To use Homejourney Bank Rate Comparison effectively, start by entering your loan amount and profile, filter by rate type (SORA, fixed, floating), then compare lock-in, fees and conditions across banks before submitting a multi-bank application via Singpass/MyInfo for a faster, safer mortgage process.
This guide focuses specifically on using Homejourney’s bank rate comparison and digital loan tools, and complements our main mortgage pillar guide Bank Rates . For a full end‑to‑end overview of Singapore home loans, including HDB and private financing rules, refer back to that pillar article after reading this tactical walkthrough.
Why Homejourney Bank Rate Comparison Matters in Singapore
In Singapore, even a 0.20% difference in your mortgage rate can add up to tens of thousands of dollars over a 25–30 year loan tenure for a typical $700,000 condo or $450,000 BTO loan in estates like Punggol, Sengkang, or Tampines.
Most buyers only speak to one or two banks—often whichever banker their agent or friend introduced. That’s convenient, but it’s rarely optimal. Homejourney’s bank rate comparison tool centralises real-time offers from major banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank in one trusted, Singpass‑verified platform.[1][2]
Because everything is synced to your Homejourney account, you can move from browsing verified listings to comparing loans, to booking services like aircon servicing Aircon Services after you collect keys—without re‑entering your information repeatedly.
Step-by-Step: How to Use Homejourney Bank Rate Comparison
Step 1: Access the Bank Rates Page
Start on the Homejourney bank rates page Bank Rates . This is where you’ll see:
- Current headline rates from major Singapore banks
- Filters for property type (HDB, condo, landed, EC, etc.)
- Rate types: 3M/6M SORA-pegged, fixed, or board/fixed spread packages
- Options for purchase vs refinancing
If you are still choosing a home, open Homejourney’s property search in another tab Property Search . For example, if you’re shortlisting a 4-room HDB in Bukit Panjang vs a 3-room resale in Queenstown, you can adjust the estimated loan amount on the bank rate page accordingly to see how your monthly instalments differ.
Step 2: Input Your Basic Loan Profile
Next, fill in the key details the comparison engine needs to personalise the rates:
- Property type: HDB, private condo, landed, EC, etc.
- Purpose: new purchase vs refinancing vs equity term loan
- Estimated property price & loan amount (or use your maximum budget from the mortgage calculator Mortgage Rates or )
- Desired loan tenure (e.g., 25 or 30 years, subject to MAS rules)
- Citizenship and income type (salaried vs self-employed)
These inputs matter because MAS and HDB rules (like LTV, TDSR, and HDB’s MSR for HDB flats) affect how much you can borrow and which packages apply. Always ensure your income and age details are realistic—if you’re 38 and buying an HDB resale flat in Jurong West, a 30‑year tenure may still be possible, but a 35‑year tenure likely isn’t for HDB loans due to HDB’s maximum loan tenure rules.[2]
Step 3: Filter by Rate Type and Lock-In Period
Once your profile is set, use the filters to narrow down the results:
- SORA-pegged rates – typically labelled as 3M SORA + spread (e.g., 3M SORA + 0.75%). These are floating rates that move when SORA moves.
- Fixed rates – a flat rate (e.g., 2.95% p.a.) for 2–5 years before reverting to a floating rate.
- Board/fixed spread rates – pegged to the bank’s internal board rate or fixed spread, which the bank can adjust.
- Lock-in period – commonly 2–3 years, sometimes 5 for longer fixed packages.
For example, if you’re upgrading from an HDB in Sengkang to a condo in Hougang within the next 3 years, you may want a shorter 2‑year lock‑in so you have flexibility to sell or refinance after your Minimum Occupation Period (for ECs) or personal time horizon.
Understanding SORA and Rate Trends Before You Compare
SORA (Singapore Overnight Rate Average) is the key benchmark most floating rate home loans now track, replacing SIBOR. Many packages you’ll see in Homejourney’s comparison tool are 3M or 6M SORA plus a fixed spread (e.g., 3M SORA + 0.80%).
Because SORA is published by MAS and based on actual overnight transactions, it is generally considered more transparent than legacy benchmarks. However, it still moves with overall interest rate conditions, so your monthly instalments can rise or fall over time.
The chart below shows recent interest rate trends in Singapore:
After reviewing the chart, you can decide whether you’re more comfortable with a fixed rate for stability (useful for young families in BTOs or resale flats in estates like Tampines or Woodlands) or are willing to accept more fluctuation in exchange for potentially lower starting rates with SORA‑pegged packages.
Comparing Bank Packages Side by Side on Homejourney
Once your filters are set, Homejourney will display side‑by‑side results from its partner banks. Here’s how to interpret the key fields.
1. Headline Interest Rate vs Effective Cost
Do not just look at the lowest visible rate. Pay attention to:
- Year-by-year rate structure – e.g., Year 1–2 at a lower promotional rate, then higher from Year 3 onwards.
- Spread over SORA – A package with 3M SORA + 0.70% may be more attractive than 3M SORA + 1.00%, assuming similar fees.
- Repricing or conversion options – Some banks offer one free conversion within the lock‑in.
Use the built‑in monthly instalment estimates on the bank rate comparison page Bank Rates and cross‑check with the full mortgage calculator for a more detailed breakdown, including total interest over the first few years.
2. Lock-In Periods, Penalties and Fees
In Singapore, most banks charge a penalty (commonly 1.5% of the outstanding loan) if you fully redeem your loan during the lock‑in. On the Homejourney comparison table, review:
- Lock-in length – 2 vs 3 years can make a big difference if you plan to sell or refinance soon.
- Partial prepayment allowance – some banks allow 10–20% partial repayment per year without penalty.
- Legal and valuation subsidies – especially relevant for refinancing; some packages come with subsidies that reduce your upfront cash/CPF outlay.
If you’re refinancing a 10‑year‑old HDB in Jurong East, where your outstanding loan has dropped substantially, a package with good legal subsidies may outweigh a tiny difference in headline rate.
3. Bank Strengths and User Experience
While Homejourney always encourages you to focus on numbers first, there are practical, day‑to‑day considerations Singapore borrowers often care about:
- DBS, OCBC, UOB – widely used by HDB and condo buyers; strong local branch networks and mature digital banking.
- HSBC, Standard Chartered, Citibank – often competitive for higher loan amounts and investors, with global banking perks.
- Maybank, CIMB, RHB, Public Bank, Hong Leong Bank – can be attractive for specific promotional campaigns or refinancing deals.
Homejourney’s platform surfaces these banks’ latest offers in a neutral way, and our Mortgage Brokers can share practical insights on approval speed, service levels and refinancing experience based on real borrower feedback.
Using MyInfo & Singpass for a Faster, Safer Digital Loan Process
One of the biggest advantages of using Homejourney for mortgages is the MyInfo loan application and Singpass auto-fill integration, which cuts down paperwork and reduces the risk of errors.
How MyInfo Integration Works on Homejourney
Instead of manually uploading your NRIC, CPF contribution history, and income documents, you can authorise Homejourney to retrieve your verified data via MyInfo using your Singpass login.[3][2]
- Most key fields (name, NRIC, address, CPF balances, income) are auto‑filled.
- This reduces typos and discrepancies that often slow down bank approvals.
- Banks gain more confidence because the data source is official, improving the chances of a smooth, faster mortgage application.
For a deeper dive into this process, read our MyInfo guide which explains why this can make your loan process up to 10x faster.
Singpass Auto-Fill: From Comparison to Application in Minutes
After you have shortlisted the top two or three packages in the bank rate comparison table, click to apply via Homejourney Bank Rates .
- Log in with Singpass when prompted.
- Confirm the auto‑filled details pulled from MyInfo.
- Add any missing information (e.g., variable bonuses, rental income).
- Choose whether to submit to multiple banks in one go.
This digital loan process minimises document uploads and back‑and‑forth emails. It is particularly helpful if you’re applying from overseas or working long hours in the CBD and don’t have time to visit branches in person.
One Application, Multiple Banks: Let Them Compete for You
Instead of filling up separate forms for DBS, OCBC, UOB, HSBC, Maybank, CIMB and others, Homejourney lets you submit one consolidated application that can be shared (with your consent) across multiple partner banks.[2]
Key advantages of this multi-bank submission system:
- Time savings – no need to duplicate the same personal and income details repeatedly.
- Better negotiation power – banks know they are competing, which can lead to better offers.
- Clear comparison – you see all indicative approvals in a standardised format on your Homejourney dashboard.
- Guidance from Homejourney Mortgage Brokers – our brokers help you interpret offers and flag hidden conditions.
For more on why this matters, explore our detailed piece on multi‑bank applications Benefits of Multi-Bank Application in One Click | Homejourney and our Chinese-language guide on one‑click multi‑bank applications 一键向多家银行申请贷款：新加坡房产买家终极指南 | Homejourney .
Checking Your Eligibility Safely Before You Apply
Before locking in a package, use the mortgage eligibility calculator on the Homejourney bank rates page or our dedicated calculator guide How to Use Homejourney Mortgage Calculator: 5-Min Guide .
- Enter your monthly income (and your partner’s, if applying jointly).
- Input existing debt obligations (car loan, education loan, credit cards).
- Choose your loan tenure and interest rate assumption.
The calculator estimates your maximum loan based on TDSR and, for HDB buyers, checks MSR implications. This helps you avoid stretching your finances or falling in love with a $1.5 million condo in Kovan when your safe budget is closer to a $1.1 million unit in Punggol or Sembawang.
Once you have a realistic loan budget, you can return to Homejourney’s smart property search Property Search or project directory Projects Directory to shortlist developments that fit your affordability, then refine your bank comparison accordingly.
Insider Tips from a Local Borrower’s Perspective
Based on real experiences supporting buyers from BTOs in Tengah to resale condos in Pasir Ris and city-fringe projects in Geylang and Lavender, here are practical tips when using Homejourney Bank Rate Comparison:
- Watch the repricing clause. Some banks allow repricing to internal packages with minimal fees after the lock‑in. This can matter a lot if you plan to hold the property long term (e.g., a family home in Bishan near good schools).
- Time your application. If your OTP deadline is tight (common for popular resale HDBs near MRT stations like Redhill or Queenstown), use the MyInfo/Singpass path for a faster mortgage application and alert your Homejourney Mortgage Broker early.
- Consider future renovations and maintenance. Don’t max out your borrowing just because the bank allows it. Factor in renovation, aircon servicing, and ongoing maintenance. Homejourney’s services marketplace Aircon Services can help you budget realistically.
- Check refinance breakeven. If you’re refinancing a condo in areas like Bukit Timah or Katong, use Homejourney’s calculator to estimate how long it takes to recover legal and valuation costs from a lower interest rate.
These local nuances—like how sellers in mature estates often demand shorter OTP periods, or how self‑employed buyers in trades like F&B or tech freelancing can face stricter income assessment—are exactly what Homejourney’s tools and advisors are built to handle safely and transparently.
