SINGAPORE - Home buyers can now get advice and recommendations at an advisory portal set up by OCBC Bank - the first such online service launched by a Singapore bank.
At the OCBC OneAdvisor Home portal, buyers can find out the types of property they can afford with the bank's home affordability tool, which will take in account factors like the down-payment, stamp duty, minimum cash payment as well as legal and agent fees.
Most advisory tools in the market now can only derive a buyer's maximum loan amount based on the total debt servicing ratio, which limits borrowers' loan obligations to maximum 60 per cent of their monthly gross income.
Buyers can also explore the available bank loan options, how to best use their Central Provident Fund balances, and get in touch with a mortgage specialist for a customised consultation.
The portal is still in its initial phases, said the OCBC on Thursday (Jan 4), adding that the bank has plans to expand its offerings.
For instance, services like the application for a renovation loan and submitting of documents for a secure Credit Bureau check will be added in the future.
In addition, home sellers will be able to get an indicative value of their properties from an accredited valuer.
Ms Phang Lah Hwa, head of consumer secured lending of OCBC Bank, said the portal was developed with the aim of "demystifying the home buying process and making the financing journey seamless for customers".
Visit the OCBC OneAdvisor Home portal at www.ocbc.com/oneadvisorhome