How to Use Homejourney Bank Rate Comparison in 3 Simple Steps
To use Homejourney Bank Rate Comparison, visit https://www.homejourney.sg/bank-rates, select your loan type and tenure, then compare real-time rates from DBS, OCBC, UOB, HSBC, and more. Apply instantly to multiple banks with Singpass for faster mortgage approval and better offers.
This cluster article dives into Homejourney's powerful bank rate comparison tool, a key feature for Singapore property buyers seeking transparency and efficiency. As part of our pillar content on Singapore mortgage financing, it provides tactical steps to secure the best home loans while prioritizing user safety and trust. Homejourney verifies all rates directly from banks, ensuring you make confident decisions without hidden fees or outdated data.
Why Homejourney Bank Rate Comparison Stands Out for Singapore Buyers
Homejourney's tool aggregates live rates from 11 major banks including DBS Bank, OCBC Bank, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank, and Citibank. Unlike manual checks, it shows effective interest rates (EIR) including spreads over SORA, lock-in periods, and penalties side-by-side.
For first-time HDB buyers or condo investors, this means spotting deals like DBS's 3M SORA + 0.70% at 3.15% p.a. versus OCBC's fixed rate at 3.20% p.a. (as of Feb 2026). Homejourney emphasizes safety by displaying TDSR-compliant calculations and linking to our mortgage calculator for instant eligibility checks.
Singapore's Total Debt Servicing Ratio (TDSR) caps borrowing at 55% of income, and our tool factors this in automatically. This builds trust through verified data from MAS-regulated banks, helping you avoid overborrowing scams common in the market.
Step-by-Step Guide: How to Use Homejourney Bank Rate Comparison
- Access the Tool: Go to https://www.homejourney.sg/bank-rates. No login required for basic comparison.
- Filter Your Needs: Choose property type (HDB/Resale, Private/Condo, Executive), loan amount (e.g., S$500,000), tenure (20-30 years), and rate type (SORA, Fixed, Board).
- Compare Instantly: View tables with current rates, e.g., UOB 3M SORA + 0.65% (3.10% EIR), HSBC 2-year fixed at 3.18%. Sort by lowest rate or shortest lock-in.
- Calculate Affordability: Use the embedded calculator to see monthly repayments under TDSR.
- Apply via Singpass: One-click multi-bank submission auto-fills your details for faster approvals.
Pro tip: Check during off-peak hours (e.g., weekday mornings) when banks update rates. Homejourney refreshes every 15 minutes for accuracy.
Singpass vs Traditional Loan: Why Digital Wins for Faster Mortgage Approval
Singpass via Homejourney auto-pulls your MyInfo data—income, CPF, existing loans—cutting application time from days to minutes. Traditional paper applications require bank visits, manual document scans, and 3-7 day processing.
Read more on Singpass vs Traditional Loan: Which is Better for Singapore Homes? | Homejourney ">Singpass vs Traditional Loan. Digital applications yield 30% faster approvals per MAS data, ideal for time-sensitive BTO or resale bids. Homejourney's secure integration ensures your data stays protected under PDPA.
Understanding Current Singapore Bank Rates and SORA Trends
SORA (Singapore Overnight Rate Average) is the MAS benchmark replacing SOR/SIBOR. As of Feb 2026, 3M SORA averages 2.45%, with bank spreads of 0.60-0.80% yielding 3.05-3.25% EIR for most loans.
The chart below shows recent interest rate trends in Singapore:
SORA has stabilized post-2025 hikes, but fixed rates from HSBC (3.15% 1-year) offer short-term certainty. Compare on Homejourney against market averages: DBS leads for HDB (3.08%), OCBC for condos (3.12%). Always verify with bank-rates page.
Digital vs Paper Application: Actionable Steps for Online Loan Application
Online via Homejourney: Log in with Singpass, upload IC/CPF statements once, submit to all banks. Receive LOIs in 24-48 hours. Paper: Queue at branches like DBS Tampines (Orchard Rd), submit duplicates, wait 5-10 days.
Singpass advantages include error-free data (no rejections from typos) and multi-bank competition—banks bid for your loan, often dropping spreads by 0.10%. For refinancing, see Multi-Bank Application in One Click: Homejourney's Guide to Smart Mortgage Compa... ">Multi-Bank Application Guide.
- Documents needed: Singpass handles most; add payslips if self-employed.
- Timeline: Approval in 1-3 days vs 1-2 weeks.
- Tip: Apply pre-OTP for HDB flats to lock rates early.
Homejourney connects you to mortgage brokers for personalized advice, ensuring safe transactions.
Pros, Cons, and Best Banks for Your Profile
| Bank | Best For | Current Best Rate | Lock-in |
|---|---|---|---|
| DBS | HDB Buyers | 3M SORA +0.70% (3.15%) | 2 years |
| OCBC | Refinancers | Fixed 3.20% | 3 years |
| UOB | Investors | 3M SORA +0.65% (3.10%) | 2 years |
Disclaimer: Rates fluctuate; Homejourney provides indicative figures. Consult professionals for advice. Pair with property search at https://www.homejourney.sg/search.
FAQ: Common Questions on Homejourney Bank Rate Comparison
How accurate are Homejourney's bank rates? Rates are pulled live from banks every 15 minutes, verified for compliance with MAS and HDB rules.
Can I apply without Singpass? Yes, but Singpass enables multi-bank submission and faster processing. See Step-by-Step Singpass Loan Application Guide | Homejourney ">Singpass Guide.
Is it free to use? Yes, 100% free. Homejourney earns via partnerships, never charging users.
What if rates change after comparison? Lock-in applies post-approval; track SORA via our tool.
Best for HDB resale? Yes, filters HDB-specific packages from DBS/UOB with ABSD considerations.
Ready to compare? Visit Homejourney Bank Rate Comparison now for Singapore's safest mortgage tool. Explore our pillar on Mortgage Rates for full financing strategies.
