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Press Release: The Launch of ‘PropertyGuru Home Affordability Tool’
In conjunction with GuruDeals, PropertyGuru is also launching the Home Affordability Tool, which helps Malaysians determine their creditworthiness and home loan eligibility. The PropertyGuru Home Affordability Tool is the first-ever online loan eligibility solution in Malaysia and is developed in collaboration with MHub – a real estate fintech platform that helps qualified buyers to get their homes – and powered by CTOS – Malaysia’s leading credit reporting agency.
This free online tool enables homebuyers to get pre-qualified – quickly and safely. Leveraging consumer credit insights and comprehensive data from CTOS and MHub’s proprietary algorithm, the
PropertyGuru Home Affordability Tool requires prospective buyers to key in their personal details to almost immediately retrieve their estimated eligible loan amount, Debt Service Ratio (DSR) and personalised advice on how to improve their DSR.
Vivek Kumar, Director of Consumer Products at PropertyGuru, shared, “In Malaysia, personal debt ratios are extremely high and it’s hard for many Malaysians to get credit to buy homes. At last check, home loan rejection rate was at an all-time high – at approximately 60%. With PropertyGuru Home Affordability Tool, we’re equipping Malaysians to estimate the maximum housing loan amount based on their annual income and ability to service the loan, evaluate their DSR, and know the price range of homes they can afford to buy – all under five minutes and free of charge!”
Equipped with this knowledge, buyers are better equipped to not just avoid home loan rejection but also better strategize their budget for buying a home.
“PropertyGuru has always been at the forefront of providing property intelligence and democratising the property purchase process. We believe that every homebuyer should have access to the most current property information and insights to make confident property decisions, and the PropertyGuru Home Affordability Tool is another undertaking by us to realise this mission,” added Sheldon.
The Home Affordability Tool is available at www.propertyguru.com.my/mortgage/home-affordability-tool.
— end of press release —
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