Malaysia: PropertyGuru unveils mortgage check solution

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Singapore-based PropertyGuru recently launched a Mortgage Pre-Qualifier providing house buyers with a “qualified mortgage check”, enabling them to obtain an estimated finance approval from a bank.

According to PropertyGuru, the solution is part of its “Own Your Home Programme” which should help some 100,000 prospective house buyers to overcome house affordability issues by 2020.

As the spirit of a new Malaysia continues to stem across the nation, 92 percent Malaysians have expressed motivations for home ownership but are unable as more than 1 out of every 2 Malaysians find their mortgage applications rejected.

“What differentiates the PropertyGuru Mortgage Pre-Qualifier is that it’s highly predictive, accurate, takes only five minutes and is completely free,” PropertyGuru Malaysia country manager Sheldon Fernandez told reporters at the launch event.

He went on to explain that the tool, which was developed in partnership with real estate fintech platform called MHub and credit reporting agency CTOS, uses real-time and certified credit data to generate a unique debt service ratio and eligible mortgage amount.

Read more here.

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