Comparing home loans across banks in Singapore is easiest when you break it into three stages: pre-approval (2–5 working days), offer selection (1–7 days) and loan completion (8–12 weeks, depending on HDB or private property).
In this guide, Homejourney walks you through a clear, safe and verified process to compare home loans Singapore, understand the typical application process and timeline, and use bank loan comparison tools to secure the best mortgage rate for your situation.
How This Cluster Fits Into Your Home Loan Journey
This article is a focused, tactical companion to our main pillar guide on comparing home loans and understanding bank rates Compare Home Loans Across Banks in Singapore: Homejourney’s Complete Guide .
While the pillar explains types of rates, fees and regulations in depth, this cluster zooms in on the step-by-step application flow and how long each step usually takes when you compare mortgage offers across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank.
Throughout, we highlight how Homejourney’s verified data, Singpass integration and multi-bank submission system reduce risk, paperwork and guesswork for Singapore buyers and investors.
Quick Overview: Typical Home Loan Application Timeline in Singapore
If you are deciding whether to lock in a bank package or stay on HDB’s 2.6% loan, understanding the timeline helps you plan your Option to Purchase (OTP) and avoid costly delays.
- Step 1 – Pre-qualification & comparison: Same day to 1 working day using Homejourney’s comparison and calculators.
- Step 2 – In-principle Approval (IPA): About 2–5 working days for most banks like DBS, OCBC and UOB[8].
- Step 3 – Choose bank & sign letter of offer: 1–7 days, depending on how many offers you compare.
- Step 4 – Legal & completion: 8–12 weeks from exercising OTP for resale HDB and private properties (aligned with HDB/URA standard timelines).
Homejourney streamlines Steps 1–3 by letting you compare bank rate comparison results, calculate eligibility and submit one application to multiple banks via Singpass on our bank rates page Bank Rates .
Step 1: Compare Home Loans Across Banks (Before You View Units)
In Singapore, most serious buyers now compare home loans before committing to a property. This is especially important in areas like Tampines, Punggol or Jurong East, where well-priced units can receive multiple offers within days.
The goal at this stage is to narrow down: target loan amount, likely loan-to-value (LTV) and preferred rate type (fixed vs SORA-pegged vs board rate).
Key Rate Types You Will See When You Compare Mortgage Offers
- Fixed-rate packages
Rates are locked in for 1–5 years. In 2025, three-year fixed rates from major banks have fallen to roughly the 1.4%–1.8% range, down from about 3.1% at the start of 2025[4]. Fixed packages are popular with first-time buyers who want certainty that monthly instalments won’t jump suddenly. - SORA-pegged floating rates
Most new floating loans are pegged to the Singapore Overnight Rate Average (SORA), the interest rate benchmark adopted under MAS’ transition away from SIBOR and SOR[3]. Your rate is typically expressed as 3M SORA + spread, e.g. 3M SORA + 0.50% for DBS or OCBC packages[1]. When SORA moves, your instalment can adjust every 1 or 3 months. - Board or internal rates
These are discretionary rates set by the bank (sometimes called board rates or fixed deposit rates). They can be stable for long periods but are not transparent like SORA.
The chart below shows recent interest rate trends in Singapore:
Use this trend together with Homejourney’s real-time SORA tracking on Bank Rates to decide whether to prioritise a lower floating rate now or the stability of a fixed rate.
How Homejourney Makes Bank Loan Comparison Safer
- Verified rate data: Homejourney pulls current promotions and published rates from major banks like DBS, OCBC, UOB, HSBC, Maybank and Standard Chartered[8][6], cross-checking against MAS and official bank sources.
- Real-time updates: Our system flags major changes (for example, when fixed rates nearly halved between early and late 2025[4]) so you do not rely on outdated brochures.
- Risk-focused filters: You can filter by lock-in period, free partial prepayment, legal subsidies and whether repricing is available, instead of just looking at headline rates.
Use the Homejourney mortgage calculator Mortgage Rates to estimate monthly instalments and stress-test for a +1% or +2% rate increase. For example, on a S$700,000 loan over 25 years, moving from 1.6% to 2.6% can increase monthly payments by several hundred dollars – critical if you’re stretching for a Bukit Panjang or Sengkang resale flat near an MRT.
Step 2: In-Principle Approval (IPA) – Documents, Criteria & Timeline
Once you have a rough idea of loan size and packages, the next step is to obtain an In-Principle Approval (IPA) from one or more banks. This states how much the bank is prepared to lend you, subject to property valuation and final checks.
Typical Documents Required by Banks
Most major banks (DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, Citibank, RHB, Public Bank and Hong Leong Bank) ask for similar documents, in line with MAS income and credit assessment guidelines:
- NRIC (front and back)
- Latest 3 months’ payslips (salaried employees)
- Latest 12 months’ commission statements (if applicable)
- Latest NOA (Notice of Assessment) and CPF contribution history (for salaried)
- Latest 2 years’ NOA and profit & loss (for self-employed)
- Existing property loan statements and credit card statements (for TDSR assessment)
With Homejourney’s Singpass/MyInfo integration Singpass MyInfo for Faster Loans: Homejourney Benefits , much of this is auto-filled directly from IRAS and CPF, reducing errors and speeding up approval.
IPA Timeline and Local Insider Tips
- Standard timeline: Around 2–5 working days for DBS, OCBC and UOB home loans once documents are complete[8]. Foreign banks like HSBC or Standard Chartered can sometimes take a bit longer for complex income profiles.
- Peak periods: During new launch weekends (e.g. projects near Lentor MRT or the Greater Southern Waterfront), processing queues can lengthen. Apply for IPA at least 2 weeks before balloting or preview.
- Insider tip: If you are upgrading from an HDB in towns like Sengkang or Yishun, banks will scrutinise your existing loan and any outstanding credit. Clear short-term debt (like BNPL and personal loans) before applying – this can materially improve your Total Debt Servicing Ratio (TDSR).
Through Homejourney’s multi-bank application, you can send your profile to multiple banks at once. This is safer than approaching each bank individually because we help you manage disclosures and keep all offers organised in one dashboard.
Step 3: Comparing Bank Letters of Offer – Beyond Just the Headline Rate
Once banks issue IPAs and valuations, you will receive Letters of Offer (LO) that detail the exact terms. This is where precise bank loan comparison matters.
