Apply to Multiple Banks at Once: Rates & Fees Explained | Homejourney
Applying to multiple banks at once in Singapore allows you to receive competing home loan offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more—without multiple credit inquiries or repetitive paperwork. Homejourney's multi-bank application system lets you submit one application multiple banks process simultaneously, typically securing In-Principle Approvals (IPAs) within 2-3 days while comparing real-time rates and fees transparently.
This cluster article dives into the complete rates and fees for multi-bank applications, building on our pillar guide Apply to Multiple Banks at Once: Homejourney Complete Guide . As Singapore's trusted mortgage broker platform, Homejourney prioritizes user safety with Singpass integration, real-time SORA tracking, and verified bank data to help you make confident decisions.
Why Apply to Multiple Banks at Once?
In Singapore's competitive mortgage market, banks like DBS and OCBC offer SORA-based loans starting at P-0.5% (around 2.8-3.2% effective in 2026), but rates vary by profile—salaried buyers get better spreads than self-employed. Multi-bank applications via Homejourney let banks compete, often shaving 0.1-0.3% off rates and waiving fees like processing charges (S$500-S$1,000 otherwise).[1][2]
Traditional sequential applications trigger multiple Credit Bureau Singapore (CBS) checks, potentially hurting your score. Homejourney's one application multiple banks approach uses a single consolidated inquiry, treated as professional broker facilitation—safe and standard per MAS guidelines.[4]
Insider tip: HDB upgraders with income under S$14,000/month should check HDB loans first, but bank loans via multi-bank apps yield better private property rates. Start at Homejourney's bank rates page for instant comparisons.
Homejourney's Multi-Bank Application: Step-by-Step
Homejourney simplifies apply multiple banks with Singpass/MyInfo auto-fill, pulling IRAS income data, CPF balances, and employment history in seconds—cutting application time to 5-10 minutes.[2][3]
- Check Eligibility (5 mins): Use our free calculator at https://www.homejourney.sg/bank-rates#calculator to assess TDSR (60% debt cap) and MSR (30% for HDB).
- Gather Docs (1 day): NRIC, 3 months' payslips, IR8A, OTP. Singpass handles most.
- Submit (10 mins): At https://www.homejourney.sg/bank-rates, select multi-bank, choose lenders (e.g., DBS, UOB, HSBC), and send.
- Receive IPAs (2-3 days): Dashboard compares offers from 5-10 banks.
- Compare & Select: Pick best rates/fees; full approval in 1-3 weeks.
Total timeline: 4-6 weeks to settlement, per MAS averages.[1] Homejourney Mortgage Brokers guide you, ensuring optimal presentation to each bank.
Complete Rates Breakdown: Major Singapore Banks
Current 2026 rates (SORA ~2.9% 3M avg): Fixed rates 2.5-3.0% for 2-3 years; floating P-0.6% to P+0.2%. Homejourney tracks live updates—DBS leads for first-timers, OCBC for investors.[1]
| Bank | Best Rate (Effective) | Lock-in | Fees |
|---|---|---|---|
| DBS | 2.85% SORA | 2 yrs | Proc S$800, Valuation S$600 |
| OCBC | 2.80% Fixed | 3 yrs | Proc S$500 (waivable), Attorney S$1,500 |
| UOB | 2.90% SORA | 2 yrs | Proc S$700, Penalty 1.5% |
| HSBC | 2.75% Fixed | 2 yrs | Proc S$1,000, Valuation S$500 |
Multi-bank via Homejourney often negotiates fee waivers. Compare all (including Maybank, CIMB, RHB) instantly on our platform. Rates exclude insurance (S$200-500/yr).
Hidden Fees Explained in Multi-Bank Applications
Beyond rates, watch processing fees (S$500-1,500), valuation (S$500-1,500), attorney fees (S$2,000-3,000), and early repayment penalties (1-1.5% of outstanding loan in lock-in).[1][4] Homejourney dashboards highlight these side-by-side.
- Processing Fee: Upfront, often waivable in competitions.
- Valuation Fee: Bank orders post-IPA; shared if resale.
- Legal Fees: Buyer pays; bundle via Homejourney for discounts.
- Penalty Savings: Shorter lock-ins (2 yrs) cost less if refinancing.
Pro tip: Self-employed? CIMB/RHB overlook gaps better. Always verify via Homejourney bank-rates.
SORA Trends Impacting Your Multi-Bank Choices
SORA (Singapore Overnight Rate Average) underpins most floating loans. Homejourney provides real-time 3M/6M SORA tracking to time applications.
The chart below shows recent interest rate trends in Singapore:
As seen, SORA stabilized at ~2.9% post-2025 hikes—favor fixed now if expecting rises. Ties to multi-bank: Compare SORA spreads across banks instantly.[1]
Pros, Cons & Who Benefits Most
Pros: Best rates (save S$10k+ over loan), fast IPAs, no credit harm, Singpass ease.[2][3]
Cons: Overwhelm from offers (Homejourney dashboard fixes), potential soft inquiries if mismanaged.
Best for first-time HDB buyers (e.g., Tengah BTO upgraders) and investors eyeing condos via Homejourney property search. Refinancers save on fees too.
FAQ: Apply to Multiple Banks at Once
Can I apply to multiple banks without hurting my credit?
Yes, via Homejourney's broker system—single inquiry. Direct apps trigger multiples.[4]
How long for IPAs in multi-bank apps?
2-3 days from DBS/OCBC/UOB; up to 5 days others.[1][3]
What fees to expect?
Processing S$500-1k, valuation S$500-1.5k—often negotiable. See table above.
Does Singpass work for all?
Yes, auto-fills for citizens/PRs; foreigners upload manually.[2]
Best banks for first-timers?
DBS/HSBC; compare via Homejourney.
Disclaimer: Rates/fees as of 2026; consult Homejourney Mortgage Brokers for personalized advice. Not financial advice.
Ready to apply to multiple banks at once complete rates and fees explained? Visit https://www.homejourney.sg/bank-rates for comparisons, calculator, and one-click apps. Link back to our pillar: Apply to Multiple Banks at Once: Homejourney Complete Guide . Homejourney: Safe, transparent property journeys.
