How to Apply for Home Loan Singapore Step by Step: Bank Rate Comparison Guide
Applying for a home loan in Singapore involves getting an In-Principle Approval (IPA), comparing bank rates, and submitting documents for final approval—all while adhering to TDSR rules. Homejourney simplifies this with real-time bank rate comparisons from DBS, OCBC, UOB and more, plus Singpass integration for faster applications.
This cluster guide focuses on the tactical steps for how to apply home loan processes and bank rate comparison, building on our pillar content: How to Apply for Home Loan Singapore: Step-by-Step Guide. Trust Homejourney for verified rates and safe, transparent financing.
Step 1: Check Eligibility and Get In-Principle Approval (IPA)
Start by assessing your borrowing power under MAS TDSR (Total Debt Servicing Ratio) limits—typically 55% of gross monthly income. Use Homejourney's free mortgage eligibility calculator at https://www.homejourney.sg/bank-rates#calculator to input income, debts, and property price for instant results.
For HDB buyers, apply for HFE letter via HDB portal with Singpass—valid 9 months, covers grants and loans[3]. Banks like DBS and OCBC offer IPA in 1-3 days via Myinfo/Singpass for pre-filled forms[1][4][6]. Insider tip: First-timers at Tengah BTO sales should secure IPA before ballot to strengthen offers.
Step 2: Compare Bank Rates and Products
Singapore banks peg loans to SORA (Singapore Overnight Rate Average), with spreads like SORA + 0.7%. Fixed rates offer stability for 2-3 years; floating follows market. Compare on Homejourney at https://www.homejourney.sg/bank-rates—real-time updates from 11 partners including DBS (market leader, SORA+0.65%), OCBC (flexi-loans), UOB (min S$450k for promos[2]).
The chart below shows recent interest rate trends in Singapore:
As seen, 3M SORA hovered ~3.0% in late 2025—time refinancing if above 3.5%. DBS suits HDB upgraders; HSBC for expats with global transfers; Maybank for competitive fixed rates[7]. Homejourney lets banks compete: one app, multiple offers.
Key Singapore Banks: Quick Rate Comparison (Jan 2026)
| Bank | Best Product | Effective Rate (SORA+) | Lock-in | Best For |
|---|---|---|---|---|
| DBS | 5-Year Fixed | 3.2% | 2-3 yrs | HDB Buyers |
| OCBC | Flexi Loan | SORA+0.65% | 2 yrs | Refinancers |
| UOB | Private Home Loan | SORA+0.70% | 3 yrs | Min S$450k Loans[2] |
| HSBC | International | 3.1% | 2 yrs | Expats |
| Standard Chartered | Priority | SORA+0.60% | 3 yrs | High-Net |
Pros: DBS/OCBC for digital apps; Cons: Lock-in penalties 1.5-3%. Always verify on Homejourney—rates fluctuate[1][2].
Step 3: Gather Documents and Submit Formal Application
- NRIC/Passport: All applicants[2].
- Income Proof: Latest payslips, IR8A, 2-year tax returns (self-employed), CPF statements[2][4].
- Property Docs: Option to Purchase (OTP), sale option if applicable[2].
- Others: HDB info if owning flat, bank statements[1][4].
Upload via bank portals or Homejourney's multi-bank system—Singpass auto-fills 80% docs. Processing: 2-4 weeks post-valuation[1]. Tip: For Punggol ECs, include valuation fee ~S$200-500.
Step 4: Bank Valuation, Legal Fees, and Closing
Bank valuates property (e.g., S$1.2M condo at S$1.1M valuation lowers loan). Pay legal fees S$2k-4k. Sign LO at lawyer's office. Homejourney connects you to verified lawyers for safety.
Post-approval, search budgeted properties at https://www.homejourney.sg/search. For maintenance, check aircon services.
Homejourney's Safe Application Edge
Skip branch queues: Apply to DBS, UOB, etc., simultaneously via https://www.homejourney.sg/bank-rates. Our brokers negotiate best rates; Singpass ensures secure, verified data. See Singpass MyInfo for Faster Loans.
Disclaimer: Rates as of Jan 2026; consult professionals. Homejourney verifies data for trust, not financial advice.
FAQ: How to Apply for Home Loan Singapore
Q: How long for IPA?
A: 1-3 business days via Singpass[1]. Use Homejourney calculator first.
Q: Best bank for first-timers?
A: DBS/OCBC for HDB—low spreads, promos.
Q: Refinancing steps?
A: Compare rates on Homejourney, get IPA, same docs. Boost odds: Boost Approval Odds.
Q: Foreigner eligibility?
A: Possible with EP/PR, higher downpayment[1].
Q: Current SORA?
A: Track live on Homejourney bank-rates.
Ready? Compare rates and apply securely at https://www.homejourney.sg/bank-rates. Link back to pillar for full guide. Homejourney: Your safe path to homeownership.
