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PropertyGuru Launches Mortgage Pre-Qualifier

Posted in Press Releases (developers and more)

Press Release from PropertyGuru

PropertyGuru Launches Mortgage Pre-Qualifier

Commits to Help 100,000 Malaysians

Own their Own Home

  • PropertyGuru Mortgage Pre-Qualifier is a Southeast Asia-first innovation that enables property seekers to increase their chances of securing mortgages
  • As part of the Own Your Home Programme, PropertyGuru is committed to helping 100,000 Malaysians overcome home affordability issues and own their own homes by 2020
  • Research shows that 92% of Malaysians wish to own homes but most are unable to reach that goal

August 9, 2018, Kuala Lumpur – As the spirit of a new Malaysia continues to emanate across the nation, Malaysians have expressed renewed aspirations for improved social harmony and economic prosperity. With this, comes renewed motivations for home ownership – which 92% of Malaysians resound with.[1] However, more than 1 out of every 2 Malaysians find their mortgage applications rejected.[2]

Zooming into age groups, 71% of millennials (22-37 years old) are not able to afford homes, despite them looking at the affordable housing segment (between RM300,000 to RM500,000).[3] Overall, properties remain out of reach for many of the bottom 40% (B40) and middle 40% (M40) segment, while properties remain at 4.4 times the median income in Malaysia.[4]

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.

It is a Southeast Asia-first innovation developed in partnership with real estate fintech platform, MHub, and powered by CTOS, Malaysia’s leading credit reporting agency. The PropertyGuru Mortgage Pre-Qualifier is now available at PropertyGuru.com.my/MortgagePreQualifier/.

“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”, said Sheldon Fernandez, Country Manager of PropertyGuru Malaysia.

“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 home ownership through the Own Your Home Programme.

Designed with the intention of helping people own a home and not just find it, PropertyGuru aims to enable 100,000 Malaysian prospective homebuyers to overcome home affordability issues by 2020.

“As Malaysia’s leading property portal, we understand the struggles and we’re here to come alongside Malaysians to bridge the gap between aspirations and reality.

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.

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

For more information on PropertyGuru’s Own Your Home Programme, visit PropertyGuru.com.my/OwnYourHome/.

— end of press release —

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