The company said the launch of PropertyGuru Finance aims to help Singaporeans save money and allow them to experience a “smoother journey” in financing their home.
Under the mortgage marketplace, the company said it would offer best mortgage rates, digital tools that will help property buyers make smart financing decisions, and independent, personalized advisory for better long-term benefits.
A company study showed that while 70 percent of Singaporeans will start saving before looking for a home to buy, only 18 percent are very familiar with the home loan process. Almost 50 percent also are not familiar with the paperwork that is required to apply for a home loan.
“Over the years, we have learnt 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,” said Bjorn Sprengers, chief market officer and head of fintech.
Sprengers added that PropertyGuru has a responsibility to help resolve these pain-points and help Singaporeans find their homes online, using technology to improve the process of how people will finance their homes.
PropertyGuru’s entry into home finance is a crucial milestone in the company’s strategic evolution from a property marketplace to becoming a ‘trust platform’ in Southeast Asia.
“Our vision is to integrate property search and financing into a seamless digitally intuitive experience for property seekers. This vision encompasses PropertyGuru’s platform and solutions as well as the broader ecosystem, including banks, regulators, and other stakeholders,” Sprengers added.
With PropertyGuru Finance, the company extends its partnership with its clients (real estate agents). PropertyGuru will act as an agent’s ‘personal mortgage assistant’ enabling them to offer their clients (property seekers) convenient access to all best available properties and home finance options under a single roof.
Founded in 2006 by Jani Rautiainen and Steve Melhuish, PropertyGuru operates rental and sale listing sites. It is present in five countries across Southeast Asia – Singapore, Vietnam, Malaysia, Thailand, and Indonesia. According to its prospectus, the firm has over 23 million property seekers on its platforms every month.
“Over the last several years, we have built a team and business which has been committed to building transparency and efficiency in the Southeast Asian real estate markets,” said PropertyGuru CEO Hari V. Krishnan.
Last year, the company announced that it decided to cancel its proposed initial public offering (IPO) on the Australian Securities Exchange (ASX).