SINGAPORE (Aug 7): United Overseas Bank (UOB) has teamed up with Singapore’s four top property agencies – ERA Realty, Huttons Asia, OrangeTee & Tie, and PropNex Realty – to launch a fully digital home loan solution.

UOB’s digital home loan solution will enable the agents from these agencies, which make up close to 90% of all property agents in Singapore, to provide a bank-backed property valuation tool, a banker and buyer matching service, and online instant home loan approval service.

The digital instant valuation service, which is available through the agencies’ mobile app or UOB’s website, will offer customers a reliable property valuation that will be used for their home loan application.

According to UOB, the bank-backed valuation service will be useful as current online loan valuations are estimations only, and cannot be used for home loan applications in Singapore as banks usually have their own panels of recognised professional property valuers.

To enable property agents to connect prospective home buyers to the right banker quickly, UOB is also providing the GetBanker service, which will be integrated into the property agencies’ mobile apps.

Drawing on the best practices of ride hailing apps, the GetBanker service 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 home loan solution will also be integrated with government platform MyInfo, to allow 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 decisioning engine and real-time information from Credit Bureau Singapore to process the application within minutes.

In a press release on Tuesday, UOB says the fully digital home loan solution is in support of the initiative under the real estate industry’s Industry Transformation Map to assist property agencies with the transformation of their business models and processes via digital solutions.

Today, in collaboration with the largest ecosystem of property partners, 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,” says Jacquelyn Tan, Head of Personal Financial Services Singapore, UOB. “This is part of our continued efforts to create financial solutions relevant to the changing lifestyles of customers.”

“As UOB finances more than 30% of all new property sales in Singapore, we know that agents and homebuyers want certainty and simplicity in the property transaction. 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,” she adds.

The bank’s home loan solution comes hot on the heels of UOB’s fully digital financing solution for car buyers announced last week.

UOB says these initiatives are in line with the bank’s commitment to using technology to make the banking experience simpler and smarter for customers.

As at 1.08pm, shares in UOB are trading 90 cents higher, or up 3.3%, at $28.03.