IQI partners with Finology to facilitate loan approval

PETALING JAYA: IQI Global has formalised a deal with Finology Sdn Bhd to use its instant loan eligibility check system for property buyers via their product Loanplus. The signing of the memorandum of understanding was done at the Sheraton Hotel on Nov 26.

Currently, property buyers face challenges finding out their property loan eligibility and accessing information on the best possible loans for them. The team at Finology has developed a solution to address these issues under the Loanplus product.

With Loanplus, buyers can find out detailed information about their loan eligibility as well as best matched property loan with 17 financial institutions in around 10 minutes. Under the partnership, IQI agents are able to quickly qualify property buyers, reducing the prospect of buyers losing their deposit and increasing the conversion rate for bookings.

“Technologies such as blockchain will transform real estate transactions, and at IQI, we have dedicated teams working on areas such as smart contracts — one of the key components in digitising real estate transactions in a blockchain,” said IQI Global group chief executive officer Kashif Ansari.

He added that Finology will be mutually beneficial for both parties and ultimately, provide superior services to buyers.

IQI Finology Sdn Bhd managing director Jared Lim Chu Ern said that the company is looking forward to working intimately with the banking institutions to provide a solution for the loan affordability issue.

According to Lim, conversion rates from customer’s bookings are low, especially when it concerns the affordable property segment.

“We had around 5% to 6% conversion rate for our previous Rumah Selangorku project.

“As we go down from the high-end property market to the lower end, the booking cancellation gets higher and higher,” said Lim.

Citing the earlier RUMAWIP project (houses priced at around RM270,000),

he added that 40% of house buyers are likely to get a loan. For the high-end property market, the conversion rate for bookings could be as high as 70%.

“The results from the banks are very encouraging as they are opening up to us,” said Lim, adding that he was hopeful that the trend will continue.

Regarding future projects between Finology and IQI, Lim said that there will be a limited rollout for the Millerz project by Exsim Group.

“We are targeting to roll out to other IQI inventory and agents in year 2019.

“Once everything is smooth, there will be a larger roll-up across all of IQI,” said Lim, adding that Finology is looking to take the same technology to other countries as part of their long-term goal.

“Even in the other property markets, It is the same challenge,” he said.

Source: StarProperty