What is Home Loan Pre-Approval? #

Home Loan Pre-Approval helps property seekers understand whether they are likely to qualify for a home loan and provides an estimate on how much financing they may be eligible for. This is especially useful as around 60% of Malaysians face home loan rejections due to factors such as affordability and credit eligibility.

It’s free credit check powered by CBM, Malaysia’s leading reporting agency, in collaboration with RHB, Alliance Bank, Hong Leong Bank that provides an estimated eligible mortgage.

Note: This is a ballpark estimate and is not a loan guarantee based on the information provided by the property seekers.

Why should Property Seekers apply for Home Loan Pre-Approval? #

Home Loan Pre-Approval gives an estimate housing loan amount based on income and ability to service the loan. This information makes it easier for the property seeker to know what property they can afford.

This information helps you, the agent, in offering the right property suggestions during a property search. Now the buyers know exactly what they can afford and you know which properties to show your clients.

How do I know if a property seeker has completed the Home Loan Pre-Approval? #

Home Loan Pre-Approval is confidential, and the information is only shared to the applicant.

How do I know how much a property seeker can afford? #

Home Loan Pre-Approval information is only shared with the applicant.

You should check with property seekers to understand if they have completed the Home Loan Pre-Approval and the amount they can afford.

How should / can I ask a Property Seeker to apply for Home Loan Pre-Approval? #

Communication with your client is key. As an agent, you should advise a potential property seeker to complete a Home Loan Pre-Approval so they can understand how much they can borrow and what home they can afford. Include Home Loan Pre-Approval as part of your sales strategy.

Here are three places when you can discuss a client’s budget:

1. When you receive an incoming inquiry, follow up with a time to see the property. Ask about their budget and what they’re looking for, so you can show additional properties that fit their needs. If the property seeker is unclear about their budget, suggest Home Loan Pre-Approval.
2. When you’re showing the property, be clear about the price. Let your client know that they can complete the Home Loan Pre-approval to understand what size of loan they qualify for – before they proceed in the buying process.
3. If your client is keen to buy, remind them that they can complete Home Loan Pre-Approval to understand what they can afford. Don’t risk rejection! Get pre-approved!

Top questions property seekers have about Home Loan Pre-Approval #

Will the Home Loan Pre-Approval provide a loan guarantee? #

No, this tool does not guarantee a home loan. It provides an estimated home loan amount and the probability of home loan application success based on the details provided by the property seeker.

It means a property seeker can potentially be approved for a home loan by our panel banks in Malaysia if certain conditions are met.

Property Seekers may be asked to submit an official loan application or provide income verification documentations.

What banks does this tool work with? #

The Home Loan Pre-Approval work with three panel banks which are the RHB Bank, Alliance Bank and Hong Leong Bank.

Property seekers will have instant home loan options with preferential rates and services only by our panel banks.

Does the pre-approval require a credit history check? #

Yes, property seekers will be asked to provide income and MyKad details.

Based on these details, Home Loan Pre-Approval uses real-time and certified credit data to generate a unique debt services ratio (DSR) powered by CBM, Malaysia’s leading reporting agency.

What do property seekers need to provide to get pre-approved? #

• MyKad Identification number

• MyKad Identification photo (front/back)

• Income details

Do property seekers have to pay an application fee? #

No, the Home Loan Pre-Approval do not require an application fee.

How does Home Loan Pre-Approval work? #

We will process personal credit information to assess the property seeker’s credit history and financial health.

With this, property seekers will know the estimated amount of home loan that may be approved by our panel banks, debt service ratio, and probability of a successful home loan application.

Is it safe to use Home Loan Pre-Approval? #

Home Loan Pre-Approval is SSL encrypted and uses the latest 256-bit encryption to ensure property seeker’s information stay safe and secure.

Credit information is shared only with the applicant ensuring data protection and privacy.

Agents do not have access to Home Loan Pre-Approval data and must ask the property seeker about their access to credit.

How does a property seeker use Home Loan Pre-Approval #

1. Have the information below ready:

   • MyKad number and contact details.
   • A photo of MyKad ID, front and back.
   • Information on basic monthly income.
2. Take a picture of MyKad ID and upload it
   • Image should be in JPEG or PNG format and below 10MB each
   • All information is clear and legible.
   • All corners of the MyKad are visible and captured in landscape.
3. Enter income details.
4. The pre-qualified amount will be immediately displayed

Encourage your potential buyer to complete the Home Loan Pre-Approval so you would exactly know how much they can afford and find their home with confidence!