How to Get Pre-Approved for a Mortgage: Frequently Asked Questions

Mortgage pre-approval, known as In-Principle Approval (IPA) in Singapore, gives you a conditional green light on your home loan eligibility before property hunting. This step confirms how much you can borrow based on your income, debts, and credit, typically within 2-5 business days.[1][2][3]

At Homejourney, we prioritize your safety and trust by simplifying this process with our multi-bank application system. Use Singpass for instant auto-fill and compare rates from DBS, OCBC, UOB, and more at Homejourney bank rates. This cluster answers key questions on mortgage pre-approval, linking back to our pillar guide on How to Get Pre-Approved for a Mortgage in Singapore.

What is Mortgage Pre-Approval (IPA) in Singapore?

In-Principle Approval (IPA), or loan pre-approval, is a bank's preliminary assessment of your borrowing capacity. It indicates the maximum loan amount, tenure, and estimated monthly repayments without a specific property.[1][2][3]

IPAs are valid for 30 days and help you shop confidently within budget, as sellers prioritize serious buyers with proof of financing. For HDB flats, pair it with a HDB Financial Eligibility (HFE) letter; for private properties, it's essential before signing an Option to Purchase (OTP).[4]

Homejourney's eligibility calculator at Homejourney mortgage calculator simulates IPA results instantly, factoring in TDSR (Total Debt Servicing Ratio) limits of 55% for most buyers.

Step-by-Step: How to Get Pre-Approved for a Mortgage

Follow these actionable steps for AIP mortgage or pre-approved home loan in Singapore:

Check Eligibility: Use Homejourney's calculator to estimate borrowing power based on income, age, and debts. Aim for income above S$5,000 monthly for competitive rates.
Gather Documents: Prepare payslips, IRAS Notices of Assessment, and bank statements (see checklist below).
Apply via Homejourney: Submit one application at Homejourney bank-rates using Singpass MyInfo. It auto-fills data and sends to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, and more.[5]
Receive IPA: Banks respond in 2-5 days with loan quantum (up to 75-90% LTV per MAS rules).
Compare Offers: Track side-by-side on Homejourney and select the best.

Avoid pitfalls like applying to banks individually—Homejourney's multi-bank system saves time and boosts approval odds. For details on Singpass benefits, see Singpass MyInfo for Faster Loans.

Documents Needed for Mortgage Pre-Approval

Prepare this checklist for smooth mortgage pre-approval:

NRIC/Passport and Employment Pass (foreigners).
Latest 3-6 months' payslips or salary credits.
IRAS Notice of Assessment (NOA) for past 2 years.
Employment contract or confirmation letter.
Bank statements (3-6 months) showing income and savings.
Credit report (if overseas borrowings).
CPF contribution history (for HDB buyers).

Foreigners need extra: valid work pass and home-country tax docs.[2] Homejourney's Singpass integration pulls most automatically, reducing errors. Valuation fees (S$50-700) apply later.[3]

How Long Does Pre-Approval Take?

IPA processing takes 2-5 business days for salaried applicants with clean docs.[1][2][3] Instant approvals possible via UOB or OCBC online for simple cases.[5][8]

Full mortgage (post-OTP) extends to 2-4 weeks, including valuation. Use Homejourney to parallel-process across banks for fastest results. Track status real-time on our platform.

Pro Tips to Boost Your Mortgage Pre-Approval Chances

Optimize TDSR: Pay down debts; keep total repayments under 55% of gross income (MAS rule).
Time Rates Right: SORA-based loans dominate; fixed packages suit first-timers.
Leverage Homejourney: Our brokers negotiate better terms from 11 partner banks.
Insider Tip: Apply mid-week (Tue-Thu) for quicker bank responses; avoid month-end.
For HDB Upgraders: Check CPF usage limits via HDB portal first.

The chart below shows recent interest rate trends in Singapore:

As seen, 3M SORA hovers around 3.0-3.5% in 2026—lock fixed if rates rise. Compare live rates at Homejourney bank-rates.

What Happens After Pre-Approval?

With IPA, search properties on Homejourney property search within budget. Secure OTP, then submit formal application with valuation. Banks lend up to lower of purchase price or valuation (e.g., S$1.2M condo at S$1.18M valuation means cash top-up).[2]

Review Letter of Offer for lock-in periods, prepayment fees. Homejourney guides refinancing too—see Bank Rate Comparison Guide.

FAQ: Mortgage Pre-Approval in Singapore

Q1: Can foreigners get mortgage pre-approval?
A: Yes, up to 60% LTV with valid EP/SP. Submit passport, work pass, and overseas credit report. Homejourney supports expat applications seamlessly.[2]

Q2: What's the difference between IPA and full approval?
A: IPA is conditional (no property); full needs OTP, valuation, and legal docs. IPA guides your budget safely.[1][3]

Q3: How much can I borrow?
A: Up to 75% LTV for first private property; TDSR caps repayments. Use Homejourney calculator for personalized estimate.

Q4: Does pre-approval affect credit score?
A: Soft checks don't; multiple hard inquiries within 30 days count as one. Homejourney minimizes this via one submission.

Q5: Can I get pre-approved for HDB resale?
A: Yes, combine with HFE letter. Banks like DBS offer HDB-specific packages.[4]

Disclaimer: This is general info; consult Homejourney brokers or financial advisors. Rates per MAS 2026 rules; verify current terms. Homejourney verifies data for your confident decisions.

Ready for how to get pre-approved for a mortgage? Start safely with Homejourney at bank-rates. Explore properties on property search and maintain your home with aircon services.