How to Get Pre-Approved for a Mortgage in Singapore
Mortgage pre-approval, also known as In-Principle Approval (IPA) or loan pre-approval, is a preliminary assessment from banks confirming how much you can borrow based on your income, credit, and debts. This step is essential for Singapore buyers as it sets your budget before viewing properties on Homejourney's property search. Homejourney simplifies this with Singpass integration for instant applications to multiple banks like DBS, OCBC, and UOB.
Applying via Homejourney offers key benefits: one application reaches all major banks, real-time rate comparisons, and eligibility calculators to maximize your borrowing power under TDSR rules. This cluster focuses on the pre-approval process and Homejourney's advantages, linking to our pillar How to Get Pre-Approved for a Mortgage in Singapore: Complete 2026 Guide How to Get Pre-Approved for a Mortgage in Singapore: Complete 2026 Guide for full coverage.
Why Get Mortgage Pre-Approval Before Buying?
Pre-approval gives you a competitive edge in Singapore's fast-moving market. Sellers prioritize buyers with IPA letters, especially for HDB resales or private condos in areas like Punggol or Orchard. It typically takes 3-5 business days and is valid for 30 days, helping you negotiate confidently without overextending.[1][2]
Homejourney's platform ensures safety and trust by verifying data via Singpass, auto-filling income and CPF details. Users avoid multiple bank visits, reducing errors and speeding approvals. For first-time buyers, this transparency builds confidence in a secure environment.
Step-by-Step Guide: How to Get Pre-Approved via Homejourney
Follow these actionable steps on Homejourney's bank rates page for a seamless process.
- Calculate Eligibility: Use our free mortgage calculator at https://www.homejourney.sg/bank-rates#calculator. Input salary, debts, and age to see borrowing limits under MAS TDSR (60% debt-to-income cap).
- Prepare Documents: Gather payslips (3-6 months), IRAS NOA, bank statements, and CPF statements. Self-employed need business docs.[1][2]
- Apply via Singpass: Log in on Homejourney – one click sends your profile to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, and more.
- Compare Offers: View side-by-side rates, including SORA-based packages (current 3M SORA ~3.0% as of 2026).
- Receive IPA: Track status in-app; approvals arrive in days with loan quantum and tenure options.
Avoid pitfalls like incomplete docs – Homejourney's checklist prompts ensure completeness, boosting approval odds. See How to Get Pre-Approved for a Mortgage: Boost Approval Odds | Homejourney for tips.[5]
Required Documents for IPA in Singapore
- Singaporeans/PRs: NRIC, latest payslips, IRAS Notice of Assessment (NOA), CPF statements, bank statements (3 months).
- Foreigners: Passport, work pass, employment letter, overseas credit report, salary credits.[1][2]
- All: Proof of other debts (credit cards, car loans) for TDSR calculation.
Upload securely on Homejourney – Singpass verifies 80% automatically, minimizing hassle. For HDB buyers, pair with HFE letter from HDB portal.
Understanding Interest Rates for Pre-Approval
Banks assess based on SORA (Singapore Overnight Rate Average), the key benchmark replacing SOR. Fixed packages offer 1-2 year stability at ~3.5-4%, while floating tracks 3M/6M SORA plus margin (~0.5-1%). Homejourney shows live rates from partners.
The chart below shows recent interest rate trends in Singapore:
Rates have stabilized post-2025 hikes, aiding affordability. Use this data to lock optimal terms during pre-approval.
Key Benefits of Applying via Homejourney
Homejourney prioritizes user safety with verified bank partners and transparent processes, earning trust through customer feedback integration.
- Multi-Bank Access: One IPA app to 10+ banks – get best offers without legwork.[4]
- Singpass Speed: Auto-fill cuts processing to minutes; instant conditional approvals like UOB's model.[4]
- Rate Comparison: Side-by-side views beat manual checks; link to bank-rates for updates.
- Expert Guidance: Connect with Homejourney Mortgage Brokers for personalized advice, no hard sells.
- Post-Approval Support: Track to formal LO, then search budget-matched properties on our platform.
Unlike solo apps, Homejourney's system increases offers by 40% via broad submission, per user data. Read How to Get Pre-Approved for a Mortgage: Bank Rate Comparison Guide | Homejourney.
What Happens After Pre-Approval?
With IPA in hand (e.g., $800K loan for $1.2M condo), secure OTP (1% fee, 14-21 days validity).[2][3] Bank valuation follows; if lower, top up cash. Full approval takes 1-2 weeks post-OTP exercise. Completion: 8-12 weeks for private properties.
Homejourney guides to next steps, including lawyer coordination and property search within your limit. For maintenance, check aircon services.
Pro Tips to Boost Your Mortgage Pre-Approval Odds
- Pay down debts pre-application to improve TDSR ratio.
- Time for stable income proof; avoid job switches.
- Use Homejourney calculator first – adjust if under 60% gearing.
- For investors, highlight rental income potential from projects directory projects.
Disclaimer: This is general advice; consult professionals for personalized financial planning. Rates fluctuate; verify on Homejourney.
FAQ: Mortgage Pre-Approval in Singapore
How long does IPA take via Homejourney?
3-5 business days, often faster with Singpass. Instant conditional nods possible.[1][4]
Is pre-approval free?
Yes, non-binding. Homejourney charges nothing for applications or comparisons.
Can foreigners get AIP mortgage?
Yes, up to 60% LTV with docs like work pass. Homejourney supports expats seamlessly.[1][2]
What if rates change post-IPA?
Lock packages during formal app. Track SORA on our platform.
How to compare banks on Homejourney?
Visit https://www.homejourney.sg/bank-rates for live tools. See FAQ pillar Mortgage Pre-Approval FAQ: Singapore Home Loans | Homejourney.
Ready for pre-approval? Start securely on Homejourney bank-rates today. Explore our pillar guide for the full how to get pre-approved for a mortgage journey.
