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CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB) have launched the 1-Minute Home Financing as part of CIMB’s InstaApproval platform.
The CIMB 1-Minute Home Financing facilitates complete approval within a single minute upon full submission of information and documents, enabling a faster, secure, paperless and hassle-free home ownership journey for customers.
Most home financing typically require several days for approval, which is inconvenient for buyers. 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.
With the CIMB 1-Minute Home Financing InstaApproval, the homeownership journey is made more pleasant through the instant approval process, with an official Letter of Offer, as opposed to a conditional or “in-principle” approval.
Samir Gupta, CEO, Group Consumer Banking, CIMB Group said, “In our aim to become a leading ASEAN universal bank, CIMB has been leveraging on digital in a big way since the start of our T18 mid-term growth strategy in 2015. 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.”
This facility will be available for properties bought from developers directly at developers’ property launches and sales galleries. Currently, eight developers are participating in the CIMB 1-Minute Home Financing InstaApproval, through a total of 60 property projects.
The developers are Eco World Development Group Berhad, IJM Land Berhad, IOI Properties Group Berhad, Mah Sing Group Berhad, Sime Darby Property Berhad, SP Setia Berhad, Tropicana Corporation Berhad and UEM Sunrise Berhad. More developers and projects will be added to this platform over time.
The CIMB InstaApproval 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.