Leading Singapore proptech company PropertyGuru ventures into home mortgage financing

This mortgage marketplace aims to help Singaporeans spend less on home loans

Asian family able to afford a new home. Rawpixel.com/Shutterstock

On Thursday, Singapore’s leading proptech company PropertyGuru launched PropertyGuru Finance, a mortgage marketplace designed to help Singaporeans to spend less on home loans, as well as simplify the home buying process.

PropertyGuru Finance will not only provide the best mortgage rates, but it will also come with independent, personalised advisory services to ensure long-term benefits for home buyers. It will also be equipped with highly-secure digital tools to assist them in making smarter financial decisions.

“As Singapore’s largest property marketplace, we have access to the best rates offered by banks. Because we are independent from these financial institutions, we can offer unbiased, personalised, in-person advice during and after office opening hours. Our loan advisors collectively have more than 100 years of experience,” explained managing director of fintech Paul Wee.

“PropertyGuru’s technology allows us to uniquely offer a range of smart tools for every step of the home finance journey, from understanding loan eligibility and comparing loans to easily applying for multiple loans online. We use PropertyGuru’s proprietary data to constantly monitor home valuations and interest rates to help property owners optimally time moments of refinance and enjoy full benefit from capital gains.’’

More: Fintech eases the pressure off home ownership

In their recent market outlook titled PropertyGuru Consumer Sentiment Study H1 2020, the proptech company discovered that only 18 percent of Singaporeans were familiar with the city-state’s home loan process, with two out of five admitting they were unaware that they could refinance their home loan so they could save on monthly fees.

The data also revealed that 50 percent did not have enough knowledge on the paperwork involved to apply for a home loan and 30 percent admitted that they have never bothered to use digital tools, such as an Affordability Calculator, even though they knew that it could help them with the process.

“Over the years, we have learned that the excitement of finding one’s dream home is often lost when it comes to financing it. The mortgage journey is full of uncertainty, doubt, and inefficiency. More often than not, the process leads people to paying more than they should. Its complexity may even cost them the opportunity to own their dream home,” explained chief marketing officer and head of fintech Bjorn Sprengers.

“As market leaders, we have a responsibility to help resolve these pain-points and much like PropertyGuru helped Singaporeans find their homes online, we now use technology to improve the process of how people will finance their homes.”