RHB Bank launches first housing loan mobile app in Southeast Asia

KUALA LUMPUR (Nov 8): RHB Bank Bhd has launched the RHB MyHome App, the first of its kind in Southeast Asia to provide convenience in mortgage applications and documents submission via mobile devices.

Currently available for download on the App Store and Google Play Store, the mobile app enables RHB Bank's customers to apply for home financing and submit their documents online. They can also check their application status online, said RHB Banking Group's group managing director Datuk Khairussaleh Ramli at the launch of RHB MyHome App today.

Customers will also have easy and quick access to information on financing options available, eligibility and rates, he added.

"In line with our brand promise of 'Together we Progress', we have remained steadfast in our commitment to deliver customer-centric innovations that support a simple, fast and seamless banking experience," he said.

RHB Banking Group's acting head of group retail banking Nazri Othman said the app will result in a faster approval turnaround time for mortgage applications, of not more than 48 hours compared with the conventional three to five days.

"This means that applicants will be able to sign the loan agreement within 48 hours. In fact, we can do it within 24 hours, depending on the cases," he said.

With the app, the bank expects the housing loan approval rate and mortgage growth pace to improve, noted Khairussaleh.

RHB Bank's mortgages in the first 10 months of this year stood at RM45 billion, which is about 25% of the total loan portfolio, he said.

The mortgage category registered a growth rate of 15% during the period — the fastest rate of all loan products and higher than the industry average of 9%.

Meanwhile, the bank's mortgage approval rate was 76% in the same period, higher than the industry average of 72% to 73% .

The bank receives an average of 40,000 housing loan applications per annum. With the launch of the app, RHB Banking Group's group chief operating officer Rohan Krishnalingam said the bank targets to have at least 1,500 successful mortgage applications through the app in 2018.

“In 2018, 8% to 10% of the application is expected to come from the app,” he elaborated.

Malaysia’s fourth largest bank by assets also unveiled the Banking-at-Your-Doorstep service for new RHB Smart Account or RHB Smart Account-I users within the Klang Valley.

Customers who choose to open an account online can activate their accounts and take delivery of their debit cards at home or their workplaces at a pre-arranged time where an on-the-spot verification process will be conducted by RHB Bank's riders. It will be extended to other regions in the country over the next few months.