Hong Leong Bank offers My First Home Scheme for the young and first-time home buyers in Malaysia. The home loan plan comes with a simple application process and provides speedy processing on the loan amount. Read further to know more about the features of the scheme.
Features and Benefits of Hong Leong My First Home Scheme
- Exclusively designed for the young and first-time home buyers in the country.
- Up to 100% financing.
- Up to 35 years financing tenure for a completed property and up to 33 years for a property under-construction.
- Hassle-free application procedure.
- Quick loan approval.
- The loan is offered on the variable rate basis and it is pegged to the Base Rate (BR) of the bank.
- You need to keep your property (home) as mortgage while obtaining this loan facility.
- Overdraft facility is available on demand.
- The scheme is available with both conventional and Islamic banking methods.
Profit/Interest Rate for Hong Leong My First Home Scheme
- The interest rate offered is on variable rate basis.
- It is pegged to the bank’s current BR.
- Current BR of the bank is at 4.03%.
Eligibility Criteria for an Applicant
|Age||Maximum age: 40 years|
|Income Criteria||Gross income of a single borrower not exceeding RM5,000 per month|
|Availability||Only for first-time home buyers|
|Outstanding Debt Repayment Obligations||Whichever is lower between, 60% of your monthly income after statutory deductions, and maximum limit of the lending bank|
Eligibility Criteria for a Property
|Property Value||Minimum price: RM100,00 Maximum price: RM500,000|
|Property Type||Residential property only Leasehold Property with remaining lease = Equivalent to or more than 60 years Owner occupied property|
|For an Individual Applicant||
|Other Supporting Documents||
How to Apply
Fees and Charges
|Type of Charges||Fees|
|Stamp Duty Charges||As per the Stamp Duty Act 1949 (Revised in 1989)|
|Processing Fee||Currently waived (One-time fee will be charged on approval of the loan)|
|Termination Fee||RM2,000 (If cancelled before the disbursement)|
|Valuation Charges||Based on the market charges|
If you have any queries or doubts about the Hong Leong My First Home Scheme, you can contact the customer relationship officers of the bank on 03 7626 8899.
The Hong Leong My First Home Scheme can really come in handy if you are looking to purchase your very first home in Malaysia. You can have this loan facility using any of the banking methods, i.e. Islamic and conventional thus, giving more flexibility to your banking preferences.
Q. How can I make the repayments for my loan facility?
A. You can choose to pay your instalments via standing instructions or by monthly salary deduction.
Q. Do I need to take an insurance cover?
A. A fire insurance/takaful is mandatory for this type of home loan. However, the requirement for Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT) is dependent on the participating banks.
Q. Do I need to provide the Individual Title for my property?
A. Yes, at the time of submitting the application, it is necessary to provide the Master/Individual Title.
Q. What employment period do I need to serve before I can apply for the loan facility?
A. You need to have served at least 6 months with the same employer to be eligible for this home loan plan.
Q. Can I apply for the home loan scheme as a joint applicant with my friend?
A. No, the joint applicant needs to be your family member, e.g. your spouse, sibling, etc. Moreover, they also require to meet the eligibility criteria to obtain the loan facility.