Joint Home Loan Bank Rate Comparison: What You Need to Know
A joint home loan allows two or more people to apply for a mortgage together, combining their incomes to increase borrowing power and potentially qualify for better rates. For couples, siblings, or family members purchasing property in Singapore, understanding how joint applications work across different banks is essential to securing the best financing deal.
This guide walks you through the mechanics of joint home loans, how banks evaluate co-borrower applications, current rate comparisons across Singapore's major lenders, and how Homejourney helps you find the most competitive offers. Whether you're a first-time buyer or refinancing an existing loan, comparing rates from multiple banks simultaneously can save you thousands of dollars over your loan tenure.
How Joint Home Loans Work in Singapore
Combined income is the primary advantage of joint applications. When you apply together, banks combine the gross monthly incomes of all applicants for TDSR (Total Debt Servicing Ratio) and MSR (Mortgage Servicing Ratio) calculations. For example, if one applicant earns S$6,000 monthly and the co-borrower earns S$5,000, the combined S$11,000 income is used to determine how much you can borrow.
However, combined debts work against you. All existing liabilities—credit cards, car loans, personal loans, and other mortgages—are factored into affordability assessments. If your co-borrower has significant outstanding debts, this reduces the joint loan quantum you qualify for.
Joint and several liability means both borrowers are equally responsible for the entire loan amount. If one borrower defaults, the bank can pursue either or both borrowers for the full outstanding balance. This is a critical consideration when choosing a co-borrower.
The Income-Weighted Average Age (IWAA) determines your loan tenure and LTV limits. This calculation uses both borrowers' ages and incomes to establish an effective age for loan approval purposes. A younger co-borrower with substantial income can help an older principal borrower secure longer tenures and higher LTV ratios.
Key Eligibility Requirements for Joint Applications
Ownership requirements: The Monetary Authority of Singapore (MAS) mandates that all mortgage borrowers must be listed as co-owners of the property. For HDB flats, all applicants in the flat application must be co-borrowers, with at least one being a Singapore Citizen. For private properties, banks have varying policies—some require all borrowers on the title, while others allow one party to be a guarantor without ownership.
Age and citizenship: At least one applicant must be a Singapore Citizen or Permanent Resident. The maximum loan tenure is typically determined by the youngest borrower's age, with most banks capping tenure at 25 years for HDB loans, 30 years for HDB bank loans, or 35 years for private properties.
HDB ownership restrictions: If you're already a co-borrower on one HDB flat, you cannot purchase another HDB flat or Executive Condo while maintaining that co-borrower status. This is an important constraint for upgraders and families planning multiple property purchases.
Understanding Current Bank Rates for Joint Applications
Singapore's major banks—DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, and others—offer competitive rates for joint home loans. Most banks use SORA (Singapore Overnight Rate Average) as their benchmark, with spreads typically ranging from 1.25% to 1.75% above the 3-month or 6-month SORA rate.
The chart below shows recent SORA trends to help you understand how rates have moved:
Banks structure joint loan products around three main rate types: SORA-based floating rates, fixed rates locked for 1-3 years, and hybrid products combining fixed and floating periods. Your choice depends on your risk tolerance, expected interest rate movements, and financial stability.
Rate comparison across banks: As of February 2026, DBS typically offers competitive SORA spreads starting at 1.25% for prime borrowers, while OCBC and UOB compete closely with spreads around 1.30-1.40%. HSBC and Standard Chartered often provide slightly higher spreads (1.45-1.60%) but may offer superior customer service and digital banking features. Regional banks like Maybank and CIMB provide rates in the 1.40-1.55% range, often with promotional discounts for new customers.
Fixed-rate products vary significantly by tenure. A 2-year fixed rate might be 3.00-3.25%, while 3-year fixed rates range from 3.10-3.40%. These fixed rates provide payment certainty but typically cost 0.30-0.50% more than floating rates.
Comparing Rates Across Singapore Banks
Rather than visiting each bank individually, Homejourney's bank rates comparison tool lets you see real-time rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank in one dashboard. This transparency eliminates the need for multiple bank visits and ensures you never miss a better offer.
When comparing rates, focus on effective rates rather than headline rates. The effective rate includes the spread, any fees amortized over the loan tenure, and promotional discounts. A bank advertising 2.50% SORA+1.25% might actually cost 3.75% effective if you account for processing fees and lock-in periods.
For joint applications specifically, confirm that each bank treats co-borrowers identically in rate pricing. Some banks offer slightly better rates if one borrower has an excellent credit history, while others apply a single rate to all co-borrowers regardless of individual creditworthiness.
Documentation Required for Joint Applications
Banks require consistent documentation from all borrowers. Standard requirements include:
- Completed joint home loan application form (signed by all borrowers)
- NRIC or passport copies (front and back) for all applicants
- Latest computerised payslips or IR8A forms (last 3 months)
- Two years' tax returns (self-employed applicants)
- Latest CPF statement of account (if CPF is being used)
- Option to purchase or sale agreement
- Proof of down payment (bank statements showing funds)
For joint applications, only one IRAS My Property Summary is required from either borrower, though all borrowers must sign the repricing or refinancing forms if you're switching banks later.
Streamline this process using Homejourney's Singpass integration. By linking your Singpass account, your NRIC details, CPF information, and tax records auto-populate across your application. This reduces paperwork, minimizes errors, and accelerates approval timelines—often by 5-7 business days compared to manual applications.
Strategic Advantages of Joint Applications
Higher borrowing power: Combined incomes directly increase your loan quantum. If you need S$600,000 to purchase your dream property but individually only qualify for S$450,000, a joint application might bridge that gap.
Better LTV ratios: With higher combined income, you may qualify for higher Loan-to-Value ratios (up to 75% for HDB, 80% for private properties), reducing your down payment requirement.
Longer loan tenures: A younger co-borrower can extend your repayment period, lowering monthly installments and improving affordability. This is particularly valuable for upgraders in their 50s partnering with younger family members.
Improved approval odds: Banks view joint applications more favorably because they have multiple income sources and co-signer accountability. If one borrower faces temporary employment issues, the other's stable income provides reassurance.
Risks and Considerations for Co-Borrowers
Joint liability exposure: As a co-borrower, you're personally liable for the entire loan amount, not just your proportional share. If your partner defaults and disappears, you're responsible for the full outstanding balance.
Credit impact: The joint mortgage appears on both borrowers' credit reports. Late payments damage both credit scores, affecting future borrowing capacity for either party.
Future property restrictions: While co-borrowing on a private property doesn't restrict future purchases, co-borrowing on an HDB flat prevents you from purchasing another HDB or EC until you're released from the first loan.
Relationship complications: If the relationship ends (divorce, family dispute), both borrowers remain liable unless one refinances the mortgage solo or the property is sold. This can create significant financial and legal complications.
How to Compare and Apply for Joint Home Loans
Step 1: Calculate your borrowing power using Homejourney's mortgage eligibility calculator. Input both borrowers' incomes, existing debts, and property price to instantly see your maximum loan quantum and monthly payments across different scenarios.
Step 2: Compare rates from all major banks on Homejourney's bank rates page. Filter by loan type (SORA floating, fixed, or hybrid), tenure, and property type. See real-time rates updated daily to ensure you're comparing current offers.
Step 3: Submit one joint application through Homejourney to multiple banks simultaneously. Rather than visiting each bank separately, our multi-bank application system sends your information to all major lenders at once, and they compete for your business.
Step 4: Use Singpass to auto-fill your application. Link your Singpass account to pre-populate NRIC details, CPF information, and tax records. This reduces manual data entry and accelerates processing.
Step 5: Compare offers from all banks as they respond. Homejourney displays all approved loan offers side-by-side, showing rates, tenure options, fees, and special promotions. You can then choose the best offer or negotiate with your preferred bank.
Homejourney's Advantage for Joint Applications
Homejourney prioritizes user safety and transparency in the mortgage process. Our platform verifies all bank rates daily, ensuring you always see accurate, current information. We don't hide fees or lock you into promotional rates that expire—what you see is what you get.
By consolidating bank rate comparisons, eligibility calculators, and multi-bank applications in one trusted platform, Homejourney eliminates the confusion and time-consuming process of shopping for joint home loans across multiple institutions. You maintain complete control over your application while benefiting from competitive pressure between banks.
For couples or co-borrowers serious about securing the best rates, visit Homejourney's bank rates page to compare current offers and submit your joint application today.
Frequently Asked Questions
Can one co-borrower have a significantly lower income than the other?
Yes. Banks calculate the Income-Weighted Average Age (IWAA) using both incomes and ages. Even if one co-borrower earns substantially less, they can still improve the joint application if they're younger, as this lowers the effective age for loan tenure purposes. However, their lower income doesn't proportionally increase the joint loan quantum—it's the combined income that matters for TDSR calculations.
What happens to a joint home loan if one borrower wants to exit?
Exiting a joint loan requires either refinancing (the remaining borrower qualifies for the full amount solo) or selling the property. The exiting borrower cannot simply be removed from the mortgage without one of these actions. If refinancing, the remaining borrower must qualify for the full outstanding loan amount independently, which may not be possible if their solo income is insufficient.
Do joint applications affect both borrowers' future borrowing capacity?
Yes. The joint mortgage appears on both credit reports and counts toward both borrowers' TDSR calculations. If you later want to purchase an investment property individually, your TDSR will be calculated including the joint mortgage, potentially reducing your borrowing capacity for the new property.
Are joint application rates different from solo application rates?
Generally, no. Banks price rates based on the borrower profile with the most restrictive criteria. If one co-borrower has an existing housing loan, both borrowers face the stricter LTV and TDSR limits for a second property. However, combined income may qualify you for better rates due to larger loan amounts, which sometimes attract promotional discounts.
Can we refinance a joint home loan to a solo loan later?
Yes, if the remaining borrower qualifies for the full outstanding amount independently. This typically requires demonstrating sufficient income and acceptable credit history. Refinancing removes the other borrower from liability and frees them to pursue separate property purchases.
Next Steps: Finding Your Best Joint Home Loan Rate
Joint home loans offer significant advantages for couples and co-borrowers, but only if you secure competitive rates from the right bank. Rather than spending weeks visiting multiple institutions, compare rates from Singapore's top banks instantly on Homejourney.
Our platform empowers you with transparency, real-time rate updates, and multi-bank applications—all designed to help you make confident, informed decisions about your mortgage. Whether you're purchasing your first home together or refinancing an existing joint loan, Homejourney ensures you never overpay.
For comprehensive guidance on joint home loan applications, eligibility strategies, and approval tips, explore our related articles: Joint Home Loan Application: Complete Singapore Guide | Homejourney ">Joint Home Loan Application: Complete Singapore Guide, Joint Home Loan Approval: Boost Chances in Singapore | Homejourney ">Joint Home Loan Approval: Boost Chances in Singapore, and Joint Home Loan Application Complete: FAQs | Homejourney ">Joint Home Loan Application Complete: FAQs.
