How to Use Homejourney Bank Rate Comparison: Step-by-Step Guide
Homejourney Bank Rate Comparison lets you instantly compare home loan rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more major Singapore banks in one secure platform.
This tool integrates real-time SORA rates, TDSR calculator, MSR calculator, and debt ratio calculator to show your eligibility limits and borrowing capacity TDSR. As part of our pillar guide on Singapore home loans, it simplifies financing for first-time buyers and investors while prioritizing user safety through verified data and Singpass integration[1][2].
Why Use Homejourney for Bank Rate Comparison?
Homejourney stands out by verifying all bank data and listings, creating a trusted environment free from scams—unlike unverified platforms[2][5]. Our tool pulls live rates from partner banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank.
Key benefits include multi-bank applications in one click, Singpass auto-fill for faster approvals, and calculators compliant with MAS TDSR (60% debt limit) and HDB MSR (30% for public housing) rules[3]. First-time buyers can assess affordability before viewing properties via our property search.
Step 1: Access Homejourney Bank Rates Page
Visit https://www.homejourney.sg/bank-rates on desktop or our app. No sign-up needed initially, but logging in with Singpass unlocks personalized insights[1][6].
The dashboard shows side-by-side comparisons of fixed, floating (SORA-based), and board rates. Filter by lock-in period (1-5 years), tenure (up to 30 years), and loan type (HDB, resale, private property).
Understanding Key Rate Types
SORA (Singapore Overnight Rate Average) is the MAS-recommended benchmark, replacing SOR since 2024. Current 3M SORA averages around 3.0-3.2% (as of Jan 2026), with banks adding 0.5-1.0% spreads[3]. Fixed rates offer stability but higher penalties on early repayment.
The chart below shows recent interest rate trends in Singapore:
SORA has stabilized post-2024 hikes, making now ideal for locking rates. Use our tool to see effective rates like DBS's SORA + 0.65% vs OCBC's fixed 3.2%[1].
Step 2: Calculate Your Borrowing Capacity with TDSR & MSR Tools
Input income, debts, CPF savings, and property price into our TDSR calculator, MSR calculator, and debt ratio calculator. For example, a $8,000 monthly household income with $1,000 debts yields ~$600,000 borrowing limit under TDSR 60% (max $4,800 debt payments)[3].
HDB buyers face stricter MSR (30% limit). Our mortgage calculator shows eligibility instantly, factoring LTV limits (75% for HDB, 80% private). Link to TDSR & MSR Calculator: Check Singapore Borrowing Limits | Homejourney ">TDSR & MSR Calculator guide for details.
- Enter gross income and existing loans.
- Add property details (e.g., $1.2M condo).
- View borrowing capacity TDSR: Max loan, monthly repayment, affordability score.
- Adjust scenarios: Refinancing? Add age/tenure limits (max 75 years old at end).
Pro tip: HDB upgraders, check ABSD eligibility—our tool flags exemptions[1].
Step 3: Compare Banks Side-by-Side
Our table ranks banks by effective interest rate (EIR), fees, and features:
- DBS: Market leader, SORA +0.60%, strong refinancing (pros: app integration; cons: higher fees).
- OCBC: Competitive fixed rates ~3.15%, fast processing for HDB.
- UOB: Best for investors, SORA Pibor hybrid, low penalties.
- HSBC/Standard Chartered: Expat-friendly, higher LTV for private properties.
- Maybank/CIMB: Promo rates for first-time buyers, e.g., 2.5% fixed 2 years.
Filters highlight best for your profile: E.g., young couples get Maybank promos. Rates update daily from bank sources, beating manual checks[1].
Step 4: Apply to Multiple Banks Instantly
Click 'Apply Now' for one-click submission to all banks. Singpass auto-fills NRIC, income, CPF—cutting time to 2 minutes[3]. Receive competing offers in your dashboard.
Documents needed: Income proof, CPF statements (auto-pulled). Processing: 1-3 days preliminary, 1-2 weeks formal. Track via app, like monitoring a $1.4M Punggol resale[2]. See Benefits of Multi-Bank Application in One Click | Homejourney ">Multi-Bank Application Benefits.
Step 5: Refinancing and Ongoing Monitoring
For refinancing, input current loan details—compare exit penalties vs new rates. E.g., Break a 3.0% fixed if SORA drops below 2.8%. Our brokers guide free via bank-rates page.
Post-approval, explore Projects ">projects directory for investments or Aircon Services ">aircon services for new homes. Disclaimer: Rates fluctuate; consult professionals. Homejourney provides tools, not advice[1].
FAQ
How accurate is Homejourney's TDSR calculator?
It uses official MAS/HDB formulas (TDSR 60%, MSR 30%), updated real-time with your inputs. Matches bank assessments 95%+[3].
Can I compare rates for HDB vs private property?
Yes, select loan type—HDB caps apply automatically. E.g., $500K BTO flat borrowing max shown instantly.
Is Singpass safe for loan applications?
Fully secure via MyInfo; we never store sensitive data. Verified by MAS standards[6].
What if rates change after I apply?
Lock-in applies post-approval. Monitor live SORA on our page for timing.
Free for all users?
Yes, core tools free. Brokers optional for personalized help.
Master How to Use Homejourney Bank Rate Comparison today at https://www.homejourney.sg/bank-rates. For full Singapore mortgage coverage, read our pillar guide on home loans. Start comparing safely with Homejourney—your trusted partner.
