Get Pre‑Approved for a Mortgage in Singapore: Homejourney’s Guide to Boosting Approval Chances

To get pre-approved for a mortgage in Singapore and maximise your approval chances, you need to: calculate your safe budget, clean up your finances, prepare a full document set, then submit a strong in-principle approval (IPA) application to multiple banks via a trusted platform like Homejourney. Done right, your mortgage pre-approval or AIP mortgage can be issued within a few working days and gives you a clear price range for your home search.

This cluster article focuses specifically on How to Get Pre-Approved for a Mortgage: How to Improve Approval Chances and supports our main Homejourney pillar guide on Singapore home loans and mortgage pre-approval. For a full overview of TDSR, MSR, HDB vs bank loans, and detailed examples, refer to our main pillar article on Singapore home loans and pre-approval .

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

In Singapore, a mortgage pre-approval is usually called an In-Principle Approval (IPA) or AIP mortgage. It is a written indication from a bank stating how much they are prepared to lend you, based on your income, debts, credit history and basic property assumptions.[2] It is not a final loan offer but a strong guide to your maximum loan amount and monthly instalment.

For HDB buyers, note that the equivalent for an HDB housing loan is the HDB Flat Eligibility (HFE) letter, which assesses both your flat eligibility and HDB loan eligibility via the HDB Flat Portal.[4] For bank loans, you must obtain an IPA directly from a bank or through a platform like Homejourney.

Typically, an IPA in Singapore:

Is valid for about 30 to 90 days, depending on the bank[1][2]
Is processed within a few working days once documents are complete[1][2]
Is subject to final property valuation and document verification[1][6]

From a practical standpoint, agents in areas like Tampines, Punggol, Sengkang and Bukit Panjang will often ask to see your IPA or HFE before they commit serious time to viewings. In the East, I have seen sellers in Bedok South and Marine Parade reject offers from buyers without IPAs in hand, even when the price was slightly higher, simply because a pre-approved home loan is seen as “proof of funds”.

Why Mortgage Pre-Approval Matters Before You House-Hunt

Getting a mortgage pre-approval or loan pre-approval before you seriously browse listings on Homejourney’s property search feature Property Search protects you in three key ways:

Prevents over-commitment: With TDSR capped at 55% of your gross monthly income (Monetary Authority of Singapore guideline), your IPA ensures you do not fall in love with a $1.8M condo in Tanjong Rhu when you can realistically afford $1.3M.
Strengthens your negotiation position: For resale condos in mature estates like Clementi or Bishan, sellers are often juggling multiple offers. Buyers with an AIP mortgage from major banks (DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank) are seen as more reliable.
Speeds up the OTP timeline: In private property deals, you typically have 14–21 days Option to Purchase (OTP) period to exercise. If your IPA is already done, you can move confidently to valuation and final Letter of Offer within that short window.[1][4]

Homejourney integrates this into your journey: start with our mortgage eligibility calculator Mortgage Rates to understand how much you can borrow safely, then use Property Search to filter properties by your pre-approved price range.

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

Step 1: Check Your Borrowing Power Safely

Before you submit any formal loan pre-approval, estimate your borrowing capacity and safe budget. MAS rules require banks to assess you under the Total Debt Servicing Ratio (TDSR) framework and, for HDB and EC buyers, the Mortgage Servicing Ratio (MSR) as well.[5][8] TDSR looks at all your monthly debt commitments – car loan, student loan, credit card minimums, personal loans.

Use Homejourney’s mortgage calculator & eligibility tool to:

Estimate your maximum loan under current TDSR and MSR rules
See indicative monthly instalments at different interest rates
Model scenarios – for example, clearing a $500/month car loan, or increasing your cash downpayment by $50,000

Insider tip: In practice, most financial planners in Singapore advise keeping your total loan commitments at around 40–45% of your income, below the MAS cap. This buffer makes your profile look stronger to banks and gives you more room if interest rates rise.

Step 2: Clean Up Your Finances 3–6 Months Before Applying

To improve your mortgage pre-approval chances, start preparing 3–6 months ahead. Most banks and credit bureaus look at your recent history, not just a single snapshot.[5]

Focus on these areas:

Credit score: Pay every bill (credit cards, utilities, phone) in full and on time. Avoid late payments, which can hurt your credit profile.
Reduce unsecured debt: Clear or reduce personal loans and credit card balances. A $20,000 personal loan can significantly cut your IPA amount.
Avoid taking new loans: Avoid new instalment plans (for electronics, furniture, vehicles) just before applying for loan pre-approval.
Stabilise your income: For salary earners, banks prefer at least 3–6 months of consistent salary credited into your account. For self-employed, most banks want 2 years of income records.[5]

From experience, buyers in their late 20s upgrading from a BTO in Sengkang to a resale condo in Hougang often “lose” $100–200K of borrowing capacity because of car loans or personal loans taken for weddings and renovations. Clearing these before your AIP mortgage application can make a real difference.

Step 3: Prepare a Complete Documentation Checklist

A complete, well-organised document set is one of the fastest ways to speed up your IPA approval and avoid painful back-and-forth with bank officers.[5] Most banks in Singapore ask for similar items.

For salaried employees (Singaporeans/PRs):

NRIC (front and back)
Latest 3 months’ computerised payslips
Latest 6–12 months’ CPF Contribution History, downloadable via CPF website or Singpass
Latest Notice of Assessment (NOA) from IRAS (via myTax Portal)
Latest 3–6 months’ bank statements showing salary credits
Existing loan statements (car, personal, education loans) where applicable

For self-employed / commission-based (e.g. agents, freelancers):

Business registration documents (ACRA)
Latest 2 years’ NOA from IRAS
Latest 6–12 months’ bank statements (personal and/or business)
Commission statements, if applicable

For foreigners: In addition to the above, banks may ask for a valid passport, work pass, employment contract, overseas tax returns and overseas bank statements.[1][3]

Insider tip: If you use Homejourney and apply via Singpass / MyInfo, most of this information (NRIC, CPF, NOA, address, employment) can be auto-filled and verified instantly, which significantly reduces errors and speeds up IPA processing. For more on this, see our dedicated guides on Singpass MyInfo for faster loan applications Singpass MyInfo for Faster Loan Applications: Homejourney's Complete Guide Using Singpass MyInfo for Faster Loan Applications: Homejourney's Guide .

Step 4: Compare Banks and Rate Types Before Applying

Singapore banks mainly offer fixed-rate packages and floating-rate packages (often pegged to SORA – the Singapore Overnight Rate Average). Each bank (DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank) has multiple packages with different lock-in periods and fees.[2][8]

Use Homejourney’s bank rates comparison tool Bank Rates to:

Compare current fixed vs floating home loan rates side-by-side
See 3M vs 6M SORA-pegged packages updated in real-time
Filter by bank, rate type and tenure

The chart below shows recent interest rate trends in Singapore:

Once you understand rate trends, you can decide if a fixed rate suits your risk profile (popular with young families in towns like Punggol and Tampines, who prefer stable instalments) or if a floating SORA package makes sense because you expect rates to fall over the next few years.

Step 5: Submit a Strong IPA Application via Homejourney

You can apply for in-principle approval (IPA) directly with one bank, or use Homejourney’s multi-bank application process to reach multiple banks at once. According to bank processes in Singapore, IPAs are normally processed within a few working days, provided documents are complete.[1][2][6]

On Homejourney’s bank rates page Bank Rates , you can:

Use the eligibility calculator to estimate your maximum loan and safe purchase price
Auto-fill your application with Singpass / MyInfo for secure, verified data transfer
Submit one application that is sent to major banks such as DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank
Receive offers and track application status in one place, instead of juggling multiple bank portals

Insider tip: When submitting your IPA details, be accurate and consistent with income and liabilities. Banks will cross-check against IRAS, CPF and credit bureau data; any mismatch can delay or even derail your loan pre-approval.

Step 6: Understand and Use Your IPA Wisely

When your IPA or pre-approved home loan is issued, it will typically state:

Maximum loan amount approved (subject to property valuation)
Indicative interest rate package(s)
Maximum tenure
Validity period (e.g. 30–90 days)[1][2]

Use this to:

Set a hard budget for your search on Homejourney’s property search Property Search
Estimate upfront cash / CPF needed for downpayment, stamp duties and legal fees
Negotiate more confidently with sellers, especially in competitive central and city-fringe areas

Remember that your final loan will still depend on the property valuation. If you agree to pay $1.4M for a resale condo in Serangoon but the bank’s valuation comes back at $1.35M, they will lend based on $1.35M, and you must cover the $50K shortfall in cash.[1][5]

Key Factors Banks Use to Assess Your IPA

Banks in Singapore use a consistent set of criteria to assess mortgage pre-approval and final approval:[5][8]

Income and employment stability: Length of employment, type of contract, variable vs fixed income.
Existing debts: Car loans, personal loans, education loans, credit card balances – all form part of TDSR.[5]
Credit history: Past late payments, defaults, and number of open credit lines.
Age and tenure: Maximum tenure generally up to age 65 or 75 depending on bank and loan type.
Property type and location (when identified): Lease remaining, building age, property segment (HDB, EC, private condo, landed).[5]

Local example: A 32-year-old Singaporean earning $7,000/month with no other loans is typically able to secure a higher IPA than a 40-year-old earning the same salary but servicing a $900/month car loan and two personal loans. Even if both look good on paper, the second borrower’s TDSR headroom is much tighter.

How to Improve Your Mortgage Pre-Approval Chances

To maximise your chances of a successful loan pre-approval and get better terms, focus on these tactical moves:

1. Reduce or Clear High-Interest Debts

Because TDSR includes all monthly debt payments, clearing a $600/month personal loan or car loan can significantly raise your eligible loan amount.[5] If you are planning a move from an HDB in Jurong West to a condo in Lakeside, consider clearing these loans 3–6 months before applying for an AIP mortgage.

2. Build Up a Stronger Downpayment

For bank loans, the basic requirement for a first housing loan is up to 75% loan-to-value (LTV), at least 5% cash and 20% cash/CPF (subject to current MAS and bank rules). Increasing your downpayment reduces your loan quantum, improves your TDSR position and may make you look less risky to lenders.

Practical ways to boost downpayment: