PropertyGuru, a Singapore-based online property platform, announced that it has launched an online mortgage marketplace, PropertyGuru Finance, as it expands into providing home financing services.
Through collaborations with relevant industry stakeholders, PropertyGuru Finance will offer digital home financing services such as instant in-principle approval, offers, refinance checks, mortgage rates, digital tools that help property buyers make financing decisions, and personalized advisory for long-term benefits, according to a statement.
While 70% of Singaporeans will start saving before looking for a home to buy, only 18% are very familiar with the home loan process, the company said.
“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,” said Bjorn Sprengers, chief marketing officer and head of fintech at PropertyGuru.
With PropertyGuru Finance, the company said it will act as a real estate agent’s personal mortgage assistant, helping to offer property seekers not only available properties but also home finance options on a single platform.
The move is in line with PropertyGuru’s vision as it moves from a property marketplace to a “trust platform” in Southeast Asia. “Our aspiration is to enable Singapore’s first digital straight-through mortgage application by 2022 and the first fully digital property transaction by 2025,” said Sprengers.
Launched in 2007, PropertyGuru claims it takes up over 75% market share in Singapore. It also operates in Malaysia, Thailand, Indonesia, and Vietnam.