EMBARGOED UNTIL 1 April 2019, 10AM
Kuala Lumpur, 1 April 2019 – iProperty.com.my today launched LoanCare, a Home Loan Eligibility Indicator which will help Malaysians increase their chances of getting a home loan and reduce the likelihood of rejection.
If a home loan application is rejected by any bank, that potential home owner can be locked out of the market, unable to apply for another home loan for up to six months. So, it is essential that potential home buyers have as much information available to them, before they make a decision.
LoanCare allows users to find out detailed information about their indicative loan eligibility, as well as understanding which home loan best matches their needs. It is a free and simple tool which compares and calculates home loan eligibility instantly with up to 10 banks, helping Malaysians increase their chances of getting a home loan.
In Malaysia, many potential home owners are unaware that different banks offer varying Debt Servicing Ratios (DSR*) – how much of a person’s income is used to service debt instalments, represented as a percentage (%). Now, all buyers can access this information for free on iProperty.com.my, without needing to visit a bank.
Unlike other home loan tools, LoanCare from iProperty.com.my does not require someone to disclose their Identity Card numbers.
David Mawer, iProperty.com.my General Manager, stated that their objective was to assist Malaysians in increasing their chances of home loan approval, which is in line with the current government initiatives to assist home ownership and focus on affordability.
“Insights such as a maximum eligibility comparison with banks and individual DSRs should not be difficult to find. Everyone deserves easy access to any and all information that will help them get the right home loan, without risking rejection,” he said.
“We are focused on helping people make better and more informed property decisions while bringing transparency to the home loan process. LoanCare, iProperty’s Home Loan Eligibility Indicator, is a free and simple way for Malaysians to increase their chances of getting a home loan,” he added.
For more information on LoanCare or if you are looking for information on all things property, visit iProperty.com.my
*Debt Servicing Ratio (DSR)
The DSR shows how much of a person’s income is used to service debt instalments and is represented as a percentage (%). It is derived from two main components; Commitment and Income. DSR amounts can differ between banks, despite it being based on the same information you provide and this is due to banks having their own DSR calculation methods.
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About iProperty.com.my: iProperty.com.my is Malaysia’s leading property website, allowing people to find property to buy or rent, as well as connecting property seekers with real estate agents and developers. iProperty.com.my also offers offline solutions for customers and consumers with property-related events and expos. With more than 2 million visits a month, iProperty.com.my is the number one property portal in Malaysia.
About REA Group Limited: REA Group Limited ACN 068 349 066 (ASX:REA) (“REA Group”) is a multinational digital advertising business specialising in property. REA Group operates Australia’s leading residential, commercial and share property websites – realestate.com.au, realcommercial.com.au, Flatmates.com.au – as well as Spacely, a short-term commercial and co-working property site. In Asia, REA Group owns leading portals in Malaysia (iProperty.com.my), and Indonesia (rumah123.com), and prominent portals in Hong Kong (squarefoot.com.hk), China (myfun.com), and Singapore (iProperty.com.sg) as well as an expo business (SmartExpo) across the Asia region and a leading property review site in Thailand (thinkofliving.com). REA Group owns Smartline Home Loans Pty Ltd, an Australian mortgage broking franchise group, and Hometrack Australia Pty Ltd, a leading provider of data property services. REA Group also holds a significant shareholding in property websites Move, Inc in the US and PropTiger in India.