SINGAPORE: Prospective home owners will now find it easier to apply for home loans with the launch of United Overseas Bank’s (UOB) fully digital home loan system, the bank said on Tuesday (Aug 7).
The new system includes the first bank-backed instant property valuation service in Singapore, and matches buyers to bankers via the GetBanker digital service.
The service sees UOB partnering with four other property agencies, ERA Realty, Huttons Asia, OrangeTee & Tie and PropNex Realty, as well as online PropTech company, SoReal Prop.
The bank says the ease of obtaining a bank-backed instant valuation will help agents and homebuyers estimate their loan-to-value ratio. Another benefit, the bank added, is that it will simplify and quicken a largely paper-based process to date.
“We worked with our real estate partners to design a digital home loan solution that would address pain points experienced by agents and homebuyers and would streamline the home buying process,” said Ms Jacquelyn Tan, Head of Personal Financial Services in UOB Singapore.
"We are the first bank to provide a fully digital home loan solution that is also customised such that it integrates effortlessly into the property agencies’ own mobile apps."
She added: "This is part of our continued efforts to create financial solutions relevant to the changing lifestyles of customers."
Through the service, agents and homebuyers can select the type of purchase, from an in-principle approval to a submission of loan documents, which will then connect them to the right banker quickly.