed rate package for owners of public housing apartments.

READ MORE: Singapore banks report lower earnings in unison

The bank raised the rate on its two-year fixed rate package by 0.3 percentage points to 2.75% per annum, while the three-year fixed rate package is now 0.15 percentage points higher at 2.75% per annum. 

UOB and OCBC also raised their rates last week, with their 2-year rates at 2.65% per annum.

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Singapore home sales were at a six-month high in May, with the city-state’s rebounding economy fueling demand for housing.

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