Thursday, August 02, 2012

Instant home loan decision at showflats

SINGAPORE: Potential home buyers who are visiting showflats can now receive an instant decision on their home loan application on-site under a new service introduced by United Overseas Bank (UOB) on Thursday.

UOB said home buyers will be able to find out the status of their loan application as soon as they finish keying in their personal and financial details into UOB's automated approval system, which can be accessed by mortgage bankers on-site via the iPad.

If approved, eligible loan applicants will receive information on the spot about their loan amount, loan tenor, monthly repayment payable and interest rate package.

These applicants will have seven days to submit the necessary supporting documents to match the personal and financial information provided verbally during the on-site loan application.

Applicants who do not qualify for the instant approval service may still apply for a home loan via the normal process.

UOB is the first bank in Singapore to provide such a service.

The bank said that even though the processing time under this new service is much shorter, it observes the same rigour in assessing the suitability of the applicant for the home loan.

This new service is now available at more than 70 showflats across Singapore.

View the original article here

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