Your friendly neighborhood AI
Aug 9, 2018 2 min read

Mortgage Pre-Qualifier Tool Launched in Partnership with PropertyGuru

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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.

To help with this problem, PropertyGuru launches the Mortgage Pre-Qualifier, a PropTech innovation that provides property seekers with a ‘qualified mortgage check’ at the highest predictive ability of how much mortgage a bank is willing to approve.

This tool will benefit those who are unable to afford properties, especially within the affordable housing range of RM300,000 to RM500,000 as reported by the PropertyGuru Consumer Sentiment Survey H1 2018.

These groups of people comprise the bottom 40 percent (B40) and middle 40 percent (M40) segment as well as the 71 percent of millennials (22-37 years old).

A first in Southeast Asia, the PropertyGuru Mortgage Pre-Qualifier is an innovation developed in partnership with real estate fintech platform, MHub, and powered by CTOS, Malaysia’s leading credit reporting agency.

Country Manager of PropertyGuru Malaysia, Sheldon Fernandez said what differentiates the PropertyGuru Mortgage Pre-Qualifier is that it’s highly predictive, very accurate, takes only 5 minutes and is completely free. It uses real-time and certified credit data to generate a unique Debt Service Ratio (DSR) and Eligible Mortgage Amount.

“That means property-seekers can immediately identify if they are qualified, or not, for a mortgage by the bank, and can immediately take the necessary steps to improve their chances of owning a home.”

The PropertyGuru Mortgage Pre-Qualifier is part of a long-term commitment that PropertyGuru is making to people to home ownership through the Own Your Home Programme with aims to enable prospective 100,000 Malaysian homebuyers to overcome home affordability issues by 2020.

To enable that, the PropertyGuru Mortgage Pre-Qualifier does not only provide smart insights on how much a bank will lend. We also provide practical insights and tips on what Malaysians can do to improve their mortgage eligibility”, said Bjorn Sprengers, Chief Marketing Officer (CMO) of PropertyGuru.

Meanwhile, the Own Your Home Programme is a long-term commitment of a sustained home enablement and financial literacy programme with the objectives of:

  • Helping more Malaysians better understand their unique and real home ownership challenges
  • Empowering Malaysians to avoid mortgage rejection and make more confident property decisions by leveraging on innovative solutions from PropertyGuru

Read the article here