How to Get Pre-Approved for a Mortgage: Benefits of Applying via Homejourney

Mortgage pre-approval, also known as In-Principle Approval (IPA) or loan pre-approval, gives Singapore home buyers a conditional commitment from banks on how much they can borrow. This step is essential before viewing properties or making offers, as it sets your budget and boosts your credibility with sellers. Homejourney simplifies this with its secure, multi-bank platform, prioritizing user safety and transparency.

Applying via Homejourney lets you submit one application to major banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank simultaneously. Using Singpass, your details auto-fill for faster processing in a trusted environment.[1][2][4][8]

Why Get Mortgage Pre-Approval in Singapore?

In Singapore's competitive property market, pre-approved home loans (AIP mortgage) are non-negotiable. Sellers and agents prioritize buyers with IPA, as it proves financing readiness. An IPA is valid for 30 days and outlines your maximum loan quantum, monthly repayments, and affordable property price, helping you avoid overextending under TDSR rules from MAS.[1][5][8]

For HDB buyers, an IPA pairs with HDB's HFE letter. Private property seekers use it before securing an Option to Purchase (OTP). Homejourney's platform connects to our pillar guide on How to Get Pre-Approved for a Mortgage in Singapore, offering comprehensive coverage.[3]

Shop confidently within budget
Strengthen offers in bidding wars
Lock in rates amid SORA fluctuations

Step-by-Step: How to Get Pre-Approved via Homejourney

Follow these actionable steps for how to get pre-approved for a mortgage safely through Homejourney. Start at https://www.homejourney.sg/bank-rates for instant eligibility checks.

Calculate Eligibility: Use Homejourney's built-in calculator at https://www.homejourney.sg/bank-rates#calculator. Input income, CPF, debts for TDSR-compliant borrowing power. Example: S$6,000 monthly income yields up to S$1.2M loan for 30-year tenure (subject to rates).[5]
Gather Documents: Prepare Singpass-ready files like NRIC/passport, latest payslips (3-6 months), IRAS NOA (2 years), employment letter, bank statements. Foreigners add work pass and overseas credit report.[1][2]
Apply via Singpass: One-click submission sends details to all partner banks. No need to visit branches—track status in-app.[4]
Receive IPAs: Banks respond in 1-5 days with offers. Compare side-by-side on Homejourney.[1][8]
Select Best Offer: Choose lowest rates/fees; Homejourney brokers guide you.

Avoid pitfalls: Apply before OTP to prevent delays. Update documents if income changes.[1][2]

Required Documents for Loan Pre-Approval

Singapore banks require verified docs for IPA. Homejourney's Singpass integration auto-fills most, ensuring accuracy and security.

NRIC/Passport and valid work pass (foreigners)
Employment contract/confirmation letter
Latest 3-6 months' payslips or bank statements
IRAS Notice of Assessment (past 2 years)
CPF statements (for HDB/CPF usage)
Bank statements showing income credits
Overseas credit report (if applicable)

Tip: Scan docs clearly; apostille foreign ones. Homejourney verifies submissions for faster approvals, aligning with our trust-first approach.[1][2]

Benefits of Applying via Homejourney

Skip branch queues—Homejourney's multi-bank system outperforms single-bank apps. One form reaches DBS, OCBC, UOB and more, saving weeks.[4][5]

Speed: Instant pre-fill, 1-5 day IPAs vs. weeks individually.
Best Rates: Side-by-side comparisons from 11 banks.
Safety: Singpass-secured, no data sharing risks.
Guidance: Connect with Homejourney Mortgage Brokers for free advice.
Tracking: Real-time status updates in one dashboard.

Read more on multi-bank benefits in our related cluster: Who Should Apply to Multiple Banks at Once?.

What Happens After Pre-Approval?

IPA leads to formal Letter of Offer post-OTP and valuation. Banks valuate properties (1 week); if below price, top up cash. Completion: 8-12 weeks for private, 12-16 for HDB.[1][3]

Pro Tip: Time IPA before launches like those in Projects . Use https://www.homejourney.sg/search for budget-matched properties.

Understanding Current Interest Rates

SORA is Singapore's key benchmark; most loans peg to 3M SORA (around 3.0% in 2026). Fixed rates offer stability, floating better for short holds.

The chart below shows recent interest rate trends in Singapore:

Rates have stabilized post-2025 peaks, aiding buyers. Compare live SORA via Homejourney.[5]

Pro Tips to Boost Approval Odds

Insider advice from Homejourney experts:

Lower debts pre-application for better TDSR.
Apply early in month for fresher bank quotas.
Include CPF Ordinary Account balances.
Foreigners: Show 6+ months' Singapore income.

See Boost Approval Odds for details. Disclaimer: This is general info; consult professionals for advice.

FAQ: Mortgage Pre-Approval in Singapore

Q: How long is IPA valid?
A: Typically 30 days; reapply if expired. Homejourney tracks for you.[1]

Q: Can foreigners get pre-approved?
A: Yes, with work pass and income proof, up to 60-80% LTV.[1][2]

Q: Is IPA binding?
A: No, conditional on final checks like valuation.[8]

Q: How much does it cost?
A: Free via Homejourney; banks charge formal valuation later (~S$500).

Q: HDB vs Private differences?
A: HDB needs HFE; both use IPA. Check via our FAQ cluster.

Ready for how to get pre-approved for a mortgage: benefits of applying via Homejourney? Start securely at https://www.homejourney.sg/bank-rates. Post-purchase, explore Aircon Services for maintenance. Link back to our pillar for full Singapore mortgage guide.