Maybank has released Malaysia’s first digital home financing solution, Maybank Home2u via its own MAE app in a bid to make home ownership easier for Malaysians.
The digital home financing solution which is aimed to provide prospective home buyers a fully integrated and hassle free experience, from application, approval and signing the Letter of Offer (LO) without needing to visit a Maybank branch.
Available in both conventional and Islamic home financing using Maybank Home2u, both existing and new Maybank customers who have their salary credited into their Maybank accounts are eligible to apply for home financing up to RM1 million without submitting any income documents and will have the choice to customise their home financing insurance via Maybank Home2u.
“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,” CEO of Maybank’s Community Financial Services,” Dato’ John Chong said.
“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,” he added.
Maybank anticipates that the digital home financing will appeal to the younger generation and first-time home buyers, whilst estimating that 20% of the Bank’s total home financing approvals in the next 12 months will be from Malaysia’s first digital home financing solution.
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