Being someone with little idea on which property I want to can buy, I would usually go around a property expo with gleaming interest but got scared away by the asking price. Looking at all the grand models, flashy spin-the-wheel games, shiny pamphlets, free popcorns – I start to think “no wonder the houses are so expensive.”
(Of course, there are many other reasons such as high land prices, construction costs – among other things).
Does this sound like you? Read on.
The very first thing you should do when selecting a house is to find out just how much you can afford to pay. Properties are aplenty, but let’s narrow down your options based on the size of your pockets. Why is this important?
- Saves you time and hassle without getting disappointed every time your loan is not approved.
- Applying for home loans too many times and got cancelled every time will affect your credit score.
- You can plan your financial commitments better while keeping it healthy
- You’ll get a better understanding of your financial capability
So, how can you do all these? Easy, visit Property Guru’s website and look for their Home Loan Pre-Approval.
Launched last Friday by Property Guru’s Country Manager Sheldon Fernandez at IPC Shopping Centre, the new FinTech solution is set to help hopeful homebuyers to find out how much they can borrow from banks and eventually, own a home!
What makes it special is that it will pull up your credit report (CCRIS) which will give you 99.9% accuracy in result. The 3 participating banks under Property Guru’s #OwnYourHome program are Hong Leong Bank, RHB Bank and Alliance Bank.
What is a CCRIS report?
CCRIS, short for Central Credit Reference Information System, is a centralised system under Bank Negara Malaysia that records your outstanding loan amount and payment history from the past 12 months. A credit rating/score will be generated, and this will determine your credibility in loan repayment. For more info on CCRIS, check out this article. To check where you can get your report, click here.
**Extra info: There are several other ways to get your credit report. Visit MAPEX 2019 in Mid Valley this 26 to 28 April, go to financial institutions booths like Hong Leong Bank, and ask them how they can generate & print your credit rating report, right on the spot!
Getting your Home Loan Pre-Approval (HLPA)
This can be done in under 5 minutes. All you need is as below;
- a laptop/tablet/smartphone with stable internet connection
- a phone camera that can take clear pictures, and
- your MyKad.
Once you have clicked on the HLPA link on Property Guru’s website, simply follow the instructions and fill in the necessary details. You will need to take clear landscape pictures of the front and back of your MyKad for approval (no worries, your data is highly protected). Once you’re done, you will get the range of amount you can borrow from banks, your Debt Service Ratio score (from CCRIS), and lastly a list of homes you can afford so that you can get the ‘window shopping’ going without the guesswork.
Good luck! You’re just one step closer to #OwnYourHome, so let’s #BeatTheOdds!