HDB home loans from POSB can now be secured within 60 minutes, in a move to improve convenience and efficiency for customers, said the bank.
With POSB’s 60-minute promise, borrowers who apply for HDB home loans can complete and return the necessary documents through fax or email from Monday to Friday between 9am and 3pm.
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When an application is received and approved, customers will receive an SMS notifying them that their Letter of Offer is being processed within 60 minutes, upon which another SMS will be sent to inform them of the letter’s approval, and that they can now sign it at any branch of POSB.
The bank guarantees 0.1 percent off interest rates in the first year if the Letter of Offer is not ready within 60 minutes.
The 60-minute Promise of the bank is only valid for whole purchases and refinancing of HDB flats.
According to the bank’s parent company, DBS Group, this latest move is intended to grow the POSB franchise with a more customer-centric approach, including cutting down long queues at branches.
DBS CEO Piyush Gupta revealed such plans last month, saying he saw potential in the huge POSB customer base and investing in it for the bigger growth plans of the group.