Does anyone remember a time when you borrowed money for a home purchase by going to see a banker and filling out an application? It wasn’t too long ago. People did this on a regular basis because the application process wasn’t available online. Of course, all that has changed in the last two or three decades.
As recently as 15 years ago, there were banks that did not yet have full-service online banking. They continued to be places to deposit money to keep it safe. They did pay interest on money in some accounts deposited. While traditional banks still serve these purposes, most of them offer almost all transactions via the Internet. Now, it’s more than possible to borrow from a distant lender to buy the house you’re interested in.
Click and Apply
Suppose you want to find out about a housing loan application in Malaysia. All you have to do is find the right website, click on a button or two, and start the process. Online banking has been around for quite some time with a few banks beginning to offer limited services in the late 1980s. It’s changed a lot since then, especially with services available 24 hours a day, even seven days a week.
Studies in recent years indicate that about half of the banks around the world offer most or all their services online. In Malaysia, it’s now possible to take care of most of your banking business from the comfort of your home. For example, when you come to the page entitled Home Financing Application Form, you really have just three basic steps to get through the process.
Just as you should have done with a traditional application on paper, you should become familiar with the terms and conditions that will be in force from the moment you sign. After that, you’ll move to the actual application forms and provide details about you, your family, your income, etc. All of this is similar to the off-line process. Web technology now allows you to submit supporting documents and other important information online as well.
You’ll have to submit a passport image or ID card image plus the required property booking form and offer to purchase form. You can also send along proof of income or salary for three months or another document to give the lender the idea you can support the loan. It’s possible to complete the process in a few minutes if you have the documents ready.
Of course, with the home loan process or any other major purchase, you should take the time to learn about the source of the loan or the supplier of the product or service you want. In this case, you’d be wise to read a bit about the lender. Visit the website and gather all the information you can before the decision to proceed. Look for a full-service bank or lender and find out what others have to say about their experiences. Work with a leader in the industry and you should find the reviews and testimonials are overwhelmingly positive.