The usual process of getting your own property starts off with an online search for your dream home. Once you’ve found one that matches your requirements and budget, you’ll then proceed to apply for a loan from a bank. The thing is, home loan approval remains a challenge for most homebuyers, with rejection rates extremely high at nearly 60% by value last year, according to Bank Negara Malaysia. In other words, every 1 in 2 home loans get rejected today.
So even though 92% of Malaysians intend to buy a house this year (according to our own research), it’s highly likely that many will be rejected by the bank! This loan rejection affects your credit score negatively, and makes it even harder to get your subsequent loan applications approved. This means the chances of you getting your loan approved decreases every time you’re rejected by the bank, throwing you into a downward spiral.
Beat the odds with PropertyGuru Home Loan Pre-Approval – the ONLY solution that can increase your chances of getting a home loan! How does it work?
Well, the key is to first identify how much home loan you can get without risking your credit score, by getting Pre-Approved! And this should be done before you start shopping for your dream home, so that you know for sure how much you can borrow from the bank.
PropertyGuru Home Loan Pre-Approval provides you with your qualified loan amount, with 99.9% accuracy. Then, we instantly match you with homes you desire and can afford. Once you have been Pre-Approved, you get preferential bank rates and prioritized service from our panel of banks. This entire process takes less than five minutes and it can be done from your phone or laptop – best of all, it’s free! Now isn’t that just convenient?
Own Your Home with PropertyGuru Home Loan Pre-Approval – Step By Step Process:
- Know for sure how much you can borrow from the bank: The PropertyGuru Home Loan Pre-Approval extracts the individual’s credit score and rating from Credit Bureau Malaysia to assess their credit history and financial health. These include Bank Negara Malaysia’s eCCRIS (e-Central Credit Reference Information System). Next, it calculates their Debt Service Ratio (DSR) accurately to deliver the home loan amount a homebuyer is Pre-Approved for. This is done with 99.9% accuracy and in less than 5 minutes!
- Be matched with homes you desire and can afford: PropertyGuru Home Loan Pre-Approval then matches the homebuyers’ qualified loan amount to more than 450,000 properties on PropertyGuru, for every budget and preference. This allows homebuyers to choose from a range of homes they know they can afford. They can also see their chances of securing a home loan for properties they search for outside the recommended price range.
- Confidently apply for your home loan instantly: If the qualified loan amount is equal or higher than the price of their shortlisted property, homebuyers can apply for a home loan right away with PropertyGuru’s panel of banks. This includes RHB Bank, Alliance Bank and Hong Leong Bank, all of which will offer preferential rates and priority service only to those with PropertyGuru Home Loan Pre-Approval.
The launch of this cutting-edge product is PropertyGuru’s step in taking forward its commitment to address loan rejection and home ownership issues in Malaysia with the ‘Own Your Home Programme’. It’s a long-term commitment by PropertyGuru to:
- Help Malaysians better understand their unique home affordability challenges, and
- Provide innovative solutions that empower Malaysians to #BeatTheOdds and own a home.
The ‘Own Your Home Programme’ does this by guiding you through your home ownership journey and showing you what to expect stage-by-stage to better prepare yourself to own a home.
So, what are you waiting for? Check out PropertyGuru Home Loan Pre-Approval now to try it out for yourself!