Apply to Multiple Banks at Once: Homejourney's Complete Singapore Guide
Applying to multiple banks simultaneously revolutionizes Singapore home loan shopping, letting banks compete for your business while you submit just one application. Homejourney's multi-bank application service streamlines this process, connecting you with top lenders like DBS, OCBC, UOB, HSBC, and more for real-time rate comparisons and personalized offers. This definitive guide equips first-time buyers, upgraders, and investors with everything needed to maximize loan options safely and efficiently.
At Homejourney, user safety and trust are paramount—we verify rates daily, integrate Singpass for secure applications, and prioritize transparency to help you make confident decisions. Whether pursuing HDB resale or private condos, our bank rates page empowers you to apply to multiple banks at once without credit score risks.
Table of Contents
- Why Apply to Multiple Banks? Benefits and Myths
- How Multi-Bank Applications Work in Singapore
- Eligibility and Regulatory Framework (TDSR, MSR, LTV)
- Step-by-Step: Applying via Homejourney
- Detailed Profiles of 11 Major Banks
- Current Rates Comparison Table (2026)
- Required Documents and Singpass Integration
- Pitfalls to Avoid and Insider Tips
- FAQ: Applying to Multiple Banks
Why Apply to Multiple Banks? Benefits and Myths
Traditional advice warns against applying to multiple banks due to credit bureau records, but Homejourney's aggregated approach changes this. You submit one secure application via our platform, and Homejourney Mortgage Brokers distribute it selectively to partners without multiple hard inquiries on your Credit Bureau Singapore (CBS) report.
Key benefits include accessing the lowest rates—often 0.2-0.5% better than single-bank applications—and tailored offers based on your profile. For a S$800,000 condo, this could save S$20,000+ in interest over 25 years. Unlike direct applications, our multi-bank service lets banks bid competitively.
Myth: Multiple applications hurt your score. Fact: Smart aggregation via brokers like Homejourney shows one soft inquiry, preserving your profile. In 2026, with SORA at ~3.0%, timing matters—our real-time tracking ensures you apply when rates dip.
Singapore Market Context (2026)
Private residential prices rose 5.2% YoY per URA data, pushing buyers to optimize financing. Bank loans dominate for non-HDB (90%+ market share), with LTV up to 75% for first properties under TDSR. Homejourney verifies all data for trustworthiness.
How Multi-Bank Applications Work in Singapore
Multi-bank submission means one form yields In-Principle Approvals (IPAs) from 5-11 banks within 1-3 days. Homejourney uses Singpass MyInfo to auto-fill details, reducing errors by 80%. Banks review independently, but aggregated IPAs give your maximum borrowing power.
Process: (1) Calculate eligibility on our mortgage calculator; (2) Submit via Homejourney; (3) Receive competing LOIs; (4) Select best fit. This beats sequential applications, which delay property hunts by weeks.
For HDB buyers, MSR caps repayments at 30% income; private uses TDSR at 55%. Our system flags compliance instantly.
Eligibility and Regulatory Framework
TDSR, MSR, and LTV Limits
Total Debt Servicing Ratio (TDSR) limits all debts to 55% of gross income; Mortgage Servicing Ratio (MSR) is 30% for HDB. Loan-to-Value (LTV) maxes at 75% for first private buys (ABSD-adjusted for foreigners). Example: S$10,000 monthly income qualifies ~S$1.2M loan at 3% rate, 25 years.
| Property Type | Max LTV (Singaporean) | TDSR/MSR |
|---|---|---|
| First HDB | 85% (HDB loan) | 30% MSR |
| First Private | 75% | 55% TDSR |
| Second Property | 45% | 55% TDSR |
Foreigners face 60% LTV + 60% ABSD. Use Homejourney's calculator for precise simulations.
SORA and Rate Types
SORA (Singapore Overnight Rate Average) pegs most loans; 3M SORA ~2.95% (Jan 2026). Fixed rates offer 2-3 year stability at +0.5% spreads. The chart below shows recent interest rate trends in Singapore:
As seen, SORA peaked at 3.2% mid-2025 before stabilizing—ideal for locking now via multi-bank apps.
Step-by-Step: Applying via Homejourney
- Assess Eligibility: Visit mortgage calculator for TDSR/MSR check.
- Compare Rates: View live rates from all banks on .
- Submit One Application: Use Singpass for auto-fill; select preferred banks.
- Receive IPAs: 24-72 hours; compare offers side-by-side.
- Finalize Best Loan: Homejourney brokers negotiate waivers.
Full process: 1 week vs. 4+ weeks solo. See Singpass guide for details.
Detailed Profiles of 11 Major Banks
DBS Bank
Market leader (35% share), offers SORA PEAKER (3M SORA +0.35%), 2-year lock-in. Best for HDB; processing ~S$500. Apply via Homejourney for fee waivers.
OCBC Bank
Strong for private properties; 80% refundable processing fee. SORA rates from +0.40%. Excellent app with Singpass.
UOB
HomeSmart Loan: Flexible redraws. Rates competitive at SORA +0.38%. Fast IPAs (1 day).
HSBC
Foreigner-friendly; international transfers easy. Min loan S$500K, rates +0.45%.
Standard Chartered
Fixed-rate options up to 3 years. Good for investors; +0.50% spreads.
Maybank
Affordable processing S$300; HDB specialist. SORA +0.42%.
CIMB, RHB, Public Bank, Hong Leong, Citibank
Niche strengths: CIMB low fees, RHB investor focus, Public competitive for resale, Hong Leong fixed deals, Citibank premium service. All accessible via Homejourney's one application multiple banks system.
Current Rates Comparison Table (Jan 2026)
| Bank | 3M SORA + Spread | Fixed 2Y | Proc Fee |
|---|---|---|---|
| DBS | +0.35% | 3.45% | S$500 |
| OCBC | +0.40% | 3.50% | S$800 (80% refund) |
| UOB | +0.38% | 3.48% | S$600 |
| HSBC | +0.45% | 3.55% | S$1,000 |
| Std Chart | +0.50% | 3.60% | S$700 |
Rates effective Jan 2026; check Homejourney for updates. Lower spreads via multi-bank competition.
Required Documents and Singpass Integration
- NRIC/Passport, Employment Pass (foreigners)
- Latest 3-6 payslips, NOA (IRAS)
- Bank statements (6 months)
- Property OTP/Sale Agreement
Homejourney's Singpass auto-fills 70% of fields, cutting time to 5 minutes. Learn more in our Singpass guide.
Pitfalls to Avoid and Insider Tips
Avoid: Applying without IPA—agents dismiss non-preapproved buyers. Tip: Get multi-bank IPA first, then search on Homejourney property search.
Insider: Time applications post-SORA drop (watch our chart). For refinancing, multi-bank yields 0.1-0.3% better rates. Disclaimer: This is general advice; consult Homejourney Mortgage Brokers for personalized guidance.
FAQ: Applying to Multiple Banks in Singapore
Can I apply to multiple banks at once?
Yes, via Homejourney's safe aggregation—no multiple CBS hits. Banks compete for you.[1]
How long for IPAs?
1-3 days; full approval 2-4 weeks post-OTP.[3]
Does it affect my credit score?
No, Homejourney uses soft checks initially.
Best banks for first-time HDB buyers?
DBS, OCBC for low fees and HDB expertise.
What if valuation is low?
Top-up cash; multi-bank IPAs cover max possible.
Foreigners eligible?
Yes, up to 60% LTV; HSBC/Std Chart foreigner-friendly.[4]
Refinancing via multi-bank?
Absolutely—compare breakage costs first.
How to start?
Head to Homejourney bank-rates now.
Ready to apply to multiple banks at once? Use Homejourney's trusted platform for seamless comparisons, Singpass applications, and expert broker support. Search matching properties on our property search and secure your dream home safely.
Disclaimer: Rates and eligibility subject to change; Homejourney verifies data but recommends professional advice. Last updated Jan 2026.
