Saturday, August 04, 2012

UOB pioneers on the spot home loan approval service

United Overseas Bank Limited (UOB) has launched a new service that helps genuine home buyers secure an immediate decision on their home loan application.

A first in Singapore, buyers visiting a showflat can obtain instant confirmation on their loan eligibility instead of an Approval-In-Principle, which is not a formal offer and requires that documents be presented before the letter of offer is issued.

UOB’s split-second loan approval service enables customers to make prompt decisions on their property purchase. While the processing time is faster, applicants must still pass the credit and risk reviews before the go-ahead is given.

The entire process from application to approval that could take up to an hour is now done immediately thanks to the latest technology which facilitates faster credit evaluation.

Meanwhile, UOB has deployed more than 100 mortgage bankers armed with iPads connected to the bank’s credit valuation system to over 70 showflats across Singapore.

As part of the process, personal and financial details of applicants are inputted into the iPad based on their verbal declarations. This speeds up the process since supporting documents can be filed after the confirmation for loan eligibility. Moreover, the approved loan is valid for seven days.

Commenting on the new service, Eddie Khoo, Managing Director of UOB’s Group Personal Financial Services, said: “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.”

View the original article here

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