Mortgage Pre-Approval in Singapore: FAQ Guide by Homejourney

To get pre-approved for a mortgage in Singapore, you submit your income, debt, and credit information to a bank or through Homejourney so the bank can issue an In-Principle Approval (IPA)AIP mortgage stating how much you can borrow, subject to final checks and property valuation.[2][8] With this loan pre-approval in hand, you can safely shortlist homes within budget and move quickly when you see the right unit.

This article is a focused cluster guide under Homejourney’s main home loan pillar, explaining How to Get Pre-Approved for a Mortgage: Frequently Asked Questions in the Singapore context. If you want a full end-to-end financing roadmap, you can continue to our main pillar guide via .

What is mortgage pre-approval (IPA) in Singapore?

In Singapore, a mortgage pre-approval is usually called an In‑Principle Approval (IPA) or Approval‑in‑Principle (AIP). The bank reviews your income, debts, and credit profile, then issues a letter confirming the maximum loan amount, loan tenure, and indicative interest rate it is prepared to offer, subject to property valuation and final documentation.[2][8]

For HDB buyers, the equivalent is the HDB Housing and Financing Eligibility (HFE) letter if you are taking an HDB loan, which also states your grant and loan eligibility based on HDB’s rules.[4] For private properties, banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank issue IPAs after assessing your information.

From my own experience viewing units around Punggol and Sengkang, sellers and agents often ask upfront, “Do you have IPA?” Without one, it’s much harder to negotiate seriously for a 3‑bedder around the S$1.3–1.5 million range in condos near Punggol MRT, because owners want proof that you can complete the purchase.

Why is mortgage pre-approval so important?

Mortgage pre-approval is important in Singapore for three main reasons:

Budget certainty: An IPA tells you your maximum loan and indicative monthly instalment so you can filter your search on Homejourney’s property search within a realistic price range. Use Property Search together with the calculator on Bank Rates to find homes that truly fit your budget.
Stronger negotiation power: Owners of resale HDBs in Tampines, Bishan, or popular OCR condos like those along the East‑West Line tend to favour buyers who already have IPA, because completion risk is lower.[2][3]
Faster transaction: Once you secure an Option to Purchase (OTP), you have limited time (typically 14–21 days for private property) to exercise and confirm your loan.[1][4] Having IPA lets the bank move more quickly to final approval and Letter of Offer.

Homejourney enhances this safety and certainty by verifying bank rates directly at source and showing you side‑by‑side comparisons on Bank Rates , so you avoid outdated or incomplete rate information.

Step‑by‑step: How to get pre-approved for a mortgage in Singapore

Here is a practical sequence you can follow, whether you are buying a BTO, resale HDB, or private property:

Estimate your borrowing capacity

Before speaking to any bank, use Homejourney’s mortgage eligibility calculator on to estimate how much you can borrow under the MSR (for HDB and EC buyers) and TDSR (for all property types) rules. This quick check uses your income, age, and existing debt to generate a safe, regulation‑aligned estimate based on current MAS rules.[5]
Decide between HDB and bank loan (for HDB buyers)

If you are buying an HDB flat, decide whether you prefer an HDB loan (up to 80% LTV, stable but typically higher concessionary rate) or a bank loan (up to 75% LTV, market‑driven SORA/fixed rates) based on your risk profile and cash/CPF savings.[4] Check HDB’s HFE letter requirements on the HDB Flat Portal for the latest eligibility rules and grant information.[4]
Gather your documents

Next, prepare the full documentation set the banks will review (see checklist below). Having everything ready upfront is the most common difference between a 2‑day IPA and a 2‑week delay.
Submit a multi‑bank application via Homejourney

Instead of applying to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank one by one, use Homejourney’s multi‑bank IPA application at Bank Rates . With Singpass MyInfo, your income, employment, and CPF contribution data will auto‑fill, minimising manual errors and missing fields.[6]
Wait for banks to assess and issue IPA

Most straightforward salaried applications are processed in a few working days.[2][6] Some banks can provide conditional instant approval using MyInfo data, subject to later document verification.[6] Homejourney keeps you updated on status changes and offers as they come in, so you don’t need to chase individual bank officers.
Review and store your IPA safely

Once you receive IPA letters, check the loan quantum, tenure, interest rate type (fixed, floating SORA, or hybrid), and conditions such as minimum income, property age limits, or lock‑in clauses. Save soft copies in a secure cloud folder and provide them to your property agent or lawyer only when needed.
Shortlist properties within IPA budget

Use your approved loan amount to set filters on Property Search so you only view units that match your IPA (for example, 2‑bedder condos around S$1.1–1.2 million near Hillview MRT, or 4‑room resale HDBs in Ang Mo Kio under S$750,000). This avoids heartbreak from viewing homes that later turn out to be unaffordable.

Required documents for mortgage pre-approval (IPA)

Different banks may ask for slightly different documents, but in general you should prepare the following before your IPA application:[1][3][5]

For salaried employees

NRIC (front and back) for Singapore Citizens/PRs, or passport and work pass for foreigners.[1][3]
Latest 3 months’ payslips and latest 12 months’ CPF contribution history (MyInfo can auto‑pull this).
Latest Notice of Assessment from IRAS (usually last 2 years).[1][3]
HR employment letter or contract if you recently changed jobs (typically within the last 6–12 months).[1]

For self‑employed or variable income

ACRA business profile and at least 2 years’ financial statements or certified management accounts.[3][5]
Last 6–12 months’ bank statements showing business and personal income flows.
Latest 2 years’ IRAS Notice of Assessment.[3]

For all applicants

Details of any existing loans (car, student, personal loans, credit card balances) so the bank can compute your TDSR.[5]
Proof of savings and investments if you want to demonstrate additional buffers (e.g., fixed deposits or SRS/CPF balances).

Insider tip: When I helped a relative apply for IPA for a resale flat in Jurong West, the biggest time‑saver was having PDFs renamed clearly (“2025‑NOA‑JohnTan.pdf”, “CPF‑12m‑JohnTan.pdf”) before uploading. Homejourney’s document upload feature is designed with this in mind, making it easy for both you and the bank’s credit team to cross‑check documents quickly.

How do interest rates affect my pre-approval?

Your IPA is calculated based on the bank’s prevailing interest rate assumptions and MAS stress‑testing rules. Even though IPAs are non‑binding, a sudden change in SORA or fixed rates can affect your eventual monthly repayment or even the final approved loan amount, especially if you are close to TDSR limits.[2][5]

The main rate structures you will see in your pre‑approved home loan are:

Fixed rate packages: The rate is locked for an initial period (e.g., 2–3 years), providing stability at the cost of potentially higher initial rates.
SORA‑pegged floating packages: Your rate is typically 3M or 6M SORA plus a fixed bank spread; repayments can move up or down when SORA changes.[2]
Hybrid or stepped packages: A mix of fixed and floating components, or fixed followed by floating after the lock‑in period.

Homejourney tracks live SORA and bank rate changes on Bank Rates , so your IPA comparisons are based on current market conditions rather than outdated quotes.

The chart below shows recent interest rate trends in Singapore:

Use this chart together with Homejourney’s rate comparison to decide if you prefer the stability of a fixed package (especially if you are highly leveraged) or the flexibility of SORA‑linked loans.

How long does mortgage pre-approval take and how long is it valid?

For most salaried Singaporeans and PRs, banks typically issue an IPA within 3–5 working days once all documents are submitted correctly.[1][2] Some banks offer near‑instant conditional IPAs via MyInfo, though these remain subject to verification of your supporting documents.[6]

IPAs in Singapore are usually valid for about 30 to 90 days, depending on the bank.[1][2] If your income changes, you take on new debt, or interest rates move significantly during this period, the bank may reassess your eligibility.

Homejourney’s dashboard helps you track IPA validity dates so you can plan viewings and OTP timelines carefully, particularly in hot areas like Queenstown and Bukit Merah where competition for well‑renovated resale flats is intense.

What happens after I get pre-approved?

Once you have your IPA, the typical next steps are:

Shortlist properties: Use Property Search with your IPA loan limit and preferred neighbourhoods (e.g., near your child’s school in Clementi or your office in the CBD).
Do on‑site viewings: Combine listing information with on‑the‑ground checks like traffic noise at peak hour, waiting time for lifts, and sun direction (West sun can make some units in Jurong or Choa Chu Kang noticeably warmer in the afternoons).
Negotiate and secure OTP: When you find a suitable unit, show your IPA (not necessarily the full document; you can redact personal details) to the seller’s agent to strengthen your offer.[1][3]
Finalise loan after OTP: Once OTP is granted and you are ready to exercise, the bank orders a valuation and, if satisfactory, issues a formal Letter of Offer.[1] At this stage, you confirm the chosen package.

For a deeper walkthrough of what happens from IPA to completion, read our detailed guide: Mortgage Pre-Approval in Singapore: Step‑By‑Step Homejourney Guide .

Common mistakes that can derail your IPA (and how Homejourney helps you avoid them)

Some frequent pitfalls we see among Singapore buyers:

Taking on new debt just before applying: Signing for a new car loan or large instalment plan can push your TDSR above the limit, reducing your loan eligibility.[5] Avoid major new borrowings at least a few months before your IPA.
Inconsistent or incomplete documents: Missing NOA pages or mismatched name spellings across documents slow down credit approval. Homejourney’s Singpass/MyInfo integration reduces this risk by pulling information directly from government sources.
Assuming the IPA is final: Banks still need to assess the property and may reduce the final loan if valuation comes in lower than your agreed purchase price.[1] Always keep a cash/CPF buffer for valuation shortfalls.
Chasing teaser rates only: Focusing only on headline rates without understanding lock‑in clauses, penalties, or repricing policies can cost more over the long term.[5] Homejourney’s comparison on Bank Rates highlights not just the rate but key features and lock‑in terms to support safer decisions.

For a full discussion of these pitfalls and how to protect yourself, see: Common Mortgage Application Mistakes to Avoid: Homejourney Bank Rate Guide and Avoid Mortgage Mistakes: Boost Approval Odds with Homejourney .

How Homejourney makes mortgage pre-approval safer and easier

Homejourney is designed around user safety, verification, and transparency. For mortgage pre‑approval, this translates into:

Bank rate comparison in one place: Compare current packages from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank on Bank Rates without having to visit each bank separately.
Eligibility & affordability calculator: Use to check how much you can safely borrow before committing to any OTP.