SINGAPORE - Home buyers can now enjoy immediate approval for their housing loans with United Overseas Bank's latest offering, the Split-Second Home Loan approval service.
Officially launched yesterday, the service (which is linked to the Credit Bureau of Singapore and UOB's credit evaluation system) provides a faster credit evaluation and approval process using the latest technologies, and enables almost instant loan approval for the purchase of new homes as well as the refinancing of private property home loans, HDB home loans and commercial property loans.
Said Eddie Khoo, managing director of UOB's group personal financial services: "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 their 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."
UOB gave its assurance that speed would not come at the expense of quality, as it will continue to use the same rigour to assess the suitability of the applicant before approving the loan.
Even after the loan is approved, buyers will have ample time to reconsider their impending purchase and prepare the necessary loan documents as the loan approval is valid for seven days.
For those who are interested to find out more, the new service is available at more than 70 showflats around Singapore (including the Archipelago, Bartley Residences, Bedok Residences, Parc Olympia, Palm Isles and Parc Rosewood) following its soft launch earlier this year.
UOB has also deployed more than 100 mortgage bankers to the showflats to promote the service. But home buyers would still need to go to a UOB branch to sign the letter of offer.
Chia Siew Cheng, head of loans, said that there are plans to expand the service to the bank's regional subsidiaries subject to regulatory approval.