This article first appeared in The Edge Financial Daily on March 7, 2018 - March 13, 2018

KUALA LUMPUR: Future homeowners can look forward to getting approval for their home financing applications in just one minute, with the 1-Minute Home Financing launched by CIMB Bank Bhd and CIMB Islamic Bank Bhd yesterday as part of their InstaApproval platform.

The new facility will facilitate complete approval of mortgage applications in a minute upon full submission of information and documents.

CIMB Group Holdings Bhd chief executive officer Tengku Datuk Seri Zafrul Aziz said the new facility is a solution to the typical long wait involving mortgage loan applications, allowing for a fast, secure and paperless customer experience.

“We understand that buying a home can be an emotional experience. For many, it is a rite of passage. It may be their biggest lifetime investment.

“I remember the first time I bought a property, nearly 20 years ago. I spent weeks looking around for properties in KL. After deciding on one, I went to the nearest bank branch to apply for a mortgage. I submitted a pile of documents, filled up [one] form after another and after three weeks of processing, my loan was approved. I’m happy that we now have a solution to the long wait,” Zafrul said at the launch of the new service.

He added that the facility is the first of its kind in Malaysia, and will debut with eight property developers participating through 60 projects around the Klang Valley.

The developers 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. From May 1, the list of developers and projects will be extended, said Zafrul.

The facility, open to salaried Malaysians for now, will be available for properties bought directly from developers at their property launches and sales galleries.

“When a customer visits a sales gallery, he or she can now book a property and get approval for a CIMB Home Financing, complete with a letter of offer, without even leaving the sales gallery,” Zafrul added.