Hong Leong Skim Rumah Pertamaku is a loan scheme that offers up to 100% financing for first-time home buyers. This facility is in line with the government’s aim to help young citizens buy a house in Malaysia. Take a look at the features of this facility, and how it will benefit first time home buyers.
|Margin of Financing||Up to 100%.|
|Type of Financing||Standard.|
|Maximum loan tenure||
|Maximum Income||Up to RM5,000 per month.|
|Stamp Duty||As per Stamp Duty Act 1949|
|Legal Fees||As per the scale in the Solicitors’ Remuneration Order (SRO)|
|Advance Payment Redrawing Service Fees||RM50|
|Late Payment Charges||1% of the unpaid balance|
|Age Requirement||Up to 40 years.|
|Income Requirements||Not exceeding RM5,000 per month.|
|Other Criteria||The debt repayment obligations of the borrower must not be more than 60% of their monthly income after tax, SOSCO, and other deductions, or the maximum limit of the lending bank, whichever is lower.|
|Applicant||Payslips (latest 3 months).|
|Latest Borang BE along with tax payment receipt.|
|Latest EPF statement.|
|Bank statement (latest 3 months) or Bank book.|
|Letter of employment.|
This loan was a result of a government scheme in the 2011 budget where young young Malaysians can get up to 100% financing to purchase their own home. This loan can be taken for both completed properties, and those under construction.
Q. I have just changed my company, and I now earn RM3,400 per month. Do I qualify for this loan?
A. Though you fulfil the income criteria, you must be in the same company for at least a period of 6 months to apply for this loan.
Q. Is this loan applicable for Islamic financing?
A. Yes this loan is applicable to Islamic as well as conventional financing.
Q. My partner is self-employed and I am a salaried professional. Can we apply for this loan?
A. No, since you do not meet the income criteria, you will not be able to apply for this loan.
Q. I am looking at a property worth RM300,000. Will I get 100% financing for the property?
A.You can get 100% financing provided you meet the income requirement and all other criteria. Also, the valuation of the property will be as per the bank's underwriting policy.
Q. What is Hong Leong’s current Base Rate?
A. As of July 2018, the Hong Leong Base Rate is 4.03%.