FAQ
1) Does tenant have to pay interest for WowYes© loan service?No, it is interest free.
2) How long does WowYes© loan procedure take?The Wowlistix Platform with its financial institution partners targets to process the loan application within 3 working days. Upon loan approval, the fund is targeted to be released to the tenant within 5 working days.
3) If the Tenant defaulted on the loan, does it incur any personal interest?YES
4) Does it mean rental transform as a bank loan?Yes. This program is especially useful for students and young graduates as it helps to build up their credit history which is valuable for them to secure bigger loan in the future.
5) Will this loan appear in CCRIS?YES
6) Which bank will provide this loan facility?It will be provided by Wowlistix’s financial institution partners.
7) What is this loan facility?WowYes©, with maximum 1 years tenure
8) Is platform fee charged to Property Owner annually?Yes
9) Does Agent get commission when Tenant renew the Tenancy agreement?YES
10) Is there any minimum loan requirement from Wowlistix Platform?No
11) Upon end of Tenancy Agreement, how does Owner refund the deposit to the Tenant?Owner will refund the 2 months deposits to the Tenant. However, if there are damages to the property, Owner will only refund the remaining deposits after deducting the estimated repair cost.
12) Is Agent eligible for commission of the loan?NO
13) What is the cashback rate for the loan facility?5% cashback.
14) Does Agent get both side commission?It depends on the agreement between the Agent and property Owner.
15) If renew, will Owner be charged 10% again? And Agent will get commission again.Once the first Tenancy Agreement is matured, Owner will refund the deposit to the Tenant. The renewed Tenancy Agreement will kick-in with 10% charges to the Owner, one year commission to the Agent and 5% Cashback to the Tenant.
16) Who pay for Tenancy Agreement and Loan Agreement?No charge for Loan Agreement. It will be absorbed by the Wowlistix Platform. Tenancy Agreement cost will follow the respective agency existing charges.
17) Will Bank check DSR before approving the loan?Every bank has its own evaluation criteria.
18) How does student get loan?Wowlistix provides a special program for students and young graduates with RM15k loan facility with turnaround time of one working day. As long as they fulfill any of the below 3 criterias:
- Currently registered to a course certified by MQA IPTA or IPTS.
- On an Internship with a company approved by their IPTA or IPTS
- Within 6 months of their graduation from an IPTA or IPTS and actively looking for employment.
No. It is a lifetime account. Agent only needs to top-up the tokens for ads, listing and services on Wowlistix Platform.
20) How the bank releases the money?Bank has to release the money to the Tenant. Upon receiving the money, Tenant will deposit the money into Wowlistix Stakeholder Account. Then Wowlistix Stakeholder Account will deduct platform fees and transfer the remaining loan amount to the Agency or landlord. All transactions will be recorded in the platform and respective stakeholders will be notified accordingly.
21) What will happen if the Tenant did not deposit the money into Wowlistix Platform?The Tenant will be cut-off from the service of Wowlistix Platform with no cashback.
22) Is there any fee to use the Wowlistix Platform?Free for Tenant and Owner. Agent is charged RM380 anually for creating an account. The account Wallet will be credited with Ads and Listing tokens to be used on Wowlistix Platform.
23) Does Wowlistix cover Co-living?Yes, Co-living is also part of Wowlistix Platform program.
24) What is the process if the Tenant needs to move out before the maturity of 12 months Tenancy Agreement?Tenant must notify the Owner for the premature termination of the Tenancy Agreement and agree with the owner on the penalty and refund of the deposits and rental of the remaining months.
25) Can the Tenant choose Islamic loan or Conventional loan?No, but our Financial Institutions partners shall select which product deemed most suitable to the candidate.