Homebuying made simple with DBS MyHome Planning tool

If you've only got a minute:

• Make use of DBS MyHome planning tool to work out your home budget, affordability and loan options.
• Browse property types, check your grants eligibility and shortlist homes that fit your needs.
• View properties, secure your loan and make your home purchase with a 1-stop solution.

Making a home purchase is a major milestone - one that brings both excitement and important decisions. Whether you’re a first-time buyer or upgrading your space, the journey can feel overwhelming.

To support you at every step, DBS Home Marketplace provides a comprehensive suite of digital tools - including the MyHome Planning Tool, calculators and guidance to help you make confident decisions as you plan, search and purchase your property.

Here’s how you can make the most of these tools at every step of your homebuying journey.

1. Start with MyHome planning tool

Begin your homebuying journey with the MyHome planner, your one-stop solution to calculate your home budget and affordability.

Simply enter your income, existing financial commitments and/or the property price or type you’re considering. The tool then factors in current loan regulations like the Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) limits to give you a personalised assessment of:

• Your estimated maximum loan amount
• Required downpayment (broken down by CPF and cash portions)
• Monthly repayment estimates
• A detailed report on your overall affordability

For example, if you’re planning to upgrade from your current HDB flat to a condominium with your spouse, you can key in your combined household income and the price range you have in mind. The tool will instantly show you what’s within reach, including the estimated loan you qualify for and the downpayment required.

This takes the guesswork out of planning and helps you shortlist homes that truly match your needs, budget and preferences.

With a clear understanding of your financial position from the start, you can confidently focus your search and make informed decisions at every step.

Get an In-Principle Approval to speed things up

Getting an In-Principle Approval (IPA) can make your homebuying journey smoother and more efficient. An IPA is a bank’s preliminary assessment that confirms the loan amount you’re eligible to borrow, based on your financial profile and credit history.

 If you’ve previously bought a BTO flat, the IPA works much like the HDB Loan Eligibility (HLE) letter. The key difference? No funds are disbursed yet - it’s simply the bank’s assurance that you’ll qualify for the loan amount when you’re ready to buy.

An IPA gives you a clear budget so you can confidently shortlist properties, negotiate with sellers and move quickly when you find the right home. It also signals to agents and sellers that you’re a serious buyer with your finances in order.

Keep in mind, an IPA isn’t binding. You’re not required to take up the loan from that bank, and you can let the IPA lapse or apply elsewhere if you find a better rate or your plans change.

On the flip side, if your financial situation changes (for example, a new job or major purchase), the bank can also withdraw the IPA. For this reason, it’s wise to avoid major life changes until your home purchase is complete.

An IPA is typically valid for 30 days. During this period, you can shop for your new home with clarity and confidence.  

Why getting an IPA matters

Skipping the IPA might seem harmless, until you run into these common pitfalls:

1. You risk losing your option to purchase (OTP) fee

If you commit to a property by exercising the OTP, you’re securing the exclusive right to buy that home for a set period. For private properties, this fee is typically 1% of the purchase price, while for HDB flats, it’s up to S$1,000.

If your loan application is rejected due to the absence of an IPA, you could lose this amount entirely, along with the time and effort invested. This can be especially disappointing if you or your family have already set hearts on the property.

2. The process becomes uncertain and stressful

Without an IPA, you’re essentially house hunting without knowing your true budget. This makes it harder to make confident decisions, negotiate or commit to a purchase and can lead to unnecessary delays and missed opportunities.

3. Budgeting is less accurate

With property prices and interest rates fluctuating, knowing your exact loan eligibility is vital. An IPA spells out your loan eligibility and estimated monthly repayments, gives you a clear picture of how much you can borrow and what your monthly repayments will be, allowing you to plan your finances realistically so you can confidently shortlist homes within your means.

Without it, you potentially risk overestimating your budget and stretching your finances too thin.

4. Gain credibility with agents and sellers 

Agents and sellers are more likely to prioritise buyers who have an IPA. It signals that you’re financially prepared and serious about making a purchase, which can give you an edge when negotiating or competing with other interested parties.

Without an IPA, you may find it harder to get prompt responses or support from agents, and sellers may be hesitant to commit to your offer.

Having your finances in order not only speeds up the process but also builds trust with all parties involved.

How to obtain an IPA with DBS

Applying for an IPA with DBS is straightforward and can be completed online within minutes. Simply provide your details, upload the necessary documents (refer to this checklist) and submit your application. If you don’t have all your documents ready, you can save your progress and upload them later at your convenience.

With DBS Home Marketplace, you have access to a full suite of digital tools for every stage of your property journey. From budgeting and affordability checks to browsing listings and securing a competitive home loan. The platform is designed to make homebuying easier, giving you the confidence and clarity you need to make informed decisions before your property purchase.

Here’s to a smooth and successful homebuying experience - happy house hunting!

Start Planning Now

Check out DBS MyHome to work out the sums and find a home that meets your budget and preferences. The best part – it cuts out the guesswork.

Start Planning

Alternatively, prepare yourself with an In-Principle Approval (IPA), so you have certainty on how much you could borrow for your home, allowing you to know your budget accurately.

Apply In-Principle Approval