To get pre-approved for a mortgage in Singapore, you need to (1) assess your budget and borrowing limits, (2) gather key income and debt documents, (3) compare bank rates and packages across major lenders, and (4) submit an In-Principle Approval (IPA) or AIP mortgage application to one or more banks—ideally through a trusted multi-bank platform like Homejourney for safer, faster, and more transparent outcomes.
This article is a tactical follow-up to Homejourney’s main mortgage pillar guide on home loans in Singapore . While the pillar explains the full journey from budgeting to completion, this cluster focuses specifically on How to Get Pre-Approved for a Mortgage: Bank Rate Comparison Guide—showing you exactly how to secure a solid loan pre-approval and compare rates across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank with confidence and safety.
What Is Mortgage Pre-Approval (IPA) in Singapore?
In Singapore, a mortgage pre-approval—commonly called an In-Principle Approval (IPA) or loan pre-approval—is a bank’s conditional confirmation of how much it is prepared to lend you, based on your income, existing debts, credit profile, and regulatory limits like MSR and TDSR.[7] It is not a final loan offer, but it gives you a clear price range and acts as proof of financing when you negotiate for property.
For HDB buyers, this works alongside the HDB Housing Finance Eligibility (HFE) letter on the HDB Flat Portal, which is required before you can proceed with most resale or BTO steps.[3] For private properties, pre-approval is obtained directly from banks or through a trusted multi-bank platform like Homejourney.
From experience on the ground, sellers and agents in mature estates like Toa Payoh, Queenstown, and Bishan often refuse to grant an Option to Purchase (OTP) if a buyer cannot show at least one valid IPA letter. In popular OCR condo clusters such as Tampines or Punggol, serious buyers almost always have their financing pre-checked before viewing shortlists on weekends.
Why Pre-Approval Matters Before You Shortlist Units
Getting a pre-approved home loan before you start shortlisting on Homejourney’s property search Property Search protects you in several ways:
- Prevents over-stretching: MSR/TDSR rules cap how much of your income can go to repayments, so your IPA amount can be lower than you expect even with good income.[7][3]
- Strengthens negotiation: In competitive segments like 3-room resale HDBs near MRTs (e.g., Redhill, Kallang), sellers take IPA-backed offers more seriously.
- Speeds up transaction: Once you find a suitable unit, you can move quickly to secure the OTP without scrambling to compare banks at the last minute.[1][3]
- Reveals real budget including taxes: Your IPA helps you plan around Buyer’s Stamp Duty (BSD) and potentially ABSD for multiple-property owners.[3]
In practical terms, if your IPA shows you can borrow up to S$700,000, you might cap your total purchase at around S$900,000 for a 3-bed mass-market condo in locations like Sengkang or Bukit Panjang, assuming you can cover the rest with CPF and cash.
Key Rate Types: SORA, Fixed, and Board Rates
Before comparing banks, you must understand the main mortgage rate structures used in Singapore:
- SORA-pegged floating rates: Pegged to the Singapore Overnight Rate Average (SORA), administered by MAS and based on actual overnight interbank transactions.[7] Your rate = SORA + bank spread (e.g., 3M SORA + 0.80%).
- Fixed rates: Interest rate is fixed for a lock-in period (usually 2–3 years). After that, it usually reverts to a SORA or board-based formula.
- Board rates: Linked to a bank’s internal reference rate, which the bank may adjust at its discretion (usually with notice). Less transparent but sometimes offered with promotional spreads.
As of 2026, 3M SORA has stabilised from the peaks seen in 2023–2024 but still sits above pre-2020 levels, so the trade-off between fixed and floating packages is more nuanced than in the ultra-low-rate years. Always verify current benchmarks on MAS and with your bank just before signing.
The chart below shows recent interest rate trends in Singapore:
Use this as context when assessing whether a fixed-rate package gives you enough stability versus a potentially cheaper but more volatile SORA-pegged loan.
Step-by-Step: How to Get Pre-Approved for a Mortgage in Singapore
Step 1: Calculate Your Borrowing Power Safely
Start by estimating your maximum loan amount and comfortable monthly installment:
- Review your monthly income (fixed vs variable components).
- List existing loans (car loans, student loans, credit card balances).
- Check your age and planned loan tenure (max 30 years for HDB, up to 35 years for private, subject to MAS limits).[7]
Instead of using rough rules of thumb, use Homejourney’s mortgage eligibility calculator at Mortgage Rates or . It factors in prevailing TDSR rules, typical stress test rates banks use, and your income structure, giving you a safer, regulation-aligned estimate.
Step 2: Gather Documents for IPA / AIP Mortgage
Banks generally ask for similar documents for a loan pre-approval (IPA):[1][2][5]
- NRIC (front and back) or passport for foreigners.
- Latest 3 months’ payslips and 12 months’ CPF contribution history (for salaried workers).
- Latest 2 years’ Notice of Assessment from IRAS.
- Latest 6–12 months’ bank statements and business documents (for self-employed).
- Existing property loan statements and other debt obligations.
If you are self-employed (e.g., running a café in Kovan or a small logistics business in Jurong), expect more scrutiny on fluctuating income and additional documentation.
To reduce paperwork and avoid errors, use Homejourney’s Singpass/MyInfo integration on the bank rates page Bank Rates . Your IRAS and CPF data can be securely pulled into the application, which banks increasingly accept as official records.[5] For more detail on Singpass usage, refer to our guides: Using Singpass MyInfo for Faster Loan Applications: Homejourney Bank Rate Guide , Singpass MyInfo for Faster Loan Applications: Homejourney's Complete Guide .
Step 3: Compare Bank Rates and Packages (DBS, OCBC, UOB & Others)
This is where many buyers feel overwhelmed. Each bank has multiple home loan products with different reference rates, lock-in periods, and conditions. A typical cross-section for major banks looks like this (illustrative range; always check current numbers):
- DBS: 2- or 3-year fixed packages; 3M SORA + spread; hybrid options.[7]
- OCBC: 2-year fixed; 1M/3M SORA-pegged; packages with free conversions after lock-in (subject to conditions).
- UOB: SORA-pegged and fixed packages with instant conditional approval when you apply using MyInfo.[5]
- HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank: various fixed and SORA packages, often with promotional legal subsidy or valuation fee waivers for higher loan sizes.
On your own, you would have to visit each bank’s website or branch to get up-to-date rates, which change frequently. Instead, use Homejourney’s bank rates comparison at Bank Rates to:
- Compare rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank in one place.
- See both headline rates and effective rates, including typical spreads.
- Filter by property type (HDB vs private), occupancy (own stay vs investment), and loan purpose (purchase vs refinancing).
- Check real-time SORA benchmarks and track trends for better timing.
For deeper project-level comparisons (e.g., how loans look for specific condos in Bukit Timah vs Jurong East), use Homejourney’s projects directory Projects Directory together with rate comparisons to align loan structure with each development’s pricing and rental profile.
Step 4: Submit a Multi-Bank IPA via Homejourney
Once you’ve narrowed down suitable packages, you can either apply to each bank separately or let Homejourney streamline the process. On the bank rates page Bank Rates , you can:
- Calculate your eligibility with the integrated mortgage calculator .
- Submit one application and let major banks compete for your business.
- Use Singpass/MyInfo to auto-fill forms and speed up conditional approval.
- Connect with Homejourney Mortgage Brokers for personalised guidance on structuring the loan.
This multi-bank submission approach reduces the risk of missing a better package and improves your bargaining position, without endlessly repeating the same paperwork. It is especially useful if you are comparing refinancing options for an existing loan on a mass-market condo in areas like Sengkang or Choa Chu Kang, where small rate differences can save you tens of thousands over the tenure.
Step 5: Understand and Interpret Your IPA Results
IPA letters usually include:[6]
- Maximum loan amount (e.g., up to S$750,000).
- Indicative interest rate and package type.
- Indicative monthly installment.
- Validity period (commonly 30–90 days; always check).
- Key conditions (e.g., subject to property valuation, income verification, regulatory changes).
Use this to set a realistic search budget on Homejourney’s property search Property Search . For example, if your IPA is S$600,000 and you have S$250,000 in CPF/cash, you may set a cap of around S$820,000 to leave some buffer for buyer’s stamp duty, legal fees, and renovation.
If your IPA amount is lower than expected, Homejourney’s mortgage brokers (accessible via Bank Rates ) can walk you through adjustments—such as longer tenure within regulatory limits, clearing a credit card balance, or adding a co-borrower—that may help in a re-assessment.
Bank Rate Comparison: What to Look For Beyond the Headline Number
When comparing packages across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank, avoid judging purely on the first-year rate. Instead, examine:
- Total 3–5 year cost: Include changing spreads, reversion rates, and any known adjustments.
- Lock-in period: Commonly 2–3 years; breaking the lock-in early (e.g., selling your Pasir Ris condo within 18 months) can trigger penalties around 1.5% of the outstanding loan.
- Free conversions: Some banks allow one free repricing after lock-in; others charge admin fees.
- Subsidies: Legal fee subsidies or valuation fee waivers for loans above certain thresholds.
- Partial prepayment flexibility: Whether you can prepay part of the loan each year without penalty and with how much notice.
Homejourney summarises these factors in its rate comparison tables Bank Rates , helping you filter out packages that might look attractive upfront but cost more after the lock-in period.
Example: Comparing Fixed vs SORA-Pegged Pre-Approval
Imagine you are buying a S$1.1M 3-bedder in Sengkang:
- Loan amount: S$800,000
- Tenure: 25 years
- Borrower profile: Salaried, no other loans
You compare on Homejourney:
- Bank A (Fixed): 3-year fixed at 3.10% p.a. Estimated monthly installment ≈ S$3,850 for first 3 years, then reverts to SORA + 1.00%.
- Bank B (SORA): 3M SORA (currently ~2.x% range) + 0.90% spread. Initial rate maybe slightly lower or higher depending on market, with risk of movement every 3 months.
If you know you will hold the property long-term for own stay and want certainty—especially if your job in sectors like aviation or tourism is cyclical—you may prioritise fixed rates. If you have high savings buffers and are comfortable with volatility, you might prefer SORA-pegged packages for potential savings. Homejourney’s calculators help you stress-test scenarios by increasing SORA by, say, 0.5–1.0% and seeing how your installment changes.
Application Timelines, Validity, and Safety Considerations
In practice, most straight-forward pre-approvals for salaried Singaporeans and PRs are processed within a few working days once full documents are submitted.[1][5][6] Foreigners and self-employed borrowers may take longer due to additional checks. UOB, for instance, promotes instant conditional approval when you apply online using MyInfo, subject to final verification.[5]
