PROPERTY developers are struggling to see light at the end of the tunnel in the local housing market as demand is shrinking.
Loan approvals have been one of the obstacles for interested property purchasers, said Datuk Chang Khim Wah, president and chief executive officer (CEO) of Eco World Development Group Bhd.
“Purchasers are not able to get a timely approval to secure their dream home,” said Chang.
To remain positive about the housing outlook, Eco World and seven other developers — lJM Land Bhd, Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Tropicana Corp Bhd and UEM Sunrise Bhd — are participating in the ClMB 1-Minute Home Financing InstaApproval.
CIMB Bank Bhd and its Islamic counterpart CIMB Islamic Bank Bhd launched the new financing facility recently.
The facility offers complete approval within a minute upon full submission of information and documents, enabling a faster, secure, paperless and hassle-free home ownership journey for customers.
“CIMB’s 1-Minute Home Financing InstaApproval is not only an added convenience for purchasers but for developers as well, as the approval can be done at the respective sales galleries,” said Chong.
CIMB senior managing director Vipin Agrawal said the initiative will give consumers a faster, secure, and paperless applications for home loans.
“A home is probably the biggest investment in any person’s lifetime, but the journey is often fraught with anxiety due to the cumbersome process and the waiting time,” he said.
IJM Land Bhd managing director Edward Chong said the company will offer landed and high-rise developments in strategic areas located across all the local growth corridors for the CIMB facility.
“As home buyers ourselves, we understand the pressure that customers go through when looking to purchase a new home. One of the biggest challenges for home buyers is waiting for loan approval where the process may take some time.
“This scheme by CIMB offers a quick, simple process which provides an instant mortgage approval and helps home buyers move quickly to secure the house of their dreams,” said Chong.
IOI Properties Group Bhd executive director Lee Yoke Har hopes other banks will follow suit to help developers and buyers.
Mah Sing Group Bhd CEO Datuk Ho Hon Sang said the CIMB initiative was timely as the company will be rolling out six new residential launches in the first half of this year.
The launches — M Centura in Sentul, M Vertica in Cheras, Southville City’s new Sensa Residence and Cerrado Residential Suites Tower C and D in Greater KL, Meridin East’s 2-storey link homes in Johor Baru and M Vista@Southbay in Penang — will offer properties priced below RM500,000.