A one-stop property portal was launched by OCBC Bank and was designed to provide advice for first-time homebuyers as well as seasonal investors.
The portal is called OCBC OneAdvisor Home and its service provides information such as property listings, rules and regulations, comprehensive affordability advice to help residential purchasers, and policy details.
OneAdvisor home gets its data from EdgeProp.sg which helps compute the affordability of the price range and includes downpayment, stamp duty, and minimum cash payment - both with legal and agent fees.
The bank says the customers will be able to access "extensive detailed analysis" for what is within their price range, based on their desired housing or property price. A shortlist based on their price range will be generated for them, automatically.
Users can also look up regulations and policies regarding purchasing and ownership of a home found through the portal. They can also use their Central Provident Fund and sift through different types of bank loans available to them.
A step-by-step guide to financing new homes, mortgage and home content insurance, along with other useful information will be made available to users as well. Customers can also speak to mortgage specialists for consultation or loan applications.
OCBC has more plans for the service, including allowing homebuyers to submit documentation through the website for a Credit Bureau check, applying for a renovation loan, reading past ratings and testimonials by former clients, and get an indicative value of their properties by an accredited valuer.
Head of the consumer secured lending at OCBC Bank, Phang Lah Hwa said that "the home loans business has largely 'stayed the same,' with banks fulfilling just the one aspect of providing a loan".
She also said, "We recognize that we can do much more for home buyers. This service was developed to bring together all the advice under one roof - demystifying the home buying process and making the financing journey seamless for customers."
We are also working with many valued partners in the property ecosystem to expand our property-related offerings."