You can now compare home loans across 15 banks in Malaysia

home-loan-malaysia

Best of all, it can be done in 3 easy steps!

“Time is money,” and there is no saying more apt than this phrase first coined by Benjamin Franklin. Especially in an age when information is readily available at our fingertips (thank you Google), tasks which involve unnecessary time and effort such as standing in line/queues becomes even more unbearable.

The home purchasing process is no different, in particular, when it comes to financing matters – aspiring homeowners have to go through the tedious process of researching and comparing between the different types of loans available in the market and figure out which few will best fit their financial appetite before applying.

READ: How to buy a house in Malaysia in 12 steps

Qualifying for a home loan in Malaysia is no walk in the park – The thing is, banks are more prudent than ever with their lending requirements in the past 2-3 years, given the country’s high household debt. As of end 2017, Malaysia’s household debt topped 84.3%.

Many homebuyers are turned off by the complicated home loan application process and dread the various processes involved. One of the main drawbacks is – the need to contend with travelling from one bank to another in pursuit for the best home loan.

Well, there is now a handy tool which does all the dirty work for you: Say hello to Loanstreet’s Home Loan Eligibility Report.

It’s unique selling point: a comprehensive report which contains all the vital information you’d need, instantly at your fingertips. Let’s have a closer look at how this product works:

1) Step one: Fill in personal details

This tool simplifies the entire monotonous process of filling in your personal details to that of just a few questions – eight to be exact! These questions are no-brainers, as can be seen below.

eligibility-calc-part1

After you’ve filled up the first few basic fields, the next one would prompt you to fill in your PCB (scheduled income tax deduction). For the uninitiated, PCB is a mandatory system where the employer is required to deduct monthly tax payments from the income of their employees, so there’s no escaping it. Do note that tax payees would still need to file their returns with the Inland Revenue Board Malaysia (LHDN) for the final tax figure.

hler6-edit

There are just a few more questions after that, and then the calculator will provide you with a brief summary of all the details you’ve keyed in for reconfirmation. Notice that the entire process only took five minutes of your time?

eligibility-calc-part3

hler9-edit

2) Step two: Receive complete report

Once you’ve checked that your information is correct and submitted it, you’ll instantly receive an average result summary on your screen. It gives the applicant a clear idea of what to expect from each bank, such as the maximum loan amount affordability and the debt servicing ratio.

hler6

For more in-depth information as to what is the indicative amount you can receive from 15 banks in Malaysia, all you’d need to do is provide your email address and the complete report will be provided to you within 15 minutes, fuss-free! Here’s what to expect in your inbox:

hler13

3) Step three: Make your choice

Now all that’s left to do is refer to the list of banks and then proceed to choose the one that fits all your present needs – from the instalment amount to the loan amount. Since there are 15 on the list for you to choose from – and there are even rating guidelines provided to show which banks have a higher chance of loan approval – this is as easy as 1-2-3!

There you have it, a simple one-stop tool that provides you with enough accurate information (up to 95% accuracy) to proceed with a loan application. Applying for a home loan is much easier now -say goodbye to inconvenience, and hello to immediate results you can rely on. For a more seamless experience, you can also opt to apply for a home loan on Loanstreet itself!

Share