Homejourney: Easy Home Loan Comparison, Application & Timeline
Comparing home loans across banks in Singapore is straightforward with Homejourney's real-time bank rate comparison tool, where you can evaluate offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank and others in minutes, including full application processes and typical timelines of 1-21 days for approval[1][2].
This cluster article simplifies the comparing home loans across banks made easy application process and timeline, building on our pillar guide to Singapore home loans by focusing on tactical steps for first-time buyers and refinancers.
Why Compare Home Loans on Homejourney?
Homejourney prioritizes your safety and trust with verified, real-time rates from all major banks, helping you compare home loans Singapore without hassle. Unlike scattered bank websites, our platform shows side-by-side best mortgage rate options, eligibility calculators, and multi-bank applications via Singpass for faster, secure processing.
As of January 2026, SORA-based rates hover around 3M SORA +0.25% to +0.65%, with fixed rates starting at 1.50%-1.75% for 2-year packages[1]. Use Homejourney's bank rates page to see live updates and calculate your borrowing power instantly.
Key Factors in Bank Loan Comparison
When comparing mortgage offers, focus on interest rates, lock-in periods, fees, and bank-specific perks. Major banks like DBS offer cash rebates up to $2,800 for loans over $1M, while Maybank leads with 2-year fixed at 1.65%[1][2].
- Rates: Fixed (e.g., DBS 2Yr Fixed 1.75%) vs Floating (Maybank 3M SORA +0.40%)
- Lock-in: 1-3 years; shorter for flexibility during rate hikes
- Fees: Legal fees ~$1,800-$1,900 for refinances, often offset by rebates
- Eligibility: TDSR cap at 55% of income; MSR 30% for HDB
DBS suits HDB refinances with $2,000 rebates covering fees[1]. For private properties, Standard Chartered offers low spreads without long lock-ins[1].
Current Top Rates Snapshot (Jan 2026)
| Bank | Loan Type | Rate | Best For |
|---|---|---|---|
| Maybank | 2Yr Fixed | 1.65% | Private Properties |
| SCB | 3M SORA | +0.50% | Short Lock-in |
| DBS | 3M SORA | +0.50% | HDB Refinance |
| OCBC | 1M SORA | +0.65% | Floating Flexibility |
Rates from Homejourney-verified sources[1][2]. Always check our mortgage calculator for personalized quotes.
Step-by-Step Home Loan Application Process
Applying for a home loan in Singapore takes 1-3 weeks typically, but Homejourney speeds it up with one-click multi-bank submissions[2]. Here's the actionable process:
- Pre-Approval (1-3 days): Use Homejourney's eligibility tool with Singpass to check TDSR/MSR. Upload income docs digitally.
- Compare & Select (Instant): View bank rate comparison on our platform; banks compete for your loan.
- Submit Application (5 mins): Singpass auto-fills for DBS, OCBC, UOB etc. No branch visits needed.
- Valuation & Legal (7-14 days): Bank appoints valuer; lawyer reviews sale agreement.
- Approval & Disbursement (1-3 days post-legal): Funds released at completion.
For HDB flats, add CPF usage approval (extra 7 days). Refinancing skips valuation if LTV allows[1].
Bank-Specific Application Timelines
Timelines vary by bank efficiency and loan type. Homejourney's partners streamline via API integration:
- DBS/OCBC/UOB: 7-14 days; strong online portals, Singpass-ready[2]. DBS excels for HDB with rebates.
- HSBC/SCB: 10-21 days; priority for high-net-worth, low spreads[1].
- Maybank/Citi: 14 days; competitive fixed rates, quick for private properties.
- Others (RHB, CIMB): 14-21 days; good for niche needs like BUC condos.
Pro Tip: Apply via Homejourney bank-rates to parallel-process across banks, cutting wait time by 50%.
SORA Trends Impacting Your Decision
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans, replacing older FIX pegs per MAS guidelines. Current 3M SORA ~3.0%, plus spreads of +0.25%-0.65%[1].
The chart below shows recent interest rate trends in Singapore:
As seen, rates stabilized post-2025 peaks, favoring shorter lock-ins for switches[1]. Track live on Homejourney.
Actionable Tips to Speed Up Approval
Boost odds with these insider steps:
- Prepare docs: NRIC, payslips (3-6 months), tax assessments, property option fee receipt.
- Improve score: Pay debts; aim >700 credit score.
- Use Homejourney: One app to multiple banks lets offers compete.
- Time it: Apply 4-6 weeks pre-completion to align with HDB/URA timelines.
Disclaimer: Rates fluctuate; consult Homejourney Mortgage Brokers for advice. Not financial advice.
Link to related: Compare Home Loans Rates & Fees | Step-by-Step Application.
FAQ: Comparing Home Loans & Applications
How long does home loan approval take in Singapore?
1-3 weeks total; pre-approval in 1-3 days via Homejourney Singpass[2].
Which bank has the best mortgage rate now?
Maybank 1.65% 2Yr Fixed or DBS 3M SORA +0.50%; compare live on Homejourney[1].
Can I compare mortgage offers from all banks easily?
Yes, Homejourney aggregates DBS, OCBC, UOB, HSBC etc. for instant bank loan comparison.
What's the fastest application process?
Homejourney's multi-bank Singpass app: 5 mins submission, banks respond in days.
Best for HDB refinance?
DBS with $2,000 rebate covering fees[1].
Ready to compare home loans Singapore? Start safely on Homejourney bank-rates, link your budget to property search, and explore our pillar guide for full home loan mastery. Homejourney ensures transparent, verified decisions every step.
