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 you a conditional commitment from banks on how much you can borrow. This guide shows Singapore buyers how to compare bank rates from DBS, OCBC, UOB, HSBC and more to secure the best AIP mortgage. At Homejourney, we prioritize your safety with verified rates and multi-bank applications for trusted decisions.
Securing how to get pre-approved for a mortgage: bank rate comparison guide starts with understanding Singapore's Total Debt Servicing Ratio (TDSR) at 55% and Loan-to-Value (LTV) limits from MAS. First-time HDB buyers can borrow up to 90% LTV, while private property hits 75%. Use Homejourney's tools at https://www.homejourney.sg/bank-rates to compare real-time rates safely.
Why Get Mortgage Pre-Approval Before Property Hunting?
In Singapore, IPA is essential as it confirms your borrowing power under HDB or URA rules. Sellers prioritize buyers with pre-approval letters, valid for 30 days, boosting your offer strength[1][2]. Without it, you risk overbidding beyond affordability.
Homejourney simplifies this: calculate eligibility instantly with our mortgage calculator at https://www.homejourney.sg/bank-rates#calculator. Link it to property search to find HDB flats in Tampines or condos in Orchard within your budget. This transparency builds trust, aligning with our user-first approach.
Step-by-Step: How to Get Pre-Approved for a Mortgage in Singapore
Follow these actionable steps for fast IPA:
- Gather Documents: Passport/work pass, last 3-6 months' payslips, IRAS Notice of Assessment, bank statements, CPF statements[1][2]. Self-employed need business financials.
- Check Eligibility: Use Homejourney's calculator for TDSR stress-tested at 4% rate. Example: S$6,000 monthly income qualifies ~S$500,000 loan over 25 years.
- Compare Banks: Review rates on Homejourney – apply Singpass for auto-fill.
- Submit IPA: One-click multi-bank submission via https://www.homejourney.sg/bank-rates.
- Receive Letters: Within 1-5 days, like UOB's instant approval[4].
This process takes days, not weeks, letting banks compete for you[5]. For full steps, see our pillar guide: How to Get Pre-Approved for a Mortgage in Singapore: Complete 2026 Guide .
Singapore Bank Rate Comparison: Key Players in 2026
Compare top Homejourney partner banks. Rates pegged to 3M SORA (~3.0% as of Jan 2026), fixed, or board rates. Always verify latest at bank-rates.
| Bank | Best Product | Effective Rate (SORA Pledged) | Lock-in | Best For |
|---|---|---|---|---|
| DBS | Home Loan (SORA) | SORA + 0.65% (~3.65%) | 2 years | HDB buyers |
| OCBC | 360 Account Loan | SORA + 0.60% (~3.60%) | 3 years | Refinancers |
| UOB | HomeSmart Loan | SORA + 0.70% (~3.70%) | 2 years | Instant approval |
| HSBC | Fixed Rate | 3.88% fixed | 3 years | Foreigners |
| Standard Chartered | eMortgage | SORA + 0.55% (~3.55%) | 2 years | Online savvy |
Pros/Cons: DBS excels in HDB integration but higher fees; OCBC offers cashback. Compare all 11 banks (incl. Maybank, CIMB) on Homejourney for market-lowest[4].
Understanding SORA and Rate Trends for Smart Comparisons
SORA (Singapore Overnight Rate Average) replaced SOR in 2024; most loans are SORA + spread. Fixed rates suit risk-averse buyers amid volatility.
The chart below shows recent interest rate trends in Singapore:
SORA has stabilized ~3.0% post-2025 hikes. Time refinancing when rates dip – track live on Homejourney.
Homejourney's Safe, Multi-Bank Application Advantage
Skip bank-hopping: Submit one Singpass-enabled application to all partners. Receive competing offers – DBS might bid lower to win. Our brokers guide HDB upgraders or investors safely.
- Real-time rates from DBS to Citibank.
- Boost odds: See How to Get Pre-Approved for a Mortgage: Boost Approval Odds | Homejourney .
- Post-approval: Search budgeted properties at https://www.homejourney.sg/search.
Disclaimer: Rates fluctuate; not financial advice. Consult professionals. Homejourney verifies data for your security.
FAQ: Mortgage Pre-Approval in Singapore
What is mortgage pre-approval validity? 30 days typically. Renew if needed[1].
How long for IPA from UOB/DBS? Instant to 3 days with Singpass[4].
Foreigner IPA documents? Passport, work pass, overseas credit report[1][2].
Best bank for HDB resale? DBS/OCBC for CPF integration. Compare on Homejourney.
Refinancing pre-approval? Same process; check penalties first. Use our calculator.
Ready? Get pre-approved now at https://www.homejourney.sg/bank-rates – compare rates, apply safely with Homejourney. For full pillar coverage, read How to Get Pre-Approved for a Mortgage in Singapore: Homejourney Guide . Your trusted path to property starts here.
