CIMB launches 1-Minute Home Financing

PETALING JAYA (March 6): CIMB Bank Bhd and CIMB Islamic Bank Bhd has launched the 1-Minute Home Financing — a paperless service that enables approval of mortgages within a minute after submitting all information and relevant documents for a loan application — as part of its InstaApproval platform today.

The service eliminates days of waiting and the accompanying sense of anxiety, said CIMB in a statement today.

The instant approval process provides an official Letter of Offer, as opposed to a conditional or “in-principle” approval, it added.

“CIMB’s InstaApproval proposition reflects our promise to provide customers with not only great financial products and services, but also speediness of their delivery. The InstaApproval series also represents a fulfilment of CIMB’s commitment to continuously enhance our customer experience,” said CIMB group consumer banking CEO Samir Gupta.

The facility will be available for properties bought from developers at their respective launches and sales galleries.

There are currently 60 projects by eight participating developers, who are Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, S P Setia Bhd, Tropicana Corp Bhd and UEM Sunrise Bhd.

CIMB expects to add more developers and projects to this platform in the future.

Besides mortgage applications, the platform also facilitates applications for personal financing, Amanah Saham Bumiputera financing and credit cards.

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

“For the CIMB 1-Minute Home Financing, the approval is considered a full approval and the Letter of Offer can be printed immediately for the customer’s signature,” it said.