Malaysian property patrons at present are very completely different from these prior to now, and the banking business has but to totally adapt to this shifting market panorama. For first-time householders, shopping for a primary property is thought to be a big achievement, whether or not it’s for funding or personal use. Nevertheless, millennials and even Gen Z now make up a rising portion of the obtainable pool of consumers, they usually have completely different expectations and necessities relating to homeownership.
From our expertise in offering providers to homebuyers, we now have learnt that the massive quantity of paperwork and the tedious bureaucratic course of concerned in buying a property have proved to be vital limitations to entry for this new era of homebuyers.
The house buying journey is laborious and fraught with challenges, usually leading to unsatisfactory buyer experiences, significantly in the course of the mortgage utility course of. The lengthy turnaround time lack of visibility and transparency on one’s mortgage utility standing, protecting observe of doc submissions and the dearth of uniformity within the onboarding course of have develop into essential ache factors for purchasers.
On a extra optimistic notice, the Covid-19 pandemic has given banks a robust incentive to supply prospects with a digital platform which addresses the important thing ache factors said above. Comfort and pace — along with high quality service and low charges — at the moment are prime of thoughts when prospects choose banks to use for a mortgage.
Digital comfort at your fingertips
To cater to this altering market panorama, RHB Financial institution has needed to rethink and revolutionise the normal manner of making use of for a house mortgage by leveraging digital know-how and innovation. In November 2017, we launched RHB MyHome cellular app, the primary in ASEAN that permits homebuyers to use for a house mortgage digitally.
RHB MyHome App takes away the trouble of going to the financial institution or bodily assembly up with a mortgage marketing consultant. It permits homebuyers to take snapshots of mortgage supporting paperwork and submit them by means of the app in only a few clicks, all within the consolation of their very own residence.
Homebuyers also can verify their mortgage utility standing through the app, anytime and wherever. As well as, the app comes with an approval-in-principle (AIP) characteristic.
AIP permits homebuyers to acquire pre-approval on their mortgage utility immediately after making use of through the app. This enables householders to raised perceive their monetary borrowing eligibility earlier than committing to an precise mortgage mortgage.
Householders come from numerous instructional backgrounds with completely different earnings ranges, and as such, we attempt to make homeownership accessible to all Malaysians. The app offers instructional content material on mortgage and property-related issues, making homeownership simpler to know to much less savvy homebuyers.
As well as, homebuyers are capable of receive the most recent mortgage fee estimates through an intuitive mortgage simulator within the app. A devoted RHB mortgage gross sales marketing consultant shall be assigned to every homebuyer who applies for a mortgage through the RHB MyHome App, offering homebuyers with a single level of contact with extra help and comfort.
With you from begin to finish
The preliminary value of buying a house could also be burdensome to many aspiring householders, however finishing a house buy is just half the journey to reaching one’s dream residence. Personalising your personal area is what transforms a home into a house, and we want to play a bigger position in helping homebuyers past simply mortgage utility.
By means of the RHB MyHome App, homebuyers can make the most of our big selection of inside design and renovation providers. In our effort to supply unique gives, we’re collaborating with main residence answer specialists — HomePro, Meridian, Advocate, Infinity and We Construct Simple, all of which have their distinctive design portfolios obtainable on their official web sites.
By partnering with a number of residence answer specialists, we’re capable of present numerous renovation packages at completely different costs, making inside design providers extra accessible to homebuyers with various budgets whereas offering a spread of design choices.
Now we have additionally partnered with residence enchancment service supplier Kaodim to supply RHB prospects with easy accessibility to providers similar to residence restore and upkeep providers, lighting and wiring set up, cleansing and shifting service in addition to residence safety. Householders may even take pleasure in extra reductions on Kaodim providers when paying with RHB bank cards through KaodimPay by means of the Kaodim App.
No house is full with out residence furnishings and electrical home equipment, and we now have partnered with retailers similar to Senheng, Gintell and Harvey Norman to supply zero% instalment plans of as much as 36 months to householders who make purchases utilizing the RHB bank card. This enables householders to make their purchases earlier, decreasing the downtime wanted to maneuver into their new residence at no extra value.
RHB additionally gives householders a renovation mortgage with a margin of finance of as much as 95% and a tenure of as much as 35 years, with an rate of interest decrease than that of bank cards and private loans.
Homeownership in Malaysia has entered a brand new period, the place the expectations of homebuyers have gone past property location, value per sq. foot and property measurement. A brand new era of homebuyers is now putting extra significance on way of life, comfort and the power to personalise their very own area, and RHB Financial institution is able to fulfil these wants within the present market panorama.
Agility in a post-Covid-19 surroundings
The RHB MyHome App was not conceived in isolation however a part of a full-scale householders’ ecosystem blueprint that encompasses the potential homebuyer’s end-to-end journey, from the purpose of discovery to mortgage utility and past the post-purchase part. It’s however a small step in a steady journey to enhance RHB’s mortgage providers.
We imagine that such measures are required to remain aggressive in a post-Covid-19 surroundings, during which competitors is rising extra intense, in tandem with prospects’ rising expectations. We’re additionally assured, nevertheless, that our options, and the strategies and steps taken to derive these options, are capable of tackle market calls for and are a testomony to RHB Financial institution’s potential to handle ache factors within the market.
Obtain RHB MyHome App into your Smartphone at present.