If you have purchased or know someone who has purchased a residential property in Singapore, you would be familiar with this common refrain: Why do I have to go to so many sources to get everything? A one-stop service that gives me information and advice about buying my dream home and how I can finance it would be really useful.
Well, we have heard you and invite you to visit the OCBC OneAdvisor Home portal. OCBC Bank is the first bank in Singapore to launch an online advisory service that brings together everything that both first-time home buyers as well as seasoned investors would need – from property listings, policy details, rules and regulations, to comprehensive affordability advice.
While most advisory tools in the market can only derive the loan amount a buyer can borrow based on the total debt servicing ratio, the OCBC OneAdvisor Home affordability tool computes the price range affordability for the buyer, including down-payment, stamp duty, minimum cash payment as well as legal and agent fees.
For this initial phase, you can expect:
1) What kind of home you can afford:
-Extensive and detailed analysis of what a buyer can afford based on his desired type of housing or desired property price
- A shortlist of residential properties for sale based on the computed affordability price range
2) What you should know about policies, rules and regulations governing:
-Purchase and ownership of a home
-Usage of Central Provident Fund balances
-Different types of bank loans
3) Selected articles about what you need to know when purchasing and financing a home. For instance:
-Hidden costs to watch out for when buying a home
-CPF: Use it or hoard it?
-Step-by-step guide to financing your new home
-Is freehold better than leasehold?
4) Useful information beyond the home buying journey, such as:
-Restructuring property ownership
-Mortgage and home content insurance
5) Getting in touch with a Mortgage Specialist for a customised consultation or to apply for a loan.
And this is just the beginning.
More services will be added on
While current property listings based on a buyer’s affordability are pulled from EdgeProp.sg, other features will be added through API based collaboration with other service providers over the next few months.
Plans are also underway to allow for home buyers to get to know our Mortgage Specialists without having to first meet them face-to-face. Akin to popular e-commerce and travel apps, this game-changing new feature allows home buyers to see the past ratings and testimonials given by our Mortgage Specialists’ former clients.
In the coming months, OCBC OneAdvisor Home will allow home buyers to submit necessary documents through the website for a secure Credit Bureau check. In addition, home sellers will be able to get an indicative value of their properties from an accredited valuer.
In line with our goal to create a holistic home buying journey for everyone, services like the application for a renovation loan will be added in the future.
Ms Phang Lah Hwa, Head of Consumer Secured Lending, OCBC Bank, said, “While technology, customer savviness and behaviour have changed significantly over the years, the home loans business has largely stayed the same – banks have essentially just fulfilled one aspect of the entire home buying process, which is to provide a loan. We recognise 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 propertyrelated offerings, so do look out for upcoming developments on OCBC OneAdvisorHome.’’
re-disseminated by The Asian Banker