When I bought my first apartment over 15 years ago, the loan application took close to 2 weeks. These days, many real estate negotiators would tell me that it takes not more than a few days. They could also do some Debt Service Ratio (DSR) calculation and give me an assessment in 10 minutes probably. Well, we could now get the reply from 17 financial institutions in 10 minutes for the question of ‘Loan Eligibility.’ This is not the actual approval but this is very good to know if we should or should not proceed with the purchase. For many homebuyers, this is something worth checking out.
Press Release: IQI and Finology Partner to Facilitate Loan Approvals for Property Buyers
On Monday 26 November 2018, IQI formalised a deal with Finology to use its instant loan eligibility check system for property buyers via their product Loanplus.
IQI is a leading real estate firm in Malaysia, with over 5,000 agents and with business interests around the world. IQI strongly believes in technology and is constantly researching and pioneering cutting-edge services in the property sector, connecting buyers, agents, properties and facilitating transaction execution.
Currently, property buyers face challenges finding out their property loan eligibility and accessing information on the best possible loans for them. The team at Finology has developed a complete solution to address these issues under the Loanplus product. With Loanplus, buyers can find out detailed information about their loan eligibility with 17 financial institutions in around 10 minutes.
“At IQI we believe in technology and are a keen advocate and supporter of technology in the real estate sector. Technologies such as blockchain will transform real estate transactions and at IQI we have dedicated teams working on areas such as smart contracts – one of the key components in digitizing real estate transactions in a blockchain. Coming together with Finology will be mutually beneficial for both parties and ultimately provide a superior service to buyers.” said Kashif Ansari, Group CEO of IQI.
Group CTO at IQI, Nabeel Mungaye said “Innovation is the key to any industrial expansion and this partnership will ensure the growth and advancement of the real estate market in Malaysia.”
Jared Lim Chu Ern, Managing Director at Finology said: “We are delighted with this partnership and to have been selected by IQI. The Loanplus platform will benefit all IQI agents and their buyers – we look forward to rolling out across the whole IQI network”.
The IQI and Finology partnership enables:
• IQI property agents to qualify property buyers within minutes
• Property buyers to understand their loan eligibility and best matched property loans across 17 financial institutions in • just 10 minutes
About IQI Global
IQI Global, the multi-award winning real estate agency and advisory firm, with a strong worldwide presence and a dedicated international team of real estate and marketing experts, working with world-class partners, investors and developers around the globe, to reshape the property industry through innovation and technology.
Finology, winner of the APICTA FinTech award, is a Malaysian Fintech company driving change in the banking, property, and insurance industries. Finology is the company behind the established brands Loanstreet and Loanplus. The company also provides cutting edge white-labelled solutions for MNC clients through its consultancy arm Fincon.
Loanplus provides innovative Loan Checking and Loan Screening solutions for Property Developers & for the Automotive industry. The company provides fast and accurate Loan Checks and loan screening results across 17 banks, Best Matched Loans and also comprehensive end-to-end loan application and loan approval tracking. Loanplus is part of the Finology Group.
Selina Chong, IQI Global
Address: Block 6, level – 10, VSQ at PJ Center. Jalan Utara, Section 14, Petaling Jaya, 46200 Petaling Jaya, Selangor Email : firstname.lastname@example.org
Phone : +603 7450 6655
Mobile : +6012 943 2768
Paul Sykes, Finology Media Relations Manager Email : email@example.com
Mobile : +6014 714 3767
— end of Press Release —
For more property investment resources, like our FB page for updates. Read it with a cup of kopi!