Apply to Multiple Banks at Once: Complete Guide by Homejourney

When securing a home loan in Singapore, applying to multiple banks simultaneously is one of the smartest strategies you can employ. Rather than submitting separate applications to each bank individually—a time-consuming process that can take weeks—you can now apply to multiple lenders at once, receive competing offers, and choose the best package for your financial situation. This comprehensive guide explains exactly how to do it, why it matters, and how Homejourney's platform makes the entire process seamless and transparent.

At Homejourney, we understand that finding the right mortgage is about more than just interest rates. It's about trust, transparency, and having access to accurate information that helps you make confident decisions. Our platform prioritizes your safety by verifying information, comparing all major banks in one place, and allowing you to submit applications without the hassle of visiting multiple branches or dealing with multiple loan officers.

Table of Contents

• Why Apply to Multiple Banks at Once?
• Understanding Multi-Bank Applications
• How Multiple Applications Affect Your Credit Score
• Step-by-Step Process for Applying to Multiple Banks
• Comparing Bank Offers and Making Your Decision
• The Homejourney Advantage: Simplified Multi-Bank Applications
• Common Mistakes When Applying to Multiple Banks
• Timeline and Expectations
• Frequently Asked Questions
• Next Steps: Getting Started with Homejourney

Why Apply to Multiple Banks at Once?

The Singapore mortgage market is competitive, with rates and terms varying significantly across banks. When you apply to only one bank, you're essentially accepting whatever offer they provide without knowing if better options exist. By applying to multiple banks simultaneously, you create competition among lenders—and competition benefits you.

Here are the key advantages:

• Better Interest Rates: Banks compete for your business. When you have multiple offers, you can negotiate or simply choose the lowest rate. Even a 0.1% difference in interest rate translates to thousands of dollars over a 30-year mortgage.
• Wider Loan Options: Different banks offer different packages—some specialize in fixed-rate mortgages, others in SORA-linked loans. Applying to multiple banks gives you access to the full range of products available.
• Improved Approval Odds: Not all banks have identical lending criteria. A bank that declines your application might have stricter policies, while another may approve you based on different assessment methods. Multiple applications increase your chances of approval.
• Time Efficiency: Contrary to what many believe, applying to multiple banks simultaneously is actually faster than applying sequentially. You receive all offers within the same timeframe rather than waiting weeks between applications.
• Transparency and Control: You see all available options at once, making it easier to compare terms, conditions, and total cost of borrowing. This transparency is central to Homejourney's mission of creating a safe, trusted environment for property transactions.

According to industry data, borrowers who apply to 3-5 banks typically save between SGD 10,000 to SGD 50,000 over the life of their loan compared to those who accept the first offer. These savings come from either securing lower rates or negotiating better terms based on competing offers.

Understanding Multi-Bank Applications

What is a Multi-Bank Application?

A multi-bank application is a streamlined process where you submit your mortgage application to multiple banks simultaneously rather than sequentially. Traditionally, borrowers would approach one bank, wait for approval or rejection, then approach another bank if needed. This could take 2-3 months.

With multi-bank applications, you submit your information once, and authorized lenders receive your application simultaneously. All banks conduct their assessments in parallel, and you receive multiple offers within days rather than weeks.

How Does It Work?

The process works through a centralized platform—like Homejourney's Bank Rates —that acts as an intermediary between you and multiple banks. Here's the basic flow:

1. You complete a single application form with your financial information
2. Your information is securely transmitted to multiple banks simultaneously
3. Each bank independently assesses your application using their own criteria
4. Banks send their offers back to the platform within 2-3 business days
5. You receive all offers in one place, making comparison straightforward
6. You select the best offer and proceed with formal approval

This approach is now standard practice among Singapore's major banks, including DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, and others. They recognize that multi-bank applications create a more efficient market and attract serious borrowers.

Types of Multi-Bank Applications

There are two primary methods for applying to multiple banks:

Homejourney's platform-based approach is significantly more efficient. Rather than visiting 5-6 different banks, filling out different forms, and managing multiple conversations, you complete one application and let the platform handle the rest. This is particularly valuable for busy professionals and first-time buyers who may find the traditional process overwhelming.

How Multiple Applications Affect Your Credit Score

One of the most common concerns borrowers have is whether applying to multiple banks will damage their credit score. This is an important question, and understanding the answer is crucial for making informed decisions.

The Credit Inquiry Distinction

When you apply for a mortgage, the bank performs a credit inquiry with the Credit Bureau Singapore (CBS). There are two types of inquiries:

• Soft Inquiries: These don't affect your credit score. They're used for pre-qualification checks and eligibility assessments.
• Hard Inquiries: These do appear on your credit report and can temporarily impact your score. Each hard inquiry typically reduces your score by 5-10 points.

When you apply for a mortgage through a platform like Homejourney, the initial inquiry is typically soft. This means your credit score isn't affected during the comparison phase. Only when you formally accept an offer and proceed to the full application does a hard inquiry occur—and this happens with only one bank (the one you choose).

Multiple Hard Inquiries: The Real Impact

If you were to apply directly to multiple banks without using a platform, each application would trigger a hard inquiry. However, credit bureaus understand that mortgage shopping is normal consumer behavior. Here's what actually happens:

• Multiple mortgage inquiries within a 14-30 day period are typically counted as a single inquiry for credit scoring purposes
• This is called "inquiry deduplication" and is standard practice in Singapore's credit system
• Even if counted separately, the impact is temporary—hard inquiries fall off your credit report after 12 months
• The impact on your credit score diminishes significantly after the first few inquiries

In practical terms: applying to 5 banks within a 2-week period will have minimal impact on your credit score—far less than making a late payment or maxing out a credit card. The potential savings from securing a better rate far outweigh the temporary credit score impact.

Best Practices to Minimize Credit Impact

• Complete all applications within a 14-day window (this maximizes inquiry deduplication)
• Avoid applying to non-mortgage lenders during this period (car loans, personal loans, credit cards)
• Don't close existing credit accounts before applying (this can hurt your credit utilization ratio)
• Use Homejourney's platform to ensure inquiries are properly managed and timed

Step-by-Step Process for Applying to Multiple Banks

Step 1: Get Your Financial Documents Ready

Before you can apply to any bank, you need to gather the required documentation. Having everything prepared upfront accelerates the entire process and prevents delays.

Essential Documents You'll Need:

• NRIC (Singapore Citizens) or Passport (Foreigners)
• Last 12 months of CPF contribution statements
• Last 3 months of payslips
• Latest year Notice of Assessment (NOA) from IRAS
• Last 3-6 months of bank statements
• Credit card statements (last 3 months)
• Statements of any existing loans (car loans, student loans, personal loans)
• Property purchase agreement or Option-to-Purchase (OTP)
• Property valuation report (if already obtained)

For self-employed individuals, you'll also need business registration documents, business bank statements, and audited financial statements for the last 2 years.

Pro tip: Organize these documents in a folder and have digital copies ready. When using Homejourney's platform, you can upload documents directly, which speeds up the application process significantly.

Step 2: Calculate Your Borrowing Power

Before applying, understand how much you can borrow. This prevents wasted applications and helps you target the right banks.

Singapore banks use two key metrics to determine lending capacity:

• Total Debt Servicing Ratio (TDSR): Your total monthly debt repayments cannot exceed 60% of your gross monthly income. This includes the new mortgage, existing loans, credit card payments, and other obligations.
• Mortgage Servicing Ratio (MSR): Your mortgage payment alone cannot exceed 30% of your gross monthly income (for HDB loans) or 35% (for private property loans).

Use Homejourney's mortgage eligibility calculator at Bank Rates to determine your borrowing capacity instantly. This tool factors in your income, existing debts, and current interest rates to give you an accurate estimate.

Example Calculation:

If your gross monthly income is SGD 8,000:

• Maximum TDSR payment: SGD 4,800 (60% of income)
• If you have SGD 1,000 in existing debt payments, your mortgage can be SGD 3,800 maximum
• At current rates (~3.5%), this translates to approximately SGD 1,000,000 borrowing capacity

Knowing this figure before applying prevents rejection and helps you focus on properties within your reach.

Step 3: Get In-Principle Approval (IPA)

An In-Principle Approval is a conditional, non-binding approval from a bank stating how much they're willing to lend you. It's not a formal mortgage approval, but it's a strong indicator of your borrowing capacity.

IPAs are valuable because:

• They're valid for approximately 30 days, giving you time to find a property
• They demonstrate to sellers that you're a serious buyer with financing arranged
• They help you negotiate better property prices (sellers take you more seriously)
• They're obtained quickly (2-3 business days) compared to full mortgage approval

When applying through Homejourney, you can request IPAs from multiple banks simultaneously. This gives you a clear picture of your borrowing capacity across different lenders before you've even found a property.

Step 4: Compare Banks and Rates Using Homejourney

Visit Homejourney's bank rates page at Bank Rates to compare current rates from all major Singapore banks. This is where you'll see real-time SORA rates, fixed-rate options, and promotional packages.

Key information to compare:

• Interest Rate Type: SORA-linked (floating) vs. fixed rate
• Rate Spread: The margin the bank adds above the benchmark rate
• Lock-in Period: How long you're locked into a rate before it adjusts
• Promotional Rates: Teaser rates that may increase after an initial period
• Loan Tenure Options: 25-year, 30-year, or other terms
• Fees: Processing fees, valuation fees, legal fees
• Penalties: Early repayment penalties if applicable

The chart below shows recent SORA trends to help you understand how rates have moved and inform your decision between fixed and floating options:

As you can see from the chart above, SORA rates have fluctuated significantly. If rates are trending upward, a fixed-rate mortgage may be more attractive. If rates are stable or declining, a SORA-linked loan could save you money.

Step 5: Submit Your Application to Multiple Banks

This is where Homejourney's platform truly shines. Rather than visiting multiple banks, you submit one application through our secure platform.

The Process:

1. Visit Bank Rates and click "Apply for a Loan"
2. Complete the application form with your personal and financial information
3. Upload your required documents (payslips, CPF statements, NOA, etc.)
4. Use Singpass/MyInfo to auto-fill information for faster processing
5. Select which banks you want to apply to (or let Homejourney recommend based on your profile)
6. Review and submit

Your application is now securely transmitted to all selected banks simultaneously. Each bank receives identical information and assesses your application independently using their own criteria.

Why Singpass/MyInfo Matters:

Homejourney integrates with Singpass and MyInfo, Singapore's digital identity system. This allows you to auto-fill much of your application in seconds—your NRIC details, CPF information, and other government-verified data are automatically populated. This not only saves time but also reduces errors and speeds up bank processing.

Step 6: Receive and Compare Offers

Within 2-3 business days, banks will send their offers back through Homejourney's platform. You'll receive a consolidated view of all offers, making comparison straightforward.

Each offer will include:

• Loan amount approved
• Interest rate and rate type
• Loan tenure options
• Monthly repayment amount
• Total interest payable over the loan term
• Fees and charges
• Terms and conditions
• Lock-in period and penalties

Homejourney's comparison tools help you analyze these offers side-by-side, showing you which bank offers the best value based on your specific situation.

Step 7: Select Your Preferred Offer and Proceed to Full Approval

Once you've reviewed all offers, select the one that best meets your needs. This might be the lowest rate, the most flexible terms, or the best combination of both.

Notify Homejourney of your choice, and we'll guide you through the next steps:

• Formal acceptance of the offer
• Submission of the complete mortgage application to your chosen bank
• Property valuation (the bank sends an appraiser to assess the property)
• Final documentation and approval
• Disbursement of funds

Throughout this process, Homejourney's Mortgage Brokers are available to answer questions and provide guidance. This personalized support is part of our commitment to creating a safe, trusted environment for your property transaction.

Comparing Bank Offers and Making Your Decision

Beyond Interest Rates: What Really Matters

Many borrowers focus solely on interest rates when comparing offers, but this is incomplete analysis. A bank with a 0.1% lower rate might have higher fees, stricter early repayment penalties, or less flexible terms. Here's what to evaluate:

Calculating True Cost of Borrowing

To make a true apples-to-apples comparison, calculate the Effective Interest Rate (EIR) for each offer. The EIR includes the base interest rate plus all fees and charges, expressed as an annual percentage.

Example:

Bank A: 3.0% interest rate, SGD 1,500 processing fee
Bank B: 3.1% interest rate, no processing fee

At first glance, Bank A looks better. But when you factor in the SGD 1,500 fee spread over 30 years, Bank B's slightly higher rate might actually be cheaper overall. Homejourney's comparison tools calculate EIR automatically, removing this guesswork.

Fixed vs. SORA-Linked Rates: Which Should You Choose?

This decision depends on your risk tolerance and interest rate outlook:

• Fixed Rate: Your rate stays the same for the entire loan term (or a specified period). Predictable payments. Better if you believe rates will rise.
• SORA-Linked (Floating): Your rate adjusts based on the 3M or 6M SORA benchmark plus a bank spread. Lower initial rates. Better if you believe rates will fall or if you can handle payment fluctuations.

Current market conditions (January 2026) show SORA rates relatively stable. If you're risk-averse or budget-conscious, a fixed rate provides certainty. If you're comfortable with rate fluctuations and believe rates will decline, SORA-linked offers savings potential.

The Homejourney Advantage: Simplified Multi-Bank Applications

Homejourney's platform is purpose-built to make multi-bank applications seamless, transparent, and safe. Here's what sets us apart:

1. One Application, Multiple Banks

Submit once. Reach all major banks simultaneously. No need to visit branches, fill out different forms, or manage multiple conversations. Our secure platform handles everything.

2. Real-Time Rate Comparison

Access current rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, and other major lenders. Rates update in real-time, so you always see the latest offerings. Visit Bank Rates to compare now.

3. Mortgage Eligibility Calculator

Use our calculator to determine your borrowing capacity instantly. Input your income, existing debts, and desired loan tenure, and see exactly how much you can borrow. This prevents wasted applications and helps you focus on properties within your reach.

4. Singpass/MyInfo Integration

Auto-fill your application in seconds using Singpass. Your NRIC details, CPF information, and other government-verified data are automatically populated. This speeds up processing and reduces errors. Banks process applications faster when information is pre-verified.

5. Consolidated Offer Management

Receive all bank offers in one place. Compare side-by-side, analyze terms, and make informed decisions. Our comparison tools highlight the best value based on your specific situation, not just the lowest rate.

6. Personalized Mortgage Broker Support

When you apply through Homejourney, you're connected with our experienced Mortgage Brokers. They provide personalized guidance, answer questions, and help you navigate the process. This is particularly valuable for first-time buyers who find the mortgage process overwhelming.

7. Verified Information and Transparency

Homejourney prioritizes user safety and trustworthiness. All bank information is verified and current. We clearly disclose terms, conditions, and fees. There are no hidden charges or surprise terms. This transparency is central to our brand values.

8. Integrated Property Search

Once you know your borrowing capacity, use Homejourney's property search at Property Search to find properties within your budget. Filter by location, price, property type, and other criteria. This seamless integration keeps everything in one place.

Common Mistakes When Applying to Multiple Banks

Mistake 1: Providing Inconsistent Information

If you provide different information to different banks, they'll notice during their assessment. Inconsistencies raise red flags and can lead to rejections or delays. Use the same information across all applications. Homejourney's platform ensures consistency automatically.

Mistake 2: Applying Too Broadly

While applying to multiple banks is smart, applying to 10+ banks is excessive and creates unnecessary credit inquiries. Target 3-5 banks that best match your profile. Quality over quantity.

Mistake 3: Not Preparing Documentation

Delays in providing documents slow down the entire process. Have everything ready before you apply. Missing documents can result in rejection or require reapplication.

Mistake 4: Ignoring the Fine Print