How to Apply for Home Loan Singapore Step by Step: Benefits of Applying via Homejourney
Applying for a home loan in Singapore involves five key steps: pre-qualification, comparing packages, securing In-Principle Approval (IPA), formal application, and receiving the Letter of Offer. Homejourney simplifies this mortgage application process with multi-bank submissions, Singpass auto-fill, and real-time rate comparisons from DBS, OCBC, UOB, HSBC, and more.[1][3]
This cluster article provides tactical, step-by-step guidance on how to apply home loan processes, linking back to our pillar guide on Singapore home loans. For first-time buyers or refinancers, Homejourney ensures a safe, transparent journey prioritizing user trust and verified data.[1]
Step 1: Check Your Home Loan Eligibility with Pre-Qualification
Start by assessing your borrowing power using Singapore's Total Debt Servicing Ratio (TDSR) at 55% and Mortgage Servicing Ratio (MSR) at 30% for HDB flats. Use Homejourney's eligibility calculator at https://www.homejourney.sg/bank-rates#calculator for an instant estimate based on your income, age, and commitments.[5]
Upload basic details via Singpass for auto-filled CPF and income data. This step takes minutes on Homejourney, unlike traditional banks which may take up to seven days. Insider tip: Factor in existing debts like car loans; aim for under 40% TDSR to boost approval odds.[1][5]
Step 2: Compare Mortgage Packages Across Banks
Compare rates from Homejourney partners: DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank. Visit https://www.homejourney.sg/bank-rates to see SORA-based packages side-by-side.
SORA (Singapore Overnight Rate Average) is the key benchmark since 2024, replacing fixed rates for most loans. Fixed packages last 2-3 years, then revert to 3M/6M SORA +0.5-1%. The chart below shows recent interest rate trends in Singapore:
As seen in the chart, 3M SORA hovered around 3.0-3.5% in late 2025, impacting monthly payments on a S$1M loan by S$3,000+. Homejourney's tool lets you filter by lock-in period and fees, saving weeks of manual inquiries.[1]
Step 3: Secure In-Principle Approval (IPA)
With pre-qualification done, apply for IPA via Homejourney's one-click multi-bank submission. One form sends your details to all partner banks, generating IPAs within 3 days. Banks check credit via Credit Bureau Singapore, bankruptcy records, and TDSR.[1][4]
For HDB buyers, get an HDB Flat Eligibility (HFE) letter first if needed. Private property buyers: Secure IPA before paying the 1% option fee to avoid risks. Homejourney verifies your profile securely, providing a binding estimate from multiple lenders.[3][5]
Step 4: Submit Formal Mortgage Application
Prepare documents: NRIC/passport, last 3 months' payslips, IRAS Notice of Assessment (NOA), 12 months' CPF statements, credit card statements, and existing loan details. Self-employed need 2 years' tax returns.[1][3][6]
Submit via Homejourney at https://www.homejourney.sg/bank-rates using Singpass—your data auto-fills instantly. Banks conduct property valuation (S$200-500 fee) and legal checks. Processing takes 3-7 days; track status on Homejourney's dashboard.[1][2]
- Download CPF statements from CPF portal (cpf.gov.sg).
- Get NOA from myTax Portal (iras.gov.sg).
- Scan payslips and bank statements digitally.
- Include Option to Purchase (OTP) for property proof.
Avoid pitfalls: Submit complete docs upfront to prevent delays. Homejourney flags missing items proactively.[6]
Step 5: Receive and Accept Letter of Offer (LO)
Upon approval, banks issue LO with the Property Loan Fact Sheet detailing tenure (up to 30/35 years), rates, and penalties. Sign digitally via Homejourney; funds disburse at completion. Total timeline: 1-4 weeks.[1]
Pro tip: Negotiate via Homejourney's brokers for better rates. For HDB, coordinate with HDB resale portal timelines.[5]
Key Benefits of Applying via Homejourney
Homejourney revolutionizes home loan application steps by eliminating branch visits. Submit once, get offers from 11 banks; compare and pick the best. Singpass integration ensures data security and speed—ideal for busy professionals eyeing Punggol BTOs or Tanjong Pagar condos.[1]
- Multi-bank efficiency: One app to DBS, OCBC, UOB, etc.—no repetitive forms.
- Real-time tracking: Monitor IPAs and LOs in-app.
- Trust-first platform: Verified rates, user feedback-driven improvements, and mortgage brokers for guidance.
- Post-approval support: Link to https://www.homejourney.sg/search for budget-matched properties.
Related: See How to Apply for Home Loan Singapore Step by Step: Bank Rate Guide | Homejourney ">How to Apply for Home Loan Singapore Step by Step: Bank Rate Guide | Homejourney for rate details.[1]
Pro Tips to Boost Approval Odds
Pay down debts pre-application; maintain 6 months' savings buffer. For freelancers, show consistent income via NOA. Time applications post-SORA dips—track via Homejourney. HDB upgraders: Sell existing flat first to free MSR.[5]
Disclaimer: This is general advice; consult Homejourney brokers or MAS for personalized needs. Rates as of 2026; subject to change.[1][5]
FAQ: How to Apply for Home Loan in Singapore
What is the fastest way to get a home loan IPA?
Singpass via Homejourney—IPAs from multiple banks in 3 days.[1]
Can foreigners apply for get mortgage Singapore?
Yes, with passes like EP/SPR; need salary proof and 30% downpayment.[2]
How much can I borrow?
Use Homejourney calculator; max 75-90% LTV, TDSR-capped.[5]
What if rates rise post-approval?
Lock-in protects; monitor SORA on Homejourney.[1]
Refinancing via Homejourney?
Yes, same steps; compare current vs new offers seamlessly.
Ready to start? Visit https://www.homejourney.sg/bank-rates for apply for housing loan today. For full details, read our pillar: How to Apply for Home Loan Singapore: Step-by-Step Guide | Homejourney ">How to Apply for Home Loan Singapore: Step-by-Step Guide | Homejourney . Homejourney: Safe, trusted property journeys.
