Citibank to grow home loans share


KUALA LUMPUR: Citibank Bhd is looking to grow its market share of new home loans by by 10% to 12% this year against a backdrop of a buoyant residential property sector.

“We had single digit growth last year and are looking forward to increasing (the business) despite having only a limited number of branches,” head of mortgage business Adrian Soon said.

The sales of landed properties at prime locations remained strong, with the support from local and foreign buyers, he said at the launch of the bank’s property portal yesterday.

Citibank ranks among the country’s top five banks in terms of share of the mortgage business.

Soon said Citibank’s share of outstanding home loans was at 7%.

He added that the bank is hoping to grow that market share by 5% to 6% this year.

The property portal, said to be the country’s first, combines services such as property searches, buying guides, property market research and the latest home loan promotions.

The portal will also provide Malaysians with quick online conditional home loan approvals, which are given as the bank ascertains the customer’s financial health.

The portal contains a guide that includes Employees Provident Fund guidelines, second home purchases, Foreign Investment Committee policies and loan agreement stamp duty procedures.

It also carries a list of properties available for sale, ranging from the most recently-launched to those in the secondary market and properties for auction.

Citibank’s property loan products are also available. Head of consumer e-business Roy Heong said loan amounts could range from below RM100,000 to over RM1mil.

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