Apply to Multiple Banks at Once: Complete Rates and Fees Explained
Yes, you can apply to multiple banks at once in Singapore through trusted platforms like Homejourney, allowing banks to compete for your business while minimizing credit impact. This multi-bank application approach lets you receive the best offers from DBS, OCBC, UOB, HSBC, and others without multiple hard inquiries, saving time and securing optimal rates.[1][3]
At Homejourney, our one application multiple banks system prioritizes user safety by using a single soft credit check initially, then targeted submissions. This cluster article dives into the process, fees, and rates—linking back to our pillar guide on Apply to Multiple Banks at Once: Complete Guide by Homejourney ">Apply to Multiple Banks at Once: Complete Guide for full coverage.
Why Use Multi-Bank Applications in Singapore?
Singapore's competitive banking sector—dominated by DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank—means rates vary daily based on SORA benchmarks set by MAS. Traditional applications to each bank trigger separate credit bureau records, potentially raising red flags if over three are submitted.[1][3]
Homejourney's bank comparison service changes this: submit once via https://www.homejourney.sg/bank-rates, and our Homejourney Mortgage Brokers shop across all partners. No fees for In-Principle Approval (IPA), and Singpass integration auto-fills documents for faster processing—typically 1-3 days per bank.[1][2]
This builds trust through transparency: real-time rates from official sources, verified by Homejourney for accuracy. First-time HDB buyers or condo investors in areas like Punggol or Orchard can compare eligibility instantly using our mortgage calculator.
How Homejourney's One Application Reaches Multiple Banks
Step 1: Visit Homejourney bank rates page and input basics via Singpass—age, income, debts.
Step 2: Get instant IPA estimate under MAS TDSR (60% debt ratio) and MSR (30% for HDB).
Step 3: Our mortgage broker Singapore experts select top 3-5 banks (e.g., DBS for fixed rates, OCBC for SORA PEAKS) and submit bundled applications. Banks respond with personalized offers.[1][4]
Insider tip: Time applications post-SORA dips; track via Homejourney. No obligation to accept—choose the best post-property purchase.
- Documents needed: NRIC/Passport, last 3 months' payslips, IRAS NOA, CPF statements, property Option to Purchase.[2][4]
- Processing: IPA in 1-2 days; full approval 2-4 weeks after valuation.[2][6]
- Credit impact: One initial check; banks see only their inquiry.[3]
Complete Rates Breakdown: SORA, Fixed, and Board Rates (2026)
Current 3M SORA averages 2.85% (as of Jan 2026), with banks adding spreads of 0.5-1.0%. Fixed rates start at 3.2% for 2-3 years (DBS/OCBC), board rates ~SORA+0.8% (UOB/HSBC).[4]
The chart below shows recent interest rate trends in Singapore:
SORA has stabilized post-2025 hikes, favoring floating rates for investors. Compare via Homejourney: DBS 2.88% effective (SORA+0.6%, 2-yr lock-in), OCBC 2.92%, UOB 2.90%.[1]
All Fees Explained: What You'll Pay Across Banks
No IPA fees—free at all banks.[1] Key costs:
- Processing Fee: $200-500 (waived by Homejourney partners like Maybank, CIMB).
- Valuation Fee: $800-1,500 (bank-contracted, e.g., DBS $1,200 for condos).
- Legal Fees: $2,000-3,500 solicitor (same across banks).
- Lock-in Penalty: 1.5% on prepaid amount if breaking early (e.g., Standard Chartered 2-yr lock).
- Refinance Fee: $500 + 1% penalty if within lock-in.
Homejourney discloses all upfront. Example: $1M loan at DBS—total fees ~$3,500 vs. $4,200 at smaller banks like RHB. Use our calculator to simulate.
| Bank | Processing Fee | Valuation | Lock-in Penalty |
|---|---|---|---|
| DBS | $321.50 | $1,200 | 1.5% |
| OCBC | Waived | $1,000 | 1.2% |
| UOB | $200 | $1,100 | 1.5% |
| HSBC | $500 | $1,300 | 1.8% |
Data from bank fact sheets; always verify.[4] Smaller banks like Public Bank offer lower fees but higher spreads.
Pros, Cons, and Who Should Use Multi-Bank Apps
Pros: Best rates (save 0.2-0.5% yearly, ~$5K on $1M loan), one-stop via Homejourney, Singpass speed.
Cons: Slight delay coordinating responses; not for urgent buys.[3]
Best for first-timers (HDB in Sengkang), refinancers, investors eyeing Projects . Avoid if credit-sensitive.
Actionable Steps: Apply via Homejourney Today
- Check eligibility at Homejourney calculator.
- Compare live rates from 11 banks.
- Submit multi-bank app—get offers in days.
- Pair with property search on https://www.homejourney.sg/search.
Disclaimer: Rates fluctuate; consult Homejourney Mortgage Brokers. Not financial advice.
FAQ: Applying to Multiple Banks in Singapore
Can I apply to multiple banks without hurting my credit?
Yes, via Homejourney's bundled system—limits inquiries to essentials.[1][3]
Are there fees for multi-bank applications?
No IPA fees; only standard processing post-offer.[1]
How long for responses from DBS, OCBC, etc.?
1-3 days IPA; full in 2-4 weeks.[2]
Does it affect TDSR/loan quantum?
No, MAS guidelines standardize calculations.[3][4]
Best banks for multi-bank via Homejourney?
DBS/OCBC for rates, HSBC for foreigners.[2]
Ready to apply multiple banks? Start safely at Homejourney bank rates—your trusted partner. For full steps, see our pillar: Apply to Multiple Banks at Once: Complete Guide by Homejourney ">Apply to Multiple Banks at Once Complete Guide.
