Finology and IFCA join hands to enable faster loan applications and lower sale cancellations

• By integrating Finology’s Loanplus Home into IFCA’s ERP workflow, developers will be able to seamlessly see qualifying loan options and request pre-approval from within the PropertyX platform itself.

KUALA LUMPUR (Jan 11): Finology Group Sdn Bhd (Finology) recently entered into a collaboration with IFCA MSC Bhd (IFCA), creators of the PropertyX ERP (Enterprise Resource Planning) system. This partnership involves the integration of Loanplus Home – Finology’s property-oriented digital lending solution – with IFCA Software’s PropertyX platform, designed to streamline and simplify property management.

Finology’s Loanplus Home has three key features that are targeted to help property developers and buyers.

Loanplus Home provides instant mortgage pre-approvals, which speed up the process of obtaining mortgage financing from leading Malaysian banks. Its digital loan application feature also allows buyers to make and track the progress of their loan applications online.

For developers, they can utilise the platform to identify qualified buyers based on targeted criteria, like their loan eligibility, thereby consolidating the sale process.

According to Finology, one of the main challenges faced by the real estate industry is that 70% of bookings are cancelled because of loan rejections. This leads to an increased number of units being temporarily unavailable to other potential buyers. As such, both IFCA and Finology hope that this partnership will make it easier for property developers and agents to screen their clients’ loan eligibility.

“By providing developers with the tools to assess buyers’ loan eligibility upfront, we can significantly reduce booking cancellations and enhance the overall efficiency of the sale process,” said IFCA CEO Ken Yong.

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Meanwhile, Finology Group CEO Robin Ang said: “We’re excited to partner with IFCA Software to help address property developers’ central challenges with financing access and sale durations. By comprehensively integrating Loanplus Home into their ERP workflow, developers will be able to seamlessly see qualifying loan options and request pre-approval from within the PropertyX platform itself. This simplifies what has been typically a drawn-out process susceptible to slowing transactions. And, we’re open for banks to collaborate to make this process more efficient”.

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