Banks Compete for Your Home Loan: Multi-Bank Application with Homejourney

The benefits of multi-bank application in one click are simple but powerful: you let multiple banks compete for your home loan at the same time, get lower rates and better terms, save days of paperwork, and reduce credit score impact—while keeping your data safe through Singpass and verified bank partners on Homejourney.[1][2]

For Singapore buyers and investors, this means you can secure the best mortgage offer from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Hong Leong, Public Bank, and Citibank—without filling in 11 separate forms or sending the same payslips over and over again.[1][2]

How This Cluster Fits into Your Home Loan Journey

This article is a focused, tactical guide on the benefits of multi-bank application in one click using Homejourney’s secure mortgage system.

It supports our main pillar guide on Singapore home loans, where we explain TDSR, MSR, LTV limits, SORA vs fixed rates, and how to choose between HDB, bank, and refinancing options in detail.[1][2]

Here, we zoom in on one key decision: whether to apply to one bank at a time, or use Homejourney to submit a single, verified application to multiple banks so they compete for your home loan.

Why Multi-Bank Application Matters in Today’s Singapore Market

In 2025, HDB resale flat prices averaged around S$600,000, while private condo prices hovered around S$1.8 million based on HDB and URA data—numbers that make your mortgage decision one of the largest financial choices of your life.[1]

Under MAS rules, your Total Debt Servicing Ratio (TDSR) is generally capped at 60% of your gross monthly income, and stress tests are applied to ensure you can still service your loan if rates rise.[1][2]

On the ground, this means a Tampines couple buying a S$1.2 million condo in Punggol or Sengkang, or a first-time buyer eyeing an Executive Condo near Fernvale LRT, will often find that a 0.2–0.5% difference in rate can translate into tens of thousands of dollars over a 25–30 year loan.

Traditionally, to find this better rate, you would need to:

Contact each bank separately (DBS, OCBC, UOB, etc.)
Submit NRIC, payslips, IRAS Notice of Assessment, CPF OA statements, and property details multiple times
Wait days or weeks for each Approval-in-Principle (AIP)
Risk multiple Credit Bureau Singapore enquiries, which can worry underwriters if clustered too tightly

Homejourney compresses this entire process into one secure Singpass-powered application, then distributes it to multiple banks at once.[1][2]

Core Benefits: Let Banks Compete for Your Home Loan

1. Get Lower Rates Through Real Competition

The biggest benefit of multi-bank application in one click is that banks compete home loan offers against each other.

On Homejourney’s Bank Rates page, you can already see headline rates—for example, 3M SORA + spread packages from DBS, floating packages from UOB, and fixed packages from OCBC, alongside HSBC or Standard Chartered hybrid options.[1][2]

But when you submit a single application via Singpass, each partner bank can:

Quote preferential spreads (e.g., 3M SORA + 0.50% instead of +0.60%)
Offer cash rebates (common with HSBC or Maybank promotional campaigns)
Adjust legal or valuation subsidies

From real Homejourney cases, borrowers often secure 0.2–0.5% lower effective rates compared with applying to just one bank directly.[1]

For a S$1 million loan over 25 years, a 0.2% lower rate can save more than S$2,000 per year, or well over S$20,000 in total interest.[1][2]

When the banks know they are side by side on Homejourney, they are more likely to sharpen their pencils—this is how you negotiate mortgage rate without doing the legwork yourself.

2. Save Days of Admin with One Singpass Application

Homejourney integrates with Singpass/MyInfo so your NRIC, income, CPF, and tax information auto-fills your application in seconds.[1][2]

Instead of uploading the same PDFs to DBS, then OCBC, then UOB, then HSBC, you:

Go to Bank Rates on Homejourney
Use the mortgage eligibility calculator at Mortgage Rates or to estimate your borrowing power
Click “Apply with Singpass” (see step-by-step process in Step-by-Step Singpass Home Loan Application Guide | Homejourney )
Confirm your details are correct and submit once

On our end, this one application can be routed to 5–10 banks at once, depending on your profile and TDSR analysis.[1][2]

Typical real-world experience from Singapore customers: what used to take 2–4 weeks of back-and-forth can now yield multiple indicative offers within 24–72 hours.

3. Protect Your Credit Score with a Smarter Approach

Many buyers worry that applying to multiple banks will damage their Credit Bureau Singapore score.

When you apply separately to each bank, clustered hard enquiries can raise red flags.

With Homejourney’s multi-bank workflow, preliminary checks are kept to a single, structured enquiry where possible, and multiple banks review the same verified profile rather than triggering repeated, disjointed pulls.[1][2]

This is especially important if you are:

A self-employed professional (e.g., Bukit Merah-based freelance designer with variable income)
Running a small business in industrial estates like Ubi or Jurong
Holding multiple existing instalments (e.g., car loan, education loan)

Homejourney’s brokers help you prioritise banks where your profile is strongest before any formal hard enquiry is triggered.

4. Higher Approval Odds Across Different Bank Policies

Every bank interprets MAS guidelines slightly differently.

For example, one bank might take a more conservative view of variable bonus income, while another is more flexible with rental income from a Woodlands HDB room you are leasing out.

By sending your file to multiple banks at once, you increase your chances of at least one bank approving your target loan quantum, or offering a more favourable Loan-To-Value (LTV) or tenure.

Homejourney’s system uses your TDSR, income composition, and property type (HDB, condo, EC, landed) to filter out banks unlikely to approve—so you are not just “spraying and praying”, but applying strategically to the most suitable lenders.[1][2]

Understanding Rate Types Before You Compare Multiple Bank Offers

Before you use multi-bank application to chase the best mortgage offer, you need to understand what you are comparing.

Most Singapore banks on Homejourney offer:

SORA-based floating rates – 1M, 3M, or 6M SORA + a fixed spread (e.g., 3M SORA + 0.50%)
Fixed rates – e.g., 2- or 3-year fixed at a set percentage, then reverts to floating
Board rates or hybrid packages – pegged to the bank’s internal rate or a mix of fixed and floating

As of early 2026, many home loan packages cluster in the 3.2%–4.5% effective range, depending on tenure, loan size, and promotional campaigns.[2]

This is where Homejourney’s real-time SORA tracking on Bank Rates is critical for timing—especially for refinancers and investors.

The chart below shows recent interest rate trends in Singapore:

Once you understand how SORA has been moving, you can decide if you prefer a slightly higher fixed rate for peace of mind, or a potentially lower SORA-based package if you expect rates to ease.

Step-by-Step: Using Homejourney’s One-Click Multi-Bank Application

Step 1: Check Affordability and Eligibility

Start with the mortgage calculator at or Mortgage Rates .

Key numbers to input:

Gross monthly income (include fixed and realistic average bonuses)
Existing monthly commitments (car loan, student loan, credit cards)
Property type and price (e.g., S$900,000 4-room HDB resale in Queenstown, S$1.6 million condo in Upper Thomson)
Desired loan tenure (often 25–30 years, subject to MAS age limits)

The calculator will estimate your maximum loan based on TDSR and LTV, helping you avoid wasting time on banks that are unlikely to approve your target amount.

Step 2: Select Multi-Bank Application

On the Bank Rates page, you can already see live packages from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank.[1][2]

Instead of choosing one bank and hoping for the best, select the multi-bank apply option so multiple banks can respond with tailored offers.

If you want a deeper walkthrough of this comparison step, see How to Use Homejourney Bank Rate Comparison to Lock In Your Best Home Loan .

Step 3: Apply in One Click via Singpass/MyInfo

Click “Apply with Singpass”.

After logging in, MyInfo will securely pull your NRIC, income, CPF, and tax data and populate the Homejourney form automatically—typically in under a minute.[1][2]

This not only saves time but also reduces errors, which banks increasingly treat as a risk factor.

Homejourney encrypts and stores your data securely, and we only share it with verified partner banks required to process your application, in line with PDPA and MAS expectations on data security.

Step 4: Receive and Compare Multiple Bank Offers

Within 24–72 hours in most cases, you will start to receive indicative offers or Approvals-in-Principle from different banks.

Key items to compare:

Headline rate and spread (e.g., 3M SORA + 0.50% vs 0.60%)
Effective interest rate (EIR) over the lock-in period
Lock-in duration (typically 1–3 years)
Prepayment penalties (often 1.5–3 months’ interest for full redemption within lock-in)
Legal, valuation subsidies, and any cash rebates
Conversion or repricing options after lock-in

This is the moment where you truly see the benefits of multi-bank application in one click: you have multiple bank offers on your screen at once and can objectively get lower rate options on the table.

If you want guidance on squeezing even better deals from these offers, read How to Get Banks to Compete for Your Home Loan | Homejourney .

Step 5: Let Homejourney Mortgage Brokers Help You Decide

Homejourney Mortgage Brokers review your offers with you at no extra cost to you (they are paid by banks, similar to traditional mortgage brokers).[4]

They can help you:

Decide between fixed vs SORA-based packages based on your risk tolerance
Optimise tenure and instalment to stay within TDSR limits comfortably
Plan for refinancing in 2–3 years, using resources like Best Bank Refinancing Rates Comparison 2026 | Homejourney

Once you choose a bank, your broker will manage the remaining paperwork, legal coordination, and timeline tracking so you do not miss important deadlines (like HDB OTP expiry or developer payment milestones).

Singapore-Based Examples: How Multi-Bank Application Pays Off

Example 1: EC Buyer in Sengkang / Punggol

A first-time buyer couple buying a S$1.2 million Executive Condo near Sengkang MRT used Homejourney’s multi-bank application.[2]

DBS initially offered a 3.4% EIR package, but after multi-applying, UOB came back with around 3.2% plus a S$5,000 legal subsidy, and HSBC proposed a competitive hybrid plan.

With broker help, the couple chose the UOB package and saved an estimated S$15,000–S$20,000 over the first 10 years.