How to Use Homejourney Bank Rate Comparison: Your Complete 2026 Guide
Homejourney's Bank Rate Comparison tool lets you compare home loan rates from Singapore's major banks—DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank, and Citibank—all in one place, eliminating the need to visit multiple bank branches or websites.[1] With real-time interest rates, instant eligibility checks, and the ability to apply to multiple banks simultaneously using Singpass, Homejourney transforms what used to be a time-consuming process into a streamlined, transparent experience that prioritizes your financial security and peace of mind.
Whether you're a first-time home buyer exploring your options, a property owner considering refinancing, or an investor comparing loan packages, this guide walks you through every step of using Homejourney's bank rate comparison feature to find the best mortgage deal for your situation.
Why Bank Rate Comparison Matters for Singapore Home Buyers
Choosing a home loan is one of the most significant financial decisions you'll make. The difference between a 2.5% interest rate and a 2.8% rate on a $500,000 loan over 25 years amounts to tens of thousands of dollars in additional interest payments.[1] Yet many Singaporeans accept the first rate offered by their bank without exploring alternatives, simply because comparing rates traditionally required visiting multiple branches, filling out separate applications, and waiting weeks for responses.
Homejourney's bank rate comparison addresses this inefficiency by giving you complete visibility into what every major Singapore bank is offering right now. You can see which banks offer the lowest rates for your profile, which ones provide the fastest approval timelines, and which have the most flexible terms—all without leaving your home or queuing at branches.
The platform also emphasizes user safety and trustworthiness by verifying all bank information and ensuring transparent rate comparisons, so you can make confident decisions knowing you're seeing accurate, current data from Singapore's most established financial institutions.
Understanding SORA Rates and Current Market Conditions
Before comparing rates, it's essential to understand how Singapore mortgage rates work. Most home loans are priced based on SORA (Singapore Overnight Rate Average), which is the benchmark interest rate set by the Monetary Authority of Singapore (MAS).[1] Banks add their own spread to SORA to determine your final interest rate. For example, if 3M SORA is 3.5% and a bank's spread is 0.6%, your effective rate would be 4.1%.
The chart below shows recent SORA trends to help you understand how rates have moved and what this means for your borrowing costs:
When comparing rates on Homejourney, pay attention to both the base rate and the spread. Some banks offer competitive SORA spreads but charge higher processing fees, while others have higher spreads but waive fees. Homejourney's comparison shows you the complete picture, including all-in effective rates, so you can make apples-to-apples comparisons across banks.
You'll also notice that banks offer different rate types: SORA-based floating rates (which adjust when SORA changes), fixed-rate packages (where your rate stays the same for a set period), and board rate options (used by some banks as an alternative to SORA). Homejourney displays all available options so you can choose the rate structure that best matches your risk tolerance and financial planning needs.
Step 1: Access Homejourney's Bank Rate Comparison Tool
Start by visiting Homejourney's bank rates page at Bank Rates . The interface is designed for simplicity—you'll see a comparison table displaying current rates from all major Singapore banks, updated in real-time so you're always seeing the latest offerings.
The tool displays rates for different loan amounts and tenures, allowing you to see how rates vary based on your specific borrowing needs. For example, a $400,000 loan over 25 years may have different rates than a $600,000 loan over 30 years, depending on each bank's risk assessment and pricing strategy.
Homejourney's verification process ensures that all rates displayed are current and accurate, giving you confidence that you're comparing genuine offerings. Unlike unverified rate information scattered across the internet, every rate on Homejourney comes directly from the banks themselves, updated regularly to reflect market conditions.
Step 2: Use the Mortgage Eligibility Calculator
Before comparing rates, it's crucial to understand how much you can actually borrow. This is where Homejourney's mortgage eligibility calculator becomes invaluable. The calculator uses Singapore's Debt Servicing Ratio (DSR) rules—which limit your monthly loan payments to 60% of your gross monthly income—to determine your maximum borrowing power.
To use the calculator, you'll input basic financial information: your annual income, existing debts (car loans, credit cards, personal loans), CPF balance, and the property price you're considering. The calculator instantly shows your maximum loan amount, estimated monthly payments, and eligibility across different banks.[1]
This step is critical because it prevents you from wasting time comparing rates for loan amounts you can't actually qualify for. If you're considering a $800,000 property but can only borrow $550,000 based on your income and existing debts, the calculator reveals this immediately, helping you refocus your property search on homes within your true financial reach.
The calculator also shows you how different variables affect your borrowing power. For instance, you can see exactly how paying off a car loan would increase your available borrowing capacity, or how a salary increase would expand your options. This transparency empowers you to make strategic financial decisions before applying for a mortgage.
Step 3: Compare Rates Across Multiple Banks
Once you understand your borrowing capacity, the rate comparison becomes straightforward. Homejourney displays rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank, and Citibank side-by-side, allowing you to identify which banks offer the most competitive rates for your situation.
Look beyond just the headline rate. Consider these factors when comparing:
- All-in effective rate: This includes the base rate plus any fees spread over the loan tenure, giving you the true cost of borrowing
- Lock-in period: Some banks offer lower rates but lock you in for 2-3 years, making refinancing expensive if rates drop
- Processing fees and valuation charges: These vary significantly between banks and can add $2,000-$5,000 to your upfront costs
- Cashback and promotional offers: Some banks offer cashback or rate discounts for the first year, which Homejourney clearly displays
- Flexibility: Check if the bank allows early repayment without penalties, which matters if your financial situation improves
Homejourney's comparison tool highlights these details for each bank, so you're not just comparing rates in isolation but understanding the complete loan package each institution offers.
Step 4: Apply to Multiple Banks Simultaneously with Singpass
This is where Homejourney's digital advantage truly shines. Rather than visiting each bank branch, filling out separate application forms, and waiting for individual responses, you can submit one application to multiple banks at once using Singpass integration.
Here's how it works: When you click "Apply" on Homejourney's bank rates page, you're prompted to log in with Singpass. This instantly auto-fills your NRIC, income details from IRAS, and CPF balance from MyInfo, eliminating manual data entry and reducing errors by approximately 90%.[1] You then select which banks you'd like to apply to—you can apply to all of them or choose specific lenders—and submit your application.
Each bank receives your application simultaneously and begins processing. Rather than waiting 2-4 weeks for sequential responses, you typically receive pre-approval offers from multiple banks within 24-48 hours.[1] This means banks are essentially competing for your business, and you can compare their actual offers rather than just published rates.
The Singpass approach also enhances security. Because your financial information is pulled directly from government systems (IRAS for income, MAS for CPF), there's no risk of sensitive data being mishandled or stored insecurely on third-party platforms. Homejourney prioritizes your financial safety through this verified, government-backed authentication process.
