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Maybank launches first-ever digital home financing solution, offers up to 105% financing margin for first-time buyers

KUALA LUMPUR (March 3): Malayan Banking Bhd (Maybank), which is anticipating a pick-up in home purchases as Malaysia moves into the endemic phase of Covid-19, has rolled out Maybank Home2u on its MAE app — the country's first-ever digital home financing solution within an integrated banking app — and is offering up to 105% financing margin for first-time home buyers.

In a statement, the largest Malaysian bank by market capitalization said its latest home financing solution, which is capable of providing approval within 10 seconds of completing an application, offers prospective home buyers a fully digital experience from application to approval and signing of letter of offer, without the hassle of having to visit a branch.

The new financing solution, which is expected to appeal to the younger generation, in particular first-time home buyers, is anticipated to contribute more than 20% to the bank’s total home financing approvals in the next 12 months.

"The engine behind Maybank Home2u, which is developed wholly by our team, allows for instant eligibility checks and real-time approvals without the need for manual intervention. This enables us not only to enhance the customer experience for our home financing applications, but also expand our operational efficiency in the processing of home financing applications,” said Maybank’s community financial services group CEO Datuk John Chong.

Chong said Maybank Home2u is part of the bank’s efforts to address a major pain point among its customers, which is to find out immediately if they are eligible for a particular new home they intend to purchase and receive recommendations on alternative home units, based on their affordability.

And as Malaysians prepare for life in the endemic phase, Chong said the bank expects those who have been putting off their home purchases during the pandemic will now feel more financially secure to make a big life decision, as the full resumption of economic activities has bolstered consumer confidence in spending, including on home purchase.

"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,” he added.

Maybank Home2u is available to both existing and new customers. In particular, customers with salary credited into Maybank can easily apply for home financing up to RM1 million without submitting income documents and will have the flexibility to package their home financing insurance via Maybank Home2u, which only takes 10 seconds to get an approval if the home they are applying for is on the app's list of residential properties.

According to Maybank, the list comprises landed and high-rise residential properties, with a total gross development value (GDV) of RM1 billion, by established developers such as EcoWorld, IJM Land, Sime Darby Property and S P Setia.

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 on the spot.

Maybank said new or existing customers who are interested to apply for home financing on a property that is not listed within the app can also apply via Maybank Home2u to kick off their home financing process, after which a mortgage advisor will be assigned to assist them in completing their applications.

Prospective borrowers can also initiate a chat with the bank’s mortgage advisors via Maybank Home2u — a feature that is available 24 hours a day, every day of the week — with the chat attended to within 10 minutes of initial contact during banking hours, and as soon as possible during non-banking hours.

"Currently, customers have the option of applying for conventional or Islamic home financing under Maybank Home2u — Maybank MaxiHome and My First Home Scheme (for Conventional), and Commodity Murabahah Home-Financing-i and My First Home Scheme-i (for Islamic)," the statement read.

Maybank shares closed 18 sen or 2.01% higher at RM9.12 on Thursday, valuing the group at RM105.72 billion. Over the past year, the counter has risen 11.22%.


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