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RETAIL BANKING | Staff Reporter, Singapore

UOB rolls out all-digital suite of services to speed up home buying

Services on home loans and bankers will be available in 5 property apps.

UOB has tied up with four property agencies ERA Realty, Huttons Asia, OrangeTee & Tie, and PropNex Realty, as well as online proptech firm SoReal Prop to roll out a property ecosystem that aims to speed up the home buying process in Singapore, according to a media statement. 

Also read: UOB profit up 28% to $788.49m in Q2

The services under UOB’s home solution include a bank-backed property valuation tool, a banker and buyer matching service, and an online instant home loan approval service. It also comes with a digital instant valuation service that's available through the agencies’ mobile app or on the UOB website.

“Current online loan valuations are estimates only and are not used for home loan applications in Singapore as banks usually have their own panels of recognised professional property valuers. This means that customers may find that the loan quantum for which they qualify falls below their initial estimation,” the bank said in a statement. 

Also read: UOB unveils plans to launch ASEAN digital bank

UOB’s GetBanker is also integrated into the property agencies’ mobile apps. Inspired by ride-hailing apps, GetBanker will refer the agent to a UOB banker based on factors such as the type of property, property zoning cluster, price, and the preferred language spoken by the customer.

The agent is also able to rate the banker’s service thereafter and to add this banker as a favourite banker for future reference. UOB’s GetBanker service is being rolled out progressively, with more than 25% of its agents already able to use the service.

UOB’s fully-digital home loan solution will also be integrated with digital data repository MyInfo enabling homebuyers to use their SingPass to have their personal details, including their income details, populated automatically within the online application form.

Upon the customer’s confirmation of personal and loan financing details, UOB will use its proprietary credit engine and real-time information from Credit Bureau Singapore to process the application within minutes. 

UOB finances over 30% of all new property sales in Singapore, said UOB head of personal financial services Singapore Jacquelyn Tan. “This is why 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.”

The bank's digital home loan solution comes on the heels of its earlier fully-digital loan solution for car buyers.

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