Malaysia’s leading financial comparison website, iMoney.my, has officially rolled out a FREE online home loan refinancing calculation tool that enables consumers to seek out, compare and apply for home loan refinancing packages offered by major banks and financial institutions in Malaysia using the Internet.

The tool is part of iMoney’s concerted effort in the area of refinancing, following a comprehensive home loan refinancing infographic collaboration between iMoney and local infographic specialist Piktochart) that was distributed to the Malaysian media earlier in July 2013.

Co-founder Ching Wei Lee said the new tool on iMoney.my is the result of months of research and development, and reinforces iMoney’s commitment to simplifying money matters for the Rakyat.
“From our observations, we found refinancing to be a big part of the home loan repayment and investment strategies adopted by Malaysians,” Ching explained.  “In Malaysia, homebuyers are actively seeking to refinance their loans for reasons that include getting lower interest rates, extending loan periods, and freeing up cash riding on the increased values of their properties”.

“However, we also recognized that refinancing a home loan in Malaysia is an extremely time-consuming endeavour involving multiple bank runs… and that’s just to find the latest rates offered by the banks!” Ching said.  “This is the reason we’ve decided to set up a free online home loan refinancing calculation tool that is linked to prevailing rates in Malaysia, so all homebuyers in Malaysia can seek, compare, even apply for refinancing deals without having to leave their homes or offices.”

With iMoney’s new online home loan refinancing comparison tool, anyone with access to the Internet can locate vital home loan refinancing information in Malaysia within seconds; simply by keying in the outstanding loan amounts, remaining loan periods and interest rates of their existing home loans here.

Upon receipt of the relevant data, the online tool reverts instantaneously with all prevailing refinancing interest rates of major banks and financial institutions in Malaysia, as well as key details that include expected monthly repayment amounts, total interests over the loan periods, total savings as well as all relevant terms and conditions of listed refinancing packages.

To further save time, consumers can apply for a refinancing package online with just a click of a button, and an iMoney home loan specialist will get in touch to assist with the entire application process.  This free service by iMoney eliminates the need to personally visit a bank.

“iMoney is constantly seeking new ways to streamline the ways Malaysian consumers interact with their banks,” Ching said.  “With this new online home loan refinancing calculation tool, our hope is to elevate productivity of the Rakyat by reducing the lengthy process that Malaysians need to go through when they’re seeking to refinance their homes.”

“The tool is absolutely free of charge to the public, and we encourage all home owners who are currently seeking to refinance to try it out,” he said.

For all members of the public who are actively pursuing to refinance their home loans in Malaysia, iMoney’s FREE online home loan refinancing calculation tool is accessible with immediate effect.

Those seeking new home loans are encouraged to continue using iMoney’s free home loan comparison table.