How to Get Pre-Approved for a Mortgage: Bank Rate Comparison Guide | Homejourney
Mortgage pre-approval, also known as In-Principle Approval (IPA) or loan pre-approval, gives Singapore home buyers a clear budget before property hunting. This guide walks you through the process, compares rates from top banks like DBS, OCBC, and UOB, and shows how Homejourney simplifies comparisons for safer, trusted decisions.
At Homejourney, we prioritize user safety and transparency by verifying real-time bank rates and offering multi-bank applications via Singpass. Start your bank rates comparison today to boost approval odds. This cluster article supports our pillar guide on Singapore home loans, providing tactical steps for IPA success.
What is Mortgage Pre-Approval (IPA) in Singapore?
Mortgage pre-approval or In-Principle Approval (IPA) is a preliminary letter from a bank stating how much you can borrow based on your income, debts, and credit. It's valid for 30 days and helps you shop confidently within your budget.[1][2] Unlike full approval, IPA doesn't require a specific property but signals seriousness to sellers.
In Singapore, IPAs factor in Total Debt Servicing Ratio (TDSR) limits of 55% of gross income and Loan-to-Value (LTV) caps (e.g., 75-90% for first-time buyers). First-time HDB buyers or private property seekers use IPA to apply for HDB Financial Eligibility or make offers. Homejourney's eligibility calculator at https://www.homejourney.sg/bank-rates#calculator estimates your borrowing power instantly.
Step-by-Step: How to Get Pre-Approved for a Mortgage
Follow these actionable steps for quick IPA in Singapore:
- Gather Documents: Prepare NRIC/passport, latest payslips (3-6 months), employment letter, IRAS Notice of Assessment (2 years), bank statements, and CPF statements. Foreigners add work pass and overseas credit reports.[2]
- Check Eligibility: Use Homejourney's mortgage calculator to assess TDSR and affordability before applying.
- Compare Bank Rates: Review SORA-based, fixed, or board rates across banks (details below).
- Apply Online: Use Singpass via Homejourney for one-click submission to multiple banks like DBS, OCBC, UOB. Get conditional approval in minutes from banks like UOB.[5]
- Receive IPA: Expect results in 2-5 business days. It shows max loan, monthly repayments, and affordable property price.[3][6]
- Property Hunt: Search verified listings on https://www.homejourney.sg/search within your pre-approved budget.
Pro Tip: Apply to 2-3 banks simultaneously on Homejourney to let them compete, securing the best rates without multiple hard credit checks.
Singapore Bank Rate Comparison: Top Lenders for 2026
Compare current home loan products from Homejourney's partner banks. Rates are SORA-pegged (e.g., 3M SORA ~3.0% as of Jan 2026), with effective rates including spreads. Always verify latest at https://www.homejourney.sg/bank-rates.
| Bank | Key Product | Current Effective Rate | Lock-in | Best For |
|---|---|---|---|---|
| DBS | SORA PEAKS | 3.2% (SORA + 0.65%) | 2-3 years | First-time buyers |
| OCBC | 360 Account Loan | 3.15% (SORA + 0.60%) | 2 years | Refinancers |
| UOB | Instant Home Loan | 3.25% (SORA + 0.70%) | 1-2 years | Fast approval |
| HSBC | Fixed Rate | 3.4% fixed | 3 years | Rate stability |
| Standard Chartered | eMortgage | 3.1% (SORA + 0.55%) | 2 years | Digital savvy |
| Maybank | Home Flexi | 3.35% | 3 years | HDB owners |
Rates fluctuate; Homejourney updates them real-time. DBS leads for volume, OCBC for rewards, UOB for speed.[8] Compare all 11 partners (CIMB, RHB, etc.) on our platform.
Understanding SORA and Interest Rate Trends
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans, replacing SOR. Most banks peg to 3M SORA (~3.0% in 2026). Fixed rates offer stability but higher costs post-lock-in.
The chart below shows recent interest rate trends in Singapore:
As seen, SORA has stabilized post-2025 peaks, aiding predictable repayments. Track live on Homejourney.
Pros, Cons, and Bank Selection Tips
- DBS: Pros: Extensive branches, HDB expertise. Cons: Higher fees. Best for HDB upgraders.
- OCBC: Pros: Account-linked discounts. Cons: Strict eligibility. Ideal for families.
- UOB: Pros: Instant approval via app. Cons: Shorter lock-ins. Great for quick moves.[5]
- Others: HSBC for expats, Maybank for flexibility. Use Homejourney to match your profile.
Insider Tip: Time applications when SORA dips; refinance every 2 years via our simplified process. Read more on boosting odds in our related article: How to Get Pre-Approved for a Mortgage: Boost Approval Odds | Homejourney .
Why Use Homejourney for AIP Mortgage and Pre-Approved Home Loans?
Homejourney creates a safe space by verifying rates, enabling Singpass auto-fill for faster IPAs, and multi-bank submissions. One application gets offers from DBS to Citibank, saving time and ensuring the best deal. Connect with our mortgage brokers post-IPA for personalized guidance. For full coverage, see our pillar on Singapore home financing.
FAQ: Mortgage Pre-Approval in Singapore
1. How long does IPA take?
2-5 business days for most; UOB offers minutes via app.[1][5]
2. Can foreigners get pre-approved?
Yes, with work pass and docs; LTV capped at 60%.[2]
3. What's the difference between IPA and full approval?
IPA is preliminary; full needs property valuation and docs.[3]
4. How to compare bank rates safely?
Use Homejourney's real-time tool at https://www.homejourney.sg/bank-rates for verified data.
5. Does Singpass speed up applications?
Yes, auto-fills forms for quicker processing. Learn more: Singpass MyInfo for Faster Loans: Homejourney Benefits .
Disclaimer: Rates and approvals subject to bank terms, MAS regulations. Homejourney provides tools for informed decisions; consult professionals for advice.
Ready for pre-approval? Visit https://www.homejourney.sg/bank-rates to compare rates, calculate eligibility, and apply now. Trust Homejourney for your safe property journey.
