Maybank has rolled out a digital home financing solution covering both Islamic and conventional schemes, which it expects will contribute more than one-fifth of its total home financing approvals over the next 12 months, by appealing to a younger generation and first-time home buyers.
Integrated with its MAE app, the Maybank Home2u feature, backed by the bank’s proprietary automated decisioning engine, facilitates instant eligibility checks and real-time approvals without manual intervention. It also provides recommendations on alternative home units based on their affordability. Customers seeking a Shariah compliant facility may opt for either the Commodity Murabahah Home-Financing-I or My First Home Scheme-i.
Customers with salary credited into Maybank can easily apply for home financing up to RM1 million (US$239,010) without submitting income documents and have the flexibility to package their home financing insurance via Maybank Home2u, and receive approval within 10 seconds, if the home they are applying for is from the list of residential properties within the app. Once approved, the bank’s mortgage advisors will contact successful applicants to review the letter of offer and perform the required know-your-customer verification, as well as complete the electronic signing of the letter offer on the spot.
“As Malaysians prepare for life in the endemic phase, we expect a pick-up in home purchases, as those who have been putting it off during the pandemic now feel more financially secure to make a big life decision. To give them a boost, we are offering up to 105% financing margin for first-time home buyers, making it easier to own a home without having to pay a steep deposit out-of-pocket,” shared John Chong, the group CEO of Maybank’s community financial services.