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Maybank Home2u first of its kind digital loan is here

Maybank Home2u first of its kind digital loan is here

Maybank’s Home2u is a platform that lets selected customers enjoy near instant approval upon submitting their applications. Housed within the MAE by Maybank2u (MAE) app, the new solution is said to be the first of its kind to be rolled out in Malaysia.

In a statement, Maybank said that the solution will allow prospective homeowners to enjoy a fully digital experience when applying for their loans, starting from application to approval and signing of the letter of offer. Backed by a proprietary automated decisioning engine, it is made available to both existing and new Maybank customers.

Maybank further noted that customers whose salaries are credited into their Maybank account will enjoy extra convenience when applying for their home financing via Maybank Home2.

They are allowed to apply for loans of up to RM1 million without having to submit supporting income documents, and may also obtain near instant approval – as quickly as about 10 seconds. Additionally, they will have the flexibility to package their home financing insurance via the solution.

The slight catch, however, is that these customers’ preferred homes must be included in the list of residential developments that Maybank has curated for the solution. This list includes properties from established developers such as EcoWorld, IJM Land, Sime Darby Properties, and SP Setia. Once their application is approved, Maybank said that its mortgage advisors will contact them to review the letter of offer, perform the necessary electronic Know Your Customer (eKYC) verification process, and complete the electronic signing of the letter of offer on the spot.

Meanwhile, customers whose salaries are not credited into a Maybank account, or who wish to purchase properties that are not included within the curated list, may also start their application process through the Maybank Home2u solution. A mortgage advisor will then be assigned to assist them with their applications.

Home2u features

On top of that, the Maybank Home2u solution also has a built-in feature that lets prospective borrowers communicate with Maybank’s mortgage advisors. Available 24/7, Maybank said that customers will receive a response within 10 minutes of initial contact during banking hours, or as soon as possible outside of banking hours.

Maybank further clarified that customers are currently able to access the following home financing options via Maybank Home2u, depending on whether they prefer conventional or Islamic financing:

  • Conventional: Maybank MaxiHome and My First Home Scheme
  • Islamic: Commodity Murabahah Home-Financing-i and My First Home Scheme-i

Group chief executive officer of Maybank’s Community Financial Services, Dato’ John Chong said that the new Maybank Home2u solution is part of the bank’s efforts to address a major pain point for homeowners, namely having the means to find out immediately whether they are eligible for a home that they intend to purchase.

“Consumers are becoming more digitally savvy, demanding instant solutions that can fulfil their needs. 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,” said Dato’ John.

Dato’ John also said that the rollout of this solution is timely as the bank expects a pick-up in home purchases, especially with the reopening of Malaysia’s economy bolstering consumer confidence to spend. He expects Maybank Home2u to appeal especially to the younger generation and first-time home buyers, and to contribute to more than 20% of Maybank’s total home financing approvals in the upcoming year.

The Maybank Home2u solution is available only on the latest version of the MAE app, so make sure to update it before launching the app.