CIMB Just Launched A New Feature That Will Approve Housing Loans In 60 Seconds
All done in one minute.
By John Lim — 12 Mar 2018, 07:01 PM
CIMB Bank Bhd and its Islamic arm CIMB Islamic Bhd have recently launched a new feature which promises housing loan approval in one minute
The 1-Minute Home Financing is placed under the company's InstaApproval platform, which also facilitates applications for personal financing, Amanah Saham Bumiputera loans, and credit cards.
The feature will allow prospective homeowners to have their housing loans approved within 60 seconds upon full submission of documents and information
"In our aim to become a leading ASEAN universal bank, CIMB has been leveraging on digital in a big way since the start of our T18 mid-term growth strategy in 2015," said chief executive officer (CEO) of Group Consumer Banking, Samir Gupta.
CIMB states on its website that the full approval consists of immediately printing out the full Letter of Approval.
The service, which is the first of its kind in the country, will debut with participation of eight property developers in over 60 housing projects in the Klang Valley
The developers are Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Tropicana Corporation Bhd, and UEM Sunrise Bhd.
More developers and projects will be added over time.
The participating developers have stated their approval and support of the service
"CIMB’s 1-Minute Home Financing InstaApproval is not only an added convenience for purchasers but for developers as well, as the approval can be done at the respective sales galleries,” said President and CEO of Eco World Development Dato' Chang Khim Wah as quoted by the New Straits Times.
Meanwhile, IJM Land's managing director Edward Chong calls it a "very good initiative... that’s a welcome change for homeowners, buyers, and the property sector as a whole”.
The service is currently only available for salaried Malaysians. For more information and details, head over to CIMB's website here.