How to Apply for Home Loan Singapore: Step-by-Step Guide | Homejourney
This definitive guide covers the complete home loan application process in Singapore, from eligibility checks to final approval. Whether you're a first-time HDB buyer or upgrading to private property, Homejourney simplifies how to apply home loan with our Singpass-enabled multi-bank platform. Save time by submitting one application to DBS, OCBC, UOB, and more.
At Homejourney, user safety and trust come first. We verify data, provide transparent comparisons, and prioritize your secure journey to homeownership. Start with our bank rates page for instant eligibility calculations.
Table of Contents
- Understanding Home Loans in Singapore
- Eligibility Criteria: Who Can Apply?
- Step-by-Step Home Loan Application Process
- Required Documents Checklist
- Interest Rates and SORA Explained
- Why Use Homejourney for Your Application
- Common Pitfalls and Pro Tips
- Timelines and What to Expect
- FAQ: Home Loan Singapore Questions
- Next Steps with Homejourney
Understanding Home Loans in Singapore
A home loan, also known as a mortgage in Singapore, is financing from banks or HDB to purchase property. Banks like DBS, OCBC, and UOB offer loans up to 75-90% of property value, subject to LTV limits set by MAS. HDB loans are available for public housing with slightly lower rates but stricter criteria[1][4].
In 2026, most loans are pegged to SORA (Singapore Overnight Rate Average), a risk-free benchmark replacing older fixed rates. This ensures transparency as rates reflect actual market conditions. Private properties have higher loan-to-value (LTV) flexibility, but all applicants must meet TDSR (Total Debt Servicing Ratio) of 55% or less[1].
Homejourney's platform demystifies this: calculate your borrowing power instantly at our mortgage calculator. We prioritize verified data for confident decisions.
Eligibility Criteria: Who Can Apply?
Singapore's home loan eligibility hinges on age, income, credit, and regulations. Minimum age is 21; maximum is 65 at loan maturity. Loan tenure caps at 30 years for HDB, 35 for private properties[1][4].
Key rules:
- TDSR: Total debt payments ≤55% of gross monthly income.
- LTV: First-time buyers up to 75-90%; repeat buyers 45-60%[1].
- MSR (for HDB): Housing commitments ≤30% of income.
- Credit Score: Minimum BB rating; bankruptcy discharge needed 5-7 years prior[1].
Foreigners face stricter KYC and may need higher deposits[2]. Self-employed use IRAS NOA and two years' tax returns[1][3]. Use Homejourney's eligibility tool to check instantly via Singpass.
| Buyer Type | Max LTV | Min Downpayment |
|---|---|---|
| First-time HDB | 90% | 10% (5% cash) |
| First-time Private | 75% | 25% |
| Repeat Buyer | 60% | 40% |
Data from MAS guidelines, accurate as of 2026[1].
Step-by-Step Home Loan Application Process
The mortgage application process in Singapore follows a structured path. Follow these home loan application steps for success.
Step 1: Assess Eligibility and Get IPA
Apply for In-Principle Approval (IPA) first. This takes 2-3 days and confirms borrowing amount[1][2][4]. Homejourney's multi-bank IPA sends your details to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank simultaneously.
Step 2: Property Search and Offer
Search properties on Homejourney property search. With IPA in hand, make an offer and sign Option to Purchase. Show IPA to sellers for leverage[2].
Step 3: Bank Valuation
Bank orders indicative then formal valuation (S$50-S$700 fee)[1]. Ensures loan aligns with market value.
Step 4: Submit Formal Application
Provide full documents. Processing: 2-4 weeks[2].
Step 5: Review and Approval
Bank assesses credit, income, TDSR. Sign Letter of Offer upon approval.
Step 6: Disbursement and Completion
Funds released at completion. Use CPF for downpayment (max 10% for HDB)[1].
Skip branch visits: Apply via Homejourney bank-rates with Singpass auto-fill.
Required Documents Checklist
Prepare these for smooth apply for housing loan processing[1][2][3].
- NRIC/Passport
- Latest 6 months' payslips or CPF statements
- IRAS NOA (self-employed, last 2 years)
- Bank statements (3-6 months)
- Option to Purchase
- CPF withdrawal statements (if applicable)
- Employment proof (letter/contract)
Foreigners: Add passport, visa, work pass. Homejourney auto-fills via Singpass, reducing errors. See UOB example: Payslips, IR8A, tax returns[3].
Interest Rates and SORA Explained
SORA is Singapore's key benchmark since 2024, averaging daily overnight rates. Most loans are P-SORA + margin (e.g., 0.5-1%). Fixed packages last 2-3 years before converting[1].
Compare packages across banks on Homejourney. The chart below shows recent interest rate trends in Singapore:
As seen, 3M SORA averaged ~3.0% in late 2025. Track live rates on our platform. Fixed vs floating: Fixed offers stability; SORA better for falling rates.
| Bank | Sample Rate (2026) | Lock-in |
|---|---|---|
| DBS | P-SORA + 0.6% | 2 years |
| OCBC | 3.5% fixed | 3 years |
| UOB | P-SORA + 0.7% | 2 years |
Rates vary; check Homejourney for latest[6].
Why Use Homejourney for Your Application
Homejourney revolutionizes get mortgage Singapore. One application reaches 11+ banks, auto-fills via Singpass, and tracks status. Compare offers side-by-side without multiple visits.
- Instant eligibility calculator
- Multi-bank submission
- Real-time SORA tracking
- Mortgage broker connections
- Secure, verified platform
Link to related insights: Homejourney: Easy Home Loan Comparison, Application & Timeline . Our focus on transparency builds trust.
Common Pitfalls and Pro Tips
Avoid these to boost approval:
- Don't apply without IPA – wastes time.
- Check TDSR pre-application; reduce debts first.
- Prepare documents digitally for speed.
- Compare rates – savings up to 0.5% yearly.
- Insider tip: Time IPA expiry (3 months) with property deals[1].
Pro tip: Use CPF strategically for downpayment. Connect with Homejourney brokers for personalized advice.
Timelines and What to Expect
IPA: 2-3 days. Full approval: 2-4 weeks. Valuation: 1 week[1][2]. Banks like DBS require S$100k min loan[6]. Post-approval: Sign LO, pay fees (processing ~S$500)[5].
Expect queries on income/credit. Track via Homejourney dashboard.
FAQ: Home Loan Singapore Questions
How long does IPA take? 2-3 business days[1][4].
Can foreigners apply? Yes, with extra docs like work pass[2].
What if credit score is low? Improve it; min BB required[1].
HDB vs Bank loan? HDB for flats; banks offer better rates for private[1].
How to refinance? Similar process; check 如何申请房贷完整步骤：银行利率比较指南 | Homejourney .
More FAQs: 如何申请房贷完整步骤：常见问题解答 | Homejourney指南 .
Next Steps with Homejourney
Ready to start? Visit Homejourney bank-rates for how to apply home loan Singapore. Calculate, compare, apply securely. Pair with property search and maintain your home with Aircon Services .
Homejourney ensures a safe, trusted path. Disclaimer: This is general advice; consult professionals for personalized guidance.
