Singapore’s leading real estate portal PropertyGuru has launched a suite of seven digital tools offering property owners and seekers a transparent and user-friendly way to navigate around home loans, making it the first website of its kind to integrate property search and financing into a single platform.
The new products include two comparison tools collectively known as the mortgage marketplace, as well as affordability tools and reports to help potential buyers determine their maximum property affordability.
Prior to 2013, the typical property purchase procedure in Singapore took six to nine months with the home loan search-and-secure process taking four months.
The various cooling measures introduced in 2013 such as the Total Debt Servicing Ratio (TDSR) lengthened the property purchase and home loan search-and-secure process as it caused much confusion among potential borrowers.
But with the easy-to-use interface of mortgage marketplace, home seekers can find their most suitable loans accurately and quickly. Owners currently servicing existing mortgage loans are also presented with a wide range of refinancing options, allowing them to compare and select the loan packages with the most savings.
Supported by a comprehensive listing of over 100 home loan packages from 14 banks and financial institutions, the mortgage marketplace offers users an option to compare home loan repayments in the first year, or over the first four years of the loan, enabling them to fully understand their loan repayment commitments beyond any introductory rates or promotional lock-in periods.
Meanwhile, the affordability calculator creates an affordability report to help consumers find their dream home based on their financial profile, while complimentary tools allow them to compare between mortgage payments when refinancing or financing home loans. The tools also provide detailed breakdowns of one’s MSR and TDSR as well as stamp duty commitments.
“We pride ourselves in being not only a first mover in the property search scene but also a champion of consumer insight. With a single platform, property seekers now have a user-friendly way to access information to help them navigate complex property regulations like TDSR and MSR, and as well as the changing property prices and home loans,” said Lewis Ng, Managing Director for PropertyGuru Singapore.