PropertyGuru launches mortgage check solution

KUALA LUMPUR: Online property portal PropertyGuru today launched a Mortgage Pre-Qualifier that provides house buyers with a “qualified mortgage check”, which gives an estimate on how much a bank is willing to approve.
PropertyGuru said that the solution is part of its “Own Your Home Programme” that aims to enable 100,000 prospective house buyers to overcome house affordability issues by 2020.
“What differentiates the PropertyGuru Mortgage Pre-Qualifier is that it’s highly predictive, accurate, takes only five minutes and is completely free,” PropertyGuru Malaysia country manager Sheldon Fernandez told reporters at the launch event.
He went on to explain that the tool, which was developed in partnership with real estate fintech platform called MHub and credit reporting agency CTOS, uses real-time and certified credit data to generate a unique debt service ratio and eligible mortgage amount.
“That means property seekers can immediately identify if they are qualified or not for a mortgage by the bank, and can immediately take the necessary steps to improve their chances of owning a home,” Sheldon added.
He said, based on its recent survey, more than one out of every two Malaysians find their mortgage rejected, adding that 92% of those polled wish to own homes rather than to lease.
Sheldon also noted that 71% of millennials, between 22 and 37 years old, are not able to afford a house despite them looking at the affordable housing segment between RM300,000 to RM500,000.
Overall, he said that properties remain out of reach for many of the bottom 40% (B40) and middle 40% (M40) category, and are at 4.4 times the median income in the country.
PropertyGuru chief marketing officer Bjorn Sprengers said that the solution will also provide practical insights and tips on what Malaysians can do to improve their mortgage eligibility.