If you want to quickly find the safest, most suitable home loan in Singapore, the fastest way is to use the Homejourney Bank Rate Comparison tool together with its TDSR calculator, MSR calculator and debt ratio calculator.
This guide shows you, step by step, how to use Homejourney’s tools to check your eligibility limits, estimate your borrowing capacity under TDSR and MSR, and then compare rates across banks like DBS, OCBC, UOB, HSBC and more – all in one trusted platform.
For a complete overview of Singapore home loans, you can always refer back to our main mortgage pillar guide on Homejourney for deeper education and strategy insights.
How Homejourney Bank Rate Comparison Works
Homejourney’s Bank Rate Comparison sits within its wider ecosystem of smart property search, mortgage tools and verified agents, all focused on user safety and transparency.[1][2]
On the Bank Rates page, you can:
- View current home loan packages from major banks (DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank).
- Filter by property type (HDB, private condo, landed) and purpose (new purchase or refinancing).
- See rate types at a glance – 3M/6M SORA-pegged, fixed-rate and board-rate packages.
- Check basic info like lock-in period, free conversion options and typical legal subsidies.
- Launch the built-in mortgage calculator, TDSR calculator, MSR calculator and debt ratio calculator before you apply.
Because Homejourney works directly with banks and relies on official data sources, you see updated, verified rates instead of outdated brochures. The platform’s Singpass-verified environment and agent verification help reduce scam risks, which is especially important when you are sharing financial information.[1][2]
Step 1: Check Your TDSR, MSR and Debt Ratios Safely
Before comparing bank rates, always start with your borrowing capacity TDSR and MSR. This ensures you only look at packages you can realistically afford under MAS rules.
On Homejourney’s Bank Rates page Bank Rates , scroll to the calculator section Mortgage Rates and launch:
- TDSR calculator – for all property types.
- MSR calculator – for HDB and new EC buyers.
- Debt ratio calculator – to see how existing debts (credit cards, car loans, study loans) affect your room for a new mortgage.
Understanding TDSR in Singapore
The Total Debt Servicing Ratio (TDSR) is set by MAS and caps your total monthly debt obligations (including the new home loan) at 55% of your gross monthly income, subject to periodic review by MAS.Business Times Property
When you input your income and existing debts in Homejourney’s TDSR calculator, it will show your estimated maximum monthly home loan instalment that keeps you within this 55% limit. This helps you avoid over-borrowing and failing bank credit assessment.
For a deeper dive on TDSR and MSR rules, you can also read: Check Your TDSR & MSR Limits with Homejourney’s Calculator. Check Your TDSR & MSR Limits with Homejourney’s Calculator
Understanding MSR for HDB and EC Buyers
The Mortgage Servicing Ratio (MSR) applies to buyers of HDB flats and new ECs bought directly from developers. Under current HDB rules, your MSR cannot exceed 30% of your gross monthly income, and this sits inside the TDSR cap.Straits Times Housing News
Homejourney’s MSR calculator takes your income and proposed mortgage to estimate if your monthly repayment breaches this 30% cap. This is crucial for:
- First-time HDB buyers upgrading from renting.
- HDB upgraders moving to a new EC.
- Couples combining income to maximise eligibility.
Example: Typical TDSR & MSR Scenario in Singapore
Imagine a couple living in Punggol, where 4-room resale HDB flats transacted recently around S$650,000–S$700,000 depending on proximity to Punggol MRT and Waterway Point.Projects Directory
They earn S$9,000 combined, with S$700 in existing debt repayments (car loan and education loan). Using Homejourney’s calculators:
- TDSR: 55% of S$9,000 = S$4,950 max total debt. Minus S$700 = ~S$4,250 available for mortgage.
- MSR: 30% of S$9,000 = S$2,700 max mortgage for an HDB/EC purchase.
Even though TDSR allows S$4,250 for mortgage, the stricter MSR means they should keep monthly instalments within ~S$2,700 if this is an HDB or new EC. Homejourney’s calculators highlight this clearly, avoiding surprises later at the bank assessment stage.
Step 2: Use Eligibility Limits to Define a Safe Budget
Once you know your TDSR and MSR, Homejourney’s eligibility and debt ratio calculator helps estimate:
- Your maximum loan quantum for different tenures (e.g. 25 vs 30 years).
- Your safe price range for properties, after downpayment.
- How much CPF OA and cash you likely need upfront.
This is especially helpful if you are deciding between, say, a resale 4-room in Queenstown versus a newer BTO in Tengah. Prices differ significantly: mature estates like Queenstown and Redhill can see 4-room resale prices above S$800,000, while newer non-mature estates often transact lower.Projects
After you have a clearer price range, you can:
- Search properties within your budget on Homejourney’s smart search. Property Search
- Shortlist new launches or resale projects with realistic loan amounts. Projects Directory
- Plan your renovation budget and future expenses (including recurring costs like aircon servicing). Aircon Services
Step 3: Compare Bank Rates Across Major Lenders
With your eligibility limits in hand, you can now use Homejourney Bank Rate Comparison to compare packages from all major banks safely in one place. Bank Rates
Key Rate Types You Will See
Most banks on Homejourney offer three main categories of home loans:
- SORA-pegged floating rates – e.g. 3M SORA + a fixed spread for the first 2–3 years, then revised. Homejourney tracks live 3M and 6M SORA daily so you can see how base rates are moving.
- Fixed-rate packages – interest rate locked for 1–3 years. Useful when you want certainty, especially if you fear future rate hikes.
- Board-rate packages – pegged to the bank’s internal board rate. Less transparent; changes at bank’s discretion, often with notice.
On Homejourney’s comparison table, you will typically see for each product:
- Current headline rate (e.g. 3M SORA + 0.70% p.a.).
- Indicative “all‑in” effective rate for the initial period.
- Lock‑in period (e.g. 2 or 3 years).
- Partial prepayment or full redemption penalties during lock‑in.
- Whether free repricing or conversion is available after lock‑in.
How to Evaluate Packages Beyond Just the Lowest Rate
Homejourney is designed to keep you safe by encouraging users to look beyond just the lowest rate. When comparing, consider:
- Lock-in period – If you may sell or refinance in 2–3 years (common for investors buying in areas like Tampines or Sengkang where prices move with new MRT developments), a shorter lock‑in or no‑lock‑in package might be safer.
- Penalty structure – Check how much you pay if you redeem early during lock‑in (often 1.5% of outstanding loan).
