Finology Powers RHB’s Instant Mortgage Loan Approval

Finology Powers RHB’s Instant Mortgage Loan Approval

by August 10, 2020

RHB announced today a partnership with  Finology to enable instant online approval for mortgage loan applications through Loanplus.

Developed by Finology, Loanplus is a patented solution that enables property developers and real estate agents to help customers obtain their pre-approved mortgages with banks at the point of property purchase. With the pre-filtering solution in place, RHB will be able to interact directly with customers who have received mortgage pre-approvals.

This platform extends the capabilities of the RHB MyHome App for property buyers, and further expands the current offerings within the RHB Homeowners Ecosystem.

In addition to the end-to-end mortgage application solution, RHB’s MyHome website connects homeowners with leading service providers offering innovative solutions and exclusive rewards for varying stages of homeownership, on a single platform.

“Our platform for mortgage pre-approvals has been in use by property developers since 2018. Loanplus’ latest partnership with RHB is one more step towards a future where end-to-end mortgage approvals will be fully digital and seamless for the property industry.”

said, Robin Ang, Co-Founder of Finology

“With Loanplus, RHB is able to expedite mortgage pre-approval and reduce processing time in property purchase transactions, while empowering homeowners through digital channels within our RHB Homeowners Ecosystem. Our collaboration with Finology allows us to enhance the customisation and personalisation of services to our customers, and offer them added flexibility especially in light of social distancing requirements due to the COVID-19 pandemic,”

said Rakesh Kaul, Head of Group Retail Banking, RHB Banking Group.

For the first six months ending 30 June 2020, approximately 6,400 mortgage applications were received through the RHB MyHome App with more than RM700 million worth of mortgage applications being approved and accepted by close to 1,700 applicants.