No more long queues to solve your home financing problems as Maybank Home2u is the solution for you.
To make home ownership easier, Maybank has launched its Maybank Home2u feature on its MAE application. This feature is Malaysia’s first-ever digital home financing solution within an integrated banking app.
Using Maybank’s proprietary automated decision engine, the feature is capable of providing home loan approvals 10 seconds within application.
Maybank Home2u fully digitises the loan application process including the signing of your Letter of Offer (LO). This new solution is part of Maybank’s commitment to providing seamless and hassle-free digital solutions for customers.
Group CEO of Maybank’s Community Financial Services, Dato’ John Chong said that Maybank Home2u is part of the Bank’s efforts to address a major pain point amongst its consumers.
“Customers should find out immediately if they are eligible for the homes they intend to purchase. The app tells you that and even recommends alternative home units based on the customers’ financial capabilities,
“They are becoming more digitally-savvy, demanding instant solutions that can fulfill their needs. The engine behind Maybank Home2u is developed wholly by our team. It allows for instant eligibility checks and real-time approvals without the need for manual intervention. This enables us not only to enhance customer experience for our home financing applications, but also expand our operational efficiency in the processing of home financing applications,” Chong explained.
He added that the introduction of Maybank Home2u comes at an opportune time, as the full resumption of economic activities has bolstered consumer confidence in spending, including on home purchase.
“As Malaysians prepare for life in the endemic phase, we expect a pick-up in home purchases. 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 said.
Maybank Home2u is available to new and existing customers. As an extra perk, customers with salary credited into their Maybank accounts can apply home financing up to RM1 million without submitting income documents. There’s also flexibility to package home financing insurance via Maybank Home2u.
Customers applying from the list of properties within the app may receive approval within 10 seconds. Once approved, Maybank’s mortgage advisors will contact successful applicants to review the LO and perform the necessary customer verification. After those simple steps, the customers can electronically sign the LO on the spot.
Maybank Home2u offers a comprehensive list of landed and high rise residential properties from established developers. Customers can choose dream homes from EcoWorld, IJM Land, Sime Darby Property and S P Setia from the app.
The Maybank Home2u feature also allows for customers to apply financing for homes not listed in the app. A mortgage advisor will be automatically assigned to assist them in completing the applications.
The feature is expected to appeal to the younger generation and first-time home buyers. Maybank anticipates the feature to contribute more than 20% to the bank’s total home financing approvals in the next 12 months.
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 launch of Maybank Home2u follows the successful introduction of several digital and mobile-first initiatives such as Maybank SME Digital Financing. This feature provided instantaneous financing up to RM250,000 for eligible SMEs including micro-enterprises.
The Bank also offers the Maybank2u Biz app which has a built-in invoicing tool and ability to extract one year’s worth of transactional data.
To access Maybank Home2u via MAE app, customers need to update to the latest version of the app.
For more information on Maybank Home2u, visit the website here.
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