DBS Bank launched a smartphone app on Thursday in a bid to grow its mortgage business.

The bank said that the app, DBS Home Connect lets users calculate mortgage payments for their home purchases and check information on past transactions for similar properties. This includes rental information.

DBS head of deposits and secured lending Lui Su Kian said in a statement that the app "fills a gap in the market by equipping homebuyers with relevant information even before they approach an agent and embark on their search for a home".

The app is free of charge and is available on the Apple App Store and Google Play Store.