When your joint home loan application is complete, the next critical step is a structured bank rate comparison across DBS, OCBC, UOB and other major lenders so you secure the right package for both co-borrowers, not just the lowest headline rate.
This Joint Home Loan Application Complete: Bank Rate Comparison Guide is a tactical companion to our main pillar on joint home loans in Singapore Joint Home Loan in Singapore: Application Guide with Homejourney . It focuses specifically on comparing bank rates and packages once you and your co-borrower (spouse, fiancé/fiancée, parent or sibling) are ready to lock in a loan through Homejourney’s trusted platform.
What to Compare After a Joint Home Loan Application Is Complete
For Singapore borrowers, a joint home loan (also called a co-borrower mortgage or joint mortgage Singapore) means both parties share liability and ownership, and banks will assess your combined income, age and debts using MAS rules such as Total Debt Servicing Ratio (TDSR) and Loan-To-Value (LTV) limits.[6]
Once you have your approval-in-principle (AIP) or in-principle approval, you should systematically compare:
- Type of interest package: 3M/6M SORA-pegged, fixed-rate, or board rate
- Headline rates vs effective rates (including spreads and fees)
- Lock-in period and early repayment / sale penalties
- Loan tenure (based on combined Income Weighted Average Age (IWAA))[6][1]
- Flexibility for repricing or refinancing later
- Bank incentives (legal subsidies, valuation subsidies, vouchers)
Homejourney’s bank rate comparison page Bank Rates lets you compare these factors across major banks in one dashboard, then submit a multi-bank application with Singpass/MyInfo for faster, safer processing.
Understanding SORA, Fixed and Board Rates for Joint Loans
Most couples home loans and co-borrower mortgages in 2026 are linked to SORA (Singapore Overnight Rate Average), a benchmark rate published by MAS and widely used by DBS, OCBC, UOB, HSBC and others.[6]
In simple terms:
- SORA-pegged floating: Interest = SORA + bank spread (e.g. 3M SORA + 0.80%). Rate changes when SORA resets.
- Fixed-rate: Rate is fixed for 1–5 years, then typically converts to a floating package.
- Board rate: Pegged to a bank’s internal reference rate; more opaque and fully controlled by the bank.
If both borrowers are salaried and risk-averse (for example, a young couple buying a 4-room BTO in Punggol), a 2–3 year fixed package can provide peace of mind during your first years of marriage. If one co-borrower has variable income (e.g. commission-based in sales), you may prefer SORA packages for potential savings, but only if your emergency fund can handle fluctuations.
The chart below shows recent interest rate trends in Singapore:
After reviewing the trend, many joint borrowers choose to split the difference: a short fixed period (2–3 years) followed by SORA, so they are covered in the near term but can still benefit if rates normalise later.
DBS, OCBC, UOB and Major Banks: Joint Loan Package Overview
Below is a high-level comparison of how major banks in Singapore typically position their joint home loan products. Always verify current rates on Homejourney’s bank rates page Bank Rates and with the banks, as packages change frequently.
DBS Bank – Strong Digital Experience and SORA Focus
DBS offers HDB and private property loans with SORA-pegged and fixed packages, and a streamlined digital process, including MyInfo integrations for documentation.[4]
Package types commonly available:
- 3M SORA-pegged packages with different spreads and lock-ins
- 1–3 year fixed-rate packages for HDB and private homes
- Repricing options for existing DBS borrowers
Suitability for joint borrowers: Good for couples comfortable with digital processes. For example, a pair buying a resale flat near Bishan MRT might value DBS’ strong online portal to monitor payments and repricing options.
OCBC – Competitive for HDB and Private, Fast Online Approvals
OCBC provides loans for HDB and private properties, with eligibility for Singaporeans, PRs and foreigners aged 21 and above and minimum loan amounts (e.g. S$200,000 for many new purchase packages).[5]
Typical features:
- 3M SORA-pegged floating packages
- Fixed-rate packages for 2–3 years
- Quick online approvals and occasional legal subsidies for refinancing
Suitability: Often competitive for HDB upgraders in towns like Sengkang, Punggol and Tampines who want a balance of rate and service.
UOB – Bundled Privileges and Incentives
UOB’s property loans include both SORA and fixed packages, sometimes with promotional incentives such as vouchers for larger loan amounts, subject to campaign periods and terms.[2]
Key points for joint borrowers:
- Minimum loan size thresholds for promotions (e.g. S$500,000 or more)[2]
- Different lock-in periods (commonly 2–3 years)
- Incentives such as legal subsidies for refinancing campaigns
For a couple upgrading from a 4-room HDB in Jurong West to an EC in Tengah, UOB’s promotional perks can offset some legal costs, but you should still check effective rates over the whole lock-in period using Homejourney’s calculator Mortgage Rates .
HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank
These banks usually offer a mix of SORA packages and shorter fixed-rate periods, sometimes with aggressive spreads to attract refinancing borrowers and investors.
As a joint borrower pair with stable income working in the CBD (e.g. one at Raffles Place, one at Tanjong Pagar), you may prioritise:
- Longer lock-in if the rate is very competitive and you plan to hold the property at least 5 years
- Shorter lock-in if you expect to refinance or sell within 3–4 years
- Global banking relationships (for HSBC, Citibank) if you hold investments or accounts across countries
Instead of manually checking each bank site, Homejourney aggregates rate information from all major lenders so you can compare like-for-like packages in one place Bank Rates .
Key Comparison Factors for Joint Mortgage Singapore Packages
For a joint mortgage Singapore scenario, evaluating rates is not just about the lowest first-year rate. You need a framework that protects both borrowers and aligns with MAS limits.[6]
1. Lock-in Period and Penalties
Common lock-in periods are 2 or 3 years. During this period, selling the property, refinancing, or making partial prepayments beyond the free limit can trigger penalties (often about 1.5% of the outstanding loan, though this varies by bank and campaign).
For example, if your joint loan outstanding is S$700,000 and you sell your condo in Queenstown during the lock-in, a 1.5% penalty would be S$10,500. That can easily wipe out the benefit of a slightly lower rate, so couples planning children or job moves should value flexibility.
2. Total Debt Servicing Ratio (TDSR) and Joint Income
MAS’ TDSR rules cap your total monthly debt obligations (including car loans, student loans and credit card debt) at a percentage of gross monthly income.[6] With a joint application, both borrowers’ incomes and debts are combined, increasing borrowing power but also binding both to the same liability.[1]
