DBS Hong Kong launches VR mortgage app

DBS Bank (Hong Kong) has launched DBS Home360, a banking mortgage app in Hong Kong to leverage the power of real(i)ty, to change the way people embark on one of the most important decisions of their lives – buying a home.

Partnering with realtor Century 21, the bank developed the app as part of its efforts to leverage mobile technology to make banking more interactive for customers, and to add value to the customer’s banking experience.

Homebuyers typically have to gather property-related information through multiple channels and evaluate suitable options, while obtaining a preliminary sense of the affordability of a property. With DBS Home360, homebuyers can access information within a single app. The bank leveraged its customer insights to address queries through the app’s main features:

Properties for me: helps users shortlist suitable properties based on affordability and preferred locations.

Virtual tour: powered by Century 21, users can virtually tour properties.

Instant valuation: the app leverages professional valuation firm Cushman & Wakefield’s database to provide preliminary indications of property market values as a reference for users.

Budget calculator: after identifying a property, users can access a built-in budget calculator and immediately obtain an estimate of how much they can expect to pay, including stamp duty, commissions and related fees.

Instant mortgage assessment: users can find out if they qualify for a mortgage based on their finances, and have a bank representative follow up and assist with the formal application.

Royce Teo, managing director and had of consumer banking group and wealth management, Hong Kong, of DBS Bank (Hong Kong), said, “Many people in Hong Kong today are looking to buy properties, but may not have much idea how to go about it, or feel overwhelmed by all the information available. We developed DBS Home360 as an innovative, interactive and intuitive way to put the power of realtors and banks at your fingertips. More importantly, prospective homebuyers can gain a clear understanding of the home-buying process, from searching for properties to sending in the mortgage application. With this first-in-market app, buying a home is simple, engaging and fun.”

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