United Overseas Bank Limited (UOB) today introduced a new service where genuine home buyers can receive an instant decision on their home loan application.
This is the first time in Singapore that home buyers visiting a showflat can receive an approval on the spot for their home loan application instead of an Approval-In-Principle. UOB’s Split Second Home Loan approval service gives customers comfort and certainty to make a decision on their property purchase, knowing that financing is approved.
Home loan applications and approvals that could take up to 60 minutes to process are now done in a split-second as UOB has used some of the latest technologies, and streamlined and automated processes for faster credit evaluation and approval.
Mr. Eddie Khoo, Managing Director of UOB’s Group Personal Financial Services said for many customers, purchasing property is one of the biggest financial decisions they will make in their lifetime.
“When someone decides to buy a property, they want to know if they can afford the property, how much they will be able to borrow from their bank and if the bank will grant them that loan. Our instant approval provides answers to these questions on the spot. It gives suitable candidates who are serious about buying their ideal piece of property the peace of mind they need,” Mr. Khoo said.
Even though the processing time is much faster, UOB observes the same rigour in assessing the suitability of the applicant for the home loan. The loan applicant must still pass the risk and credit reviews before the approval will be given by UOB.
The approved loan is valid for a period of seven days. This allows home buyers ample time to consider whether the loan is suitable for them and make an informed decision on the purchase, as well as prepare the documents required to support the loan application.
This new service is available at more than 70 showflats island-wide.
UOB has deployed more than 100 mortgage bankers to designated showflats to help home buyers understand the long-term financial implications of purchasing a property and the financing options available to them.
How the service works
Each mortgage banker is armed with an iPad which is connected to the Bank’s credit evaluation system. That system is linked to the Credit Bureau (Singapore).
The loan application process is fully automated which makes the entire process simple, efficient and convenient for the home buyer.
- The home buyer’s personal and financial details are entered via the iPad directly into UOB’s loan approval system based on the home buyer’s verbal declarations. This makes it easier for home buyers as the documents supporting the loan application need only be submitted after they receive confirmation that they are eligible for a loan.
- The information is processed at UOB’s head office via an automated approval system which assesses certain criteria such as the home buyer’s credit profile against the Credit Bureau’s records and UOB’s database and existing loan details and collateral data. The decision on the home buyer’s eligibility for a loan is determined instantly.
- A home buyer eligible for a loan receives confirmation of the loan amount, tenor, monthly repayment payable and interest rate package.
- A letter of offer may then be collected at any UOB branch. The home buyer has seven days to consider the loan and meet the conditions in the letter of offer including submitting the necessary documents to match the verbal information provided during the loan application. These documents must be reviewed by UOB.
Applicants who do not qualify for the instant approval service can apply for a home loan via the normal process.
UOB plans to extend the service to its regional subsidiaries subject to regulatory approvals.
UOB’s Split-Second Home Loan approval service is available for new and refinancing of private property home loans, HDB home loans, Commercial Property Loans and Property Equity Financing. For more information, prospective home buyers can visit www.uob.com.sg/loans.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia. It provides a wide range of financial services through its global network of over 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America, including banking subsidiaries in Singapore, Malaysia, Indonesia, Thailand and mainland China.
UOB plays an active role in the community, focusing on children, education and the arts. Its staff volunteerism programme was initiated in 2007. Through the UOB Heartbeat Run/Walk, UOB has raised funds for its named beneficiaries. UOB has also organised the prestigious Painting Of The Year Competition and Exhibition since 1982. In recognition of its contributions to the arts, UOB has been conferred the National Arts Council’s Distinguished Patron of the Arts Award for the eighth consecutive year.
For more information, please visit UOB website: uob.com.sg
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