CIMB Group chief executive officer Tengku Datuk Sri Zafrul Aziz (in black suit) with the eight top property developers and CIMB staffs at the launching of InstaApproval

PETALING JAYA: CIMB Bank Bhd and CIMB Islamic Bank Bhd recently launched the One-Minute Home Financing InstaApproval scheme.

This scheme gives way to complete approval within one minute once the applicant presents the identity card. Unlike conventional home loan application and approval process, the InstaApproval scheme ensures a faster, secure, paperless and hassle-free home loan application journey to applicants.

Upon presenting of the identity card, the applicants will be offered an official Letter of Offer if their applications pass all the requirements.

During the press conference, CIMB Group head of cards, retail assets and deposits Vipin Agrawal highlighted the main points:

1. The approval is final, and there is no conditional or ‘in-principle’ approval involved
2. The scheme is available for the properties bought directly from the developers at the’ property launches and sales galleries
3. The Letter of Offer is printed immediately to be signed by the applicants
4. A total of eight developers and 60 property projects are on board with InstaApproval
5. The developers are Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Tropicana Corporation Bhd and UEM Sunrise Bhd
6. The scheme is currently limited to developments in the Klang Valley with plans to expand to the other parts of the country
7. Joint-home loans are also eligible for the InstaApproval scheme
8. The InstaApproval home loan has the same interest rate as the conventional home loan

CIMB group consumer banking chief executive officer Samir Gupta said, “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 enhancing our customer experience continuously.”

The property developers shared the same sentiment regarding CIMB’s hassle-free and tech-savvy approach to home financing.

According to IJM Land Bhd managing director Edward Chong, “One of the biggest challenges for homebuyers is waiting for loan approval where the process may take some time. CIMB’s 1-Minute Home Financing InstaApproval scheme offers a quick, simple process which provides an instant mortgage approval and helps homebuyers move quickly to secure the house of their dreams."

"This is an excellent initiative from CIMB Group with immediate mortgage processing, and that’s a welcome change for homeowners, buyers and the property sector as a whole,” he added.