How to Apply for Home Loan Singapore: Step-by-Step Guide | Homejourney

Discover how to apply for a home loan in Singapore with this comprehensive, step-by-step guide from Homejourney. Whether you're a first-time HDB buyer, upgrading to private property, or refinancing, our trusted platform simplifies the mortgage application process while prioritizing your safety and transparency.

Homejourney verifies every detail, auto-fills applications via Singpass, and connects you to top banks like DBS, OCBC, UOB, HSBC, and more—one submission reaches them all. Start confidently with our bank rates comparison today.

Executive Summary: Your Roadmap to Home Loan Approval

Applying for a housing loan in Singapore involves key regulations like TDSR, LTV limits, and MSR for HDB. Expect 2-3 days for In-Principle Approval (IPA) and 2-4 weeks for full approval. Homejourney streamlines this with Singpass integration, multi-bank submissions, and real-time eligibility checks[1][2].

This pillar guide covers eligibility, documents, timelines, pitfalls, and pro tips. Use our mortgage calculator to estimate borrowing power instantly. Positioned as your safe partner, Homejourney ensures verified info for confident decisions.

1. Understanding Home Loans in Singapore
2. Home Loan Eligibility Criteria
3. Step-by-Step Home Loan Application Process
4. Required Documents Checklist
5. Interest Rates and SORA Explained
6. Processing Timelines and What to Expect
7. Common Pitfalls and Pro Tips
8. HDB vs Bank Loans: Key Differences
9. Why Choose Homejourney for Your Application
10. FAQ: How to Apply for Home Loan Singapore

1. Understanding Home Loans in Singapore

A home loan, or mortgage, finances up to 75-90% of your property purchase via Loan-to-Value (LTV) limits set by MAS. Singapore's market features HDB loans for public flats and bank loans for private properties or resale HDB[1].

Key benchmarks include SORA (Singapore Overnight Rate Average), replacing fixed rates for most loans. Homejourney tracks live SORA rates to help you time applications perfectly.

TDSR and MSR: Core Regulations

Total Debt Servicing Ratio (TDSR) caps total debt repayments at 55% of gross income. For HDB, Mortgage Servicing Ratio (MSR) limits housing payments to 30%[1]. These ensure safe borrowing—Homejourney's calculator factors them in automatically.

2. Home Loan Eligibility Criteria

Minimum age is 21; maximum is 65 at loan maturity. Loan tenure maxes at 30 years for HDB, 35 for private, but LTV reduces beyond 25/30 years[1].

Income proof via 6 months' payslips or CPF is required. Self-employed need IRAS NOA. Foreigners face stricter KYC[1][2].

Criteria	HDB Loan	Bank Loan
Min Age	21-65	21-65
Max LTV (1st Timer)	90%	75%
Income Req.	Stable, min S$1,500/mth	Varies by bank
Debt Ratio	MSR 30%	TDSR 55%

Check eligibility first on Homejourney's tool.

3. Step-by-Step Home Loan Application Process

Follow these home loan application steps for success:

Calculate Eligibility: Use Homejourney's calculator at bank-rates. Input income, debts for TDSR/MSR preview[1].
Compare Rates: View DBS, OCBC, UOB packages on Homejourney bank rates.
Get IPA: Apply via Singpass on Homejourney—auto-fills data, submits to multiple banks instantly[2][6].
Find Property: Search budget-matched options on Homejourney property search.
Sign Option to Purchase (OTP): Secure property with 1-5% deposit.
Bank Valuation: Bank assesses property value (fee ~S$500-1,000)[1].
Submit Formal Application: Upload docs via Homejourney portal.
Legal Completion: Sign loan docs, disburse funds at lawyer's office.

Homejourney's multi-bank system skips bank-hopping[3]. See pre-approval guide.

4. Required Documents Checklist

Prepare these for apply for housing loan:

NRIC/Passport[3][5]
Latest 3-6 months payslips/IR8A[1][3]
IRAS NOA (last 2 years, self-employed)[1][5]
CPF statements (12 months)[5]
Bank statements (3-6 months)[2]
OTP/Sale & Purchase Agreement[3]
Employment letter/proof[2]

Singpass via Homejourney auto-retrieves most—faster and safer[6]. For HDB, get HFE letter first[4].

5. Interest Rates and SORA Explained

SORA is the key benchmark since 2024, averaging overnight rates. Most loans are 0.6-1% above 3M/6M SORA. Fixed rates suit stability seekers; floating follows market[7].

The chart below shows recent interest rate trends in Singapore:

As seen, SORA has hovered ~3% in 2026. Compare live rates on Homejourney from DBS (S$450k min), UOB, Maybank[3][8].

Bank	Typical Package	Min Loan
DBS	SORA + 0.7%	S$100k
OCBC	SORA + 0.65%	S$200k
UOB	SORA + 0.8%	S$450k (private)

6. Processing Timelines and What to Expect

IPA: 1-3 days. Full approval: 2-4 weeks post-OTP[1][2]. Delays from incomplete docs or valuation gaps.

Post-approval: Sign Letter of Offer, pay fees (legal ~S$2-3k, valuation S$500). Funds disburse at completion[1]. Track via Homejourney dashboard.

7. Common Pitfalls and Pro Tips

Pitfall: Ignoring TDSR—solution: Use Homejourney calculator first.
Tip: Apply pre-OTP for IPA validity (3 months)[1].
Insider: Time apps post-SORA dips; Homejourney alerts you.
Avoid: Multiple bank apps separately—use our multi-bank feature.
Boost odds: Clear debts pre-app (read boost guide).

8. HDB vs Bank Loans: Key Differences

HDB loans offer higher LTV (90%) but fixed 2.6% rate, lower margins. Banks provide competitive SORA packages, flexibility for private properties[1][4].

Aspect	HDB Loan	Bank Loan
LTV 1st Timer	90%	75%
Rate	2.6% pegged	SORA-based ~3-4%
Eligibility	HDB flats only	All properties

For HDB, get HFE via Singpass[4]. Banks via Homejourney.

9. Why Choose Homejourney for Your Application

Skip hassles: One Singpass login sends to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, more. Compare offers side-by-side, track status securely.

Our verified platform prioritizes safety—auto-fills via MyInfo, no data sharing risks. Connect with Homejourney Mortgage Brokers for personalized advice. Start at bank-rates. Learn Singpass benefits Singpass MyInfo for Faster Loans: Homejourney Benefits ">.