CIMB introduces 1-Minute Home Financing

KUALA LUMPUR: CIMB Bank Bhd yesterday launched its 1Minute Home Financing as part of CIMB’s InstaApproval platform.

The CIMB 1-Minute Home Financing facilitates complete approval within a single minute upon full submission of information and documents, for salaried customers.

The instant approval process is considered a full approval and the letter of offer can be generated immediately for customer’s signature, as opposed to a conditional or “in-principle” approval.

CIMB senior managing director and regional head of cards, retail assets and deposits for consumer banking Vipin Agrawal ( pix) said its market share for mortgage stood at 12%-13%.

“We’re growing faster than the market, and we can continue to grow faster,” he told a press conference after the launch of the CIMB 1-Minute Home Financing InstaApproval. He said the bank uses the customer’s identification card to verify the person’s identity, pull statements from Employees Provident Fund and capture demographic information to affect the instant approval.

Currently eight developers are participating in the CIMB 1-Minute Home Financing InstaApproval, through a total of 60 projects. The developers are Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Tropicana Corp Bhd and UEM Sunrise Bhd. More developers and projects will be added to this platform and by May 1, it will be extended to more property projects outside the Klang Valley.

The CIMB InstaApproval platform is already facilitating applications for personal financing, Amanah Saham Bumiputera financing and credit cards. Vipin said CIMB will next roll out InstaApproval for auto loans.

The CIMB InstaApproval enables a secure, paperless process involving, among others, biometric fingerprint identification and other verification steps completely online.

Currently, Vipin said the 1Minute Home Financing using CIMB’s InstaApproval platform is only for salaried Malaysians, self-employed applicants will need to go through the normal process of loan application and submitting documents, of which approval will take two days.