Rohan: We project our home mortgage applications to rise significantly in the next 12 months.

KUALA LUMPUR: RHB Bank Bhd expects its mortgage loan segment to grow by an additional 8% to 10% over the next 12 months, following the launch of its home financing mobile application (app) service.

According to RHB Banking Group chief operations officer Rohan Krishnalingam, the newly launched MyHome app is projected to facilitate approximately 1,500 new home financing applications in a one-year period.

“With the introduction of Malaysia’s first-of-its-kind MyHome app, we project our home mortgage applications to rise significantly in the next 12 months. If possible, we would like to achieve the target sooner.

“Our research has found out that 75% of our customers who plan to buy a home, go online for more details on properties and home financing. So, the MyHome app will be apt to cater to the needs of prospective home buyers in future,” he told reporters after the launch of RHB’s MyHome app and Banking-at-your-Doorstep service yesterday.

RHB group managing director Datuk Khairussaleh Ramli said that the bank’s mortgage segment has recorded the fastest growth year-to-date, apart from its small and medium enterprises (SME) loan segment.

“Currently, the mortgage loans constitute about 25% of our total loans portfolio, amounting to about RM45 billion.

“WIth this app in place, we hope that the mortgage loans growth can be further accelerated in future, apart from providing an easier and faster approval rate,” said Khairussaleh.

He also added that the banking group is planning to work with property developers for a wider utilisation of the MyHome app.

On the group’s prospects moving forward, Khairussaleh said that he remains cautiously optimistic on the bank’s overall performance, given the prevailing business conditions.

“As seen from the recently-tabled Budget 2018, the country is expected to stage an economic growth of 5% to 5.5% next year. So, we will be seeing good growth in 2018.

“On our part, RHB Bank is also anticipated to continue to perform well,” he said.

However, he declined to provide more details on RHB Bank’s performance, pending the release of its financial results on Nov 27.

The RHB MyHome app, which was available for download from yesterday, enables customers to apply for home financing, submit their documents online and check their application status. Customers will also be able to check their loan eligibility instantly via the RHB MyHome app.

The bank expects home financing approvals to be given within 48 hours via the app, compared with three to five working days previously.
Read more at http://www.thestar.com.my/business/business-news/2017/11/09/rhb-bank-eyes-higher-mortgage-loan-growth-after-launch-of-app/#SbBQKrO8xJXDyE7X.99