When it comes to buying a property, sorting out a home loan often ranks as one of the most stressful aspects of the process. For many, the time it takes to have a loan approved is particularly frustrating. But it does not have to be like that. We sat down with Larissa Ciantar, Senior Manager – Mortgage Lending at MeDirect to find our how Malta’s first digital bank is helping customers to make the purchase of their dream home a more pleasant experience.
In what ways does the MeDirect home loan experience differ from other banks in Malta?
MeDirect’s home loan offering is not too dissimilar to that of other banks in Malta. We offer mortgages for primary and secondary properties, home equity loans for those who want to unlock some of the value of their existing property, green home loans to encourage energy efficient homes and property investment loans for those looking to build a property portfolio. We also offer an interest only option for people who need a little extra cash flow at the start of their mortgage. The real difference between MeDirect and other banks comes in our focus on being customer centric and making the most of technology to make the process of getting a home loan faster and easier. We have no doubt that when it comes to response times on home loans, MeDirect is currently the fastest, locally.
How do you use technology to speed up the home loans process?
Like all digital transformation processes, we started off with some relatively simple steps. This included moving most of our interactions with clients online. The fact that all documentation can be sent electronically not only saves time by reducing the number commutes but also gave us and our clients much greater flexibility. This flexibility extends to booking appointments which can also be done online through our website. Customers, therefore, no longer have to take leave from work to come and speak to us and we also have more flexibility on when to work on applications. Beyond that, MeDirect’s tech teams have been working hard to automate and optimise as much of the processes as possible. This has had a positive effect on our ability to process and respond to home loan applications. Rarely, if ever, does it take us more that four weeks, to process and approve a home loan application.
What other advantages are there to getting a home loan from MeDirect?
In addition to being fast, MeDirect does not charge any processing and legal fees. Reducing costs is always welcome. But, in all honesty, I think the biggest advantage for clients who get a home loan from MeDirect is the availability and adaptability of our team. My colleagues and I are genuinely focussed on being customer centric and pride ourselves on making the experience as easy as possible. That means tailoring the service to meet our customers needs and adapting accordingly.
For more information on MeDirect’s Home Loans visit https://www.medirect.com.mt/borrow/
MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available on request.
