To use the Homejourney Bank Rate Comparison tool effectively, start by entering your basic loan details, compare rates from multiple banks side-by-side, check your eligibility with the built-in calculator, then submit a single multi-bank application so banks compete for you with their best mortgage offers.
This cluster guide focuses on the tactical steps for using Homejourney’s bank rates feature, and complements our main mortgage pillar guide on understanding Singapore home loans in depth . Use this article when you are ready to compare bank offers, get the best mortgage rate, or apply to multiple banks through one safe, verified platform.
What Homejourney Bank Rate Comparison Does for Singapore Buyers
Homejourney’s bank rate comparison page Bank Rates is designed for Singapore home buyers, upgraders and investors who want transparent, real-time information before committing to a bank package.
Instead of calling each bank individually or relying on outdated brochures, you can:
- Compare bank offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank in one place.
- See fixed, floating and SORA-pegged packages side-by-side, including lock-in periods and key fees.
- Use Homejourney’s mortgage eligibility calculator Mortgage Rates to estimate how much you can borrow under MAS TDSR/MSR rules.
- Submit a multi-bank application so banks compete for you instead of you chasing each bank.
- Apply securely with Singpass/MyInfo, reducing paperwork and risk of errors.
Because Homejourney is Singpass-verified and uses bank-grade security, your financial data is handled in a way that prioritises user safety, identity protection and transaction transparency.[1][2]
Step-by-Step: How to Use Homejourney Bank Rate Comparison
Step 1: Access the Bank Rates Page Safely
Start by going to Homejourney’s bank rates comparison page Bank Rates . If you are already browsing properties on Homejourney’s property search page Property Search , you can jump into the bank rates tool directly from any listing’s financing section.
For example, if you are viewing a 4-room HDB resale flat in Tampines priced at around S$750,000, the listing page will typically show a quick monthly instalment estimate using Homejourney’s calculator. From there, click through to the bank rates page to see which banks can finance that loan size.
Always ensure you are on the official Homejourney site or app; the platform is Singpass-verified and uses official government data where available, which significantly reduces scam risks compared with unverified channels.[1][2][3]
Step 2: Enter Your Basic Loan Details
On the bank rate comparison page, you will be asked for some basic information:
- Property type (HDB, private condo, landed, EC, etc.).
- Property status (new purchase, refinancing, or repricing).
- Property price and your intended loan amount.
- Loan tenure (in years, subject to MAS and HDB age and tenure limits).Bank Rates
For first-time HDB buyers, remember that the maximum loan tenure is generally capped at 25 years for HDB loans and 30 years for bank loans for HDB flats, with further limits based on age; private properties can go up to 35 years, subject to MAS Total Debt Servicing Ratio (TDSR) guidelines.
Homejourney’s interface is designed to be mobile-friendly; if you are checking rates after a viewing—say, stepping out of a showflat at Commonwealth MRT—you can quickly adjust property price and downpayment on your phone to see how your monthly payments change in real time.[2][5]
Step 3: Understand SORA, Fixed and Floating Rates
Most Singapore bank home loans now use SORA (Singapore Overnight Rate Average) as the benchmark floating rate, regulated and published by MAS. A typical SORA package may be expressed as 3M SORA + 0.80% spread, where the spread is fixed for the lock-in period.Straits Times Housing News
Homejourney usually shows three broad types of packages:
- Fixed rate (e.g., 2-year or 3-year fixed, where the interest rate is locked in for that period).
- SORA-pegged floating (rate fluctuates with published SORA plus a spread).
- Board or internal rate (determined by the bank’s own benchmark, usually less transparent).
For example, at any point you might see DBS offering a 2-year fixed package, OCBC offering a competitive 3M SORA package, while UOB has a hybrid option. The actual numbers change frequently, which is why Homejourney pulls updated rates directly from partner banks rather than relying on static tables.[1][5]
The chart below shows recent interest rate trends in Singapore:
Use this chart in Homejourney to understand whether SORA and mortgage rates have been trending up or down; this can help you decide whether a fixed or floating rate might better suit your risk appetite.
Step 4: Compare Bank Offers Side-by-Side
Once you have entered your loan details, the Homejourney tool will generate a side-by-side comparison of packages across major banks:
- DBS, OCBC, UOB – usually very competitive for HDB upgraders and mass-market condos.
- HSBC, Standard Chartered – often strong for larger loans and private properties.
- Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank – can be attractive for niche segments or promotional SORA spreads.
For each visible package, Homejourney typically shows:
- Headline interest rate for the first 2–3 years.
- Effective rate including the SORA benchmark and spreads.
- Lock-in period (e.g., 2 or 3 years).
- Estimated monthly instalment based on your loan amount and tenure.
- Notes on legal subsidies, cash rebates (if applicable), and repricing options.
As someone who has sat down with many buyers in areas like Punggol, Queenstown and Jurong East, a common mistake I see is focusing only on the first-year rate. Use Homejourney’s comparison to look at the average rate over the lock-in period, because this more accurately reflects your real monthly commitment.
If you are already considering refinancing from an older 2019–2021 package, you can also refer to Homejourney’s refinancing articles like Best Bank Refinancing Rates Comparison 2026 Best Bank Refinancing Rates Comparison 2026 | Homejourney and How to Calculate If Refinancing is Worth It How to Calculate If Refinancing is Worth It with Homejourney for deeper analysis.
Using Homejourney’s Mortgage Eligibility Calculator
Before you click “apply”, it is crucial to know whether your desired loan fits MAS TDSR and (for HDB) MSR limits, as well as your own comfort zone.
On the same bank rates page, or via the dedicated calculator section , you can:
- Enter your monthly income, existing debts (car loan, credit cards, personal loans).
- Select whether you are buying alone or with co-borrowers (e.g., spouse).
- Indicate property type (HDB vs private) to apply MSR rules correctly for HDB.
The calculator will show an estimated maximum loan amount and a recommended buffer. For instance, a couple earning a combined S$12,000 with no major debt might see a maximum loan of around S$1.1–1.2 million over 25–30 years under current TDSR assumptions, but Homejourney will also highlight a more conservative borrowing level for better long-term safety.
This protects users from over-leveraging—a key part of Homejourney’s commitment to safe, responsible property decisions, especially when many buyers are tempted to stretch for popular launches near MRT nodes like Lentor, Pasir Ris or Beauty World.[1][2]
How Multi-Bank Application Works on Homejourney
Why Apply to Multiple Banks at Once
Applying to just one bank means you only see that bank’s specific discount or promotion. When you use Homejourney’s multi-bank application feature, you:
- Submit your details once and let multiple banks compete for you.
- Receive a range of tailored offers, not just list rates.
- Increase the chance of at least one bank offering a better spread, fee waiver or subsidy.
For deeper reasoning on this approach, see our dedicated article Why Apply to Multiple Banks for Your Mortgage? Why Apply to Multiple Banks for Your Mortgage? | Homejourney Singapore Guide and Banks Compete for Your Home Loan Banks Compete for Your Home Loan: Multi-Bank Application with Homejourney .
Step 5: Submit a Safe, Singpass-Verified Application
After choosing your preferred short list of packages, tap the Apply via Homejourney button on the bank rates page Bank Rates . You will be guided through:
- Singpass/MyInfo login – to securely retrieve your income, CPF and NRIC details (with your consent).
- Additional questions – e.g., employment type, variable income, bonuses, existing property ownership.
- Package preferences – indicate if you prefer fixed, SORA floating, or both.
Using Singpass significantly reduces manual errors (like mistyping income or CPF contributions), which can otherwise delay approval. Homejourney never shares your data with non-partner third parties and works only with regulated financial institutions, in line with MAS rules on responsible distribution of loan products.[5][6]
If you want a detailed walkthrough of this digital process, refer to our Step-by-Step Singpass Home Loan Application Guide Step-by-Step Singpass Home Loan Application Guide | Homejourney .
Step 6: Let Homejourney Mortgage Brokers Review Your Case
When you apply via the bank rates page, you also gain access to Homejourney Mortgage Brokers—licensed professionals who work with multiple banks instead of representing only one.Bank Rates
They can help you:
- Clarify differences in legal subsidies, valuation policies and lock-in penalties.
- Flag potential approval issues early (e.g., variable income, self-employed status, multiple properties).
- Coordinate with bank officers so you receive clear, written offers you can compare.
This human layer of review adds safety, especially for complex cases like dual-income households with car loans, or investors holding several condos who must be very mindful of TDSR caps.
Real-Life Singapore Examples: How to Use the Tool
Example 1: First-Time HDB Buyer in Woodlands
Imagine a young couple looking at a 4-room resale flat in Woodlands near Marsiling MRT, priced at S$620,000. With a combined income of S$9,000 and some CPF savings, they plan to borrow about S$480,000 over 25 years.
They can use Homejourney’s bank rate comparison to:
- Enter S$480,000 loan, 25-year tenure, HDB resale as property type.
- See which banks offer the lowest first-3-year effective rate and reasonable lock-in.
- Check monthly instalments—e.g., S$2,300–S$2,500 range—against their income, ensuring MSR is not breached.
- Apply to multiple banks at once, letting them compete to offer slightly better spreads or fee waivers.
Because Woodlands is slightly farther from the CBD, they might prefer a more conservative fixed package to avoid worrying about rate swings while they adjust to their new monthly commitments and daily commute.
Example 2: Investor Refinancing a Condo in Tanjong Pagar
A landlord with a 1-bedroom unit near Tanjong Pagar MRT, bought for S$1.2 million, may still have an outstanding loan of S$850,000 from a 2019 package with a higher spread. With current rental at around S$3,800–S$4,200, they want to improve cashflow by lowering interest costs.
On Homejourney, they would:
- Select refinancing and private condo as property type.
- Enter S$850,000 loan, 25-year remaining tenure.
- Compare current bank packages to their existing rate, using articles like Hidden Costs of Refinancing Hidden Costs of Refinancing & How Homejourney Makes It Easier to account for legal and valuation fees.
- See whether switching to a new SORA-pegged package via Homejourney can save enough to justify costs over a 3-year horizon.
