United Overseas Bank (UOB), together with its property partners, has developed a range of industry-first digital tools to support its property services ecosystem. UOB has teamed up with property agencies, ERA Realty, Huttons Asia, OrangeTee & Tie, and PropNex Realty, as well as online PropTech company, SoReal, to develop these tools.

The bank has launched Singapore’s first bank-backed digital instant valuation service, under its fully-digital home loan solution. More than 80% of homebuyers want a reliable online property valuation to calculate the loan quantum they need to purchase their desired property, says UOB. The valuation service is available through its partner property agencies’ mobile apps, and on UOB’s website. It will offer customers a reliable property valuation that will be used for their home loan application.

“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, UOB Singapore’s head of personal financial services.

UOB’s GetBanker service will help property agents connect homebuyers to the right banker quickly. It will refer agents to a UOB banker based on factors like property type, property zoning cluster, price, and preferred language.

UOB’s fully-digital home loan solution will also allow the bank to process a home loan application “within minutes” upon confirming the customer’s personal and loan financial details, through its proprietary credit decision engine and real-time information from Credit Bureau Singapore.