Home Loan BYTES FROM OUR KITCHEN

Hong Leong Special Housing Loan

The Hong Leong Special Housing Loan is a exclusive loan offered to first time home buyers. You can talk to a bank representative about what you are looking for, and they will provide a solution tailored to suit your housing needs.

Features and Benefits

  • Get financing for Mortgage Decreasing Term Assurance (MDTA).
  • The scheme is for first time home buyers only.
  • The value of the property should not be more than RM250,000 in Peninsular Malaysia and RM300,000 in Sabah and Sarawak.

Fees and Charges

Processing Fee None
Stamp Duty As per the Stamp Duty Act 1949
Legal Fees As per the scale in the Solicitors’ Remuneration Order
Termination Fees RM2,000
Set-up Fees RM200
Monthly Maintenance Fees RM10
Advance Payment Redrawing Service Fees RM50
Late Payment Charges 1% of the outstanding amount

Eligibility

Eligibility Criteria
  • First time home buyers
  • Individual customers
  • Purchase of property for owner's occupation.

Required Documents

Salaried Applicants
  • Latest payslips ( 3 months).
  • Latest Borang BE (with tax payment receipt).
  • Latest EPF statement.
  • Latest bank statement ( 3 months).
Self-employed Applicants
  • Latest Bank statement (6 months)
  • Latest Borang B (with tax payment receipt), or Form 9/Form 13.
  • Business Registration Form 24, and 49.

How to Apply

Offline Application
  • Visit the nearest branch.
  • Request for the application form for the Hong Leong Special Housing Loan.
  • Fill up the form.
  • Submit the supporting documents along with the filled form.
 
Telephone Application
  • Contact the bank’s contact centre.
  • Express your interest in applying for a loan.
  • A bank’s representative will visit your home with the application form.
  • Fill up the application form.
  • Submit the application form and the supporting documents to the representative.
Branch Application
  • Visit the bank’s official website.
  • Go to Hong Leong Special Housing Loan page.
  • Click on ‘Application Form’.
  • Fill up the form.
  • Upload supporting documents.
  • Submit the form along with the supporting documents.

You can get extra financing for MDTA financing with this facility. The application and approval processes are easy and convenient. Look at the product disclosure sheet to know the terms and conditions, and other criteria before you apply for a loan.

FAQs

Q. How can I pay my monthly instalment?

A. You can pay your monthly instalments in the following ways:

  • Standing instructions from our savings or current account.
  • Internet Banking or MEPS IBG.
  • ATM transfer.
  • Cash Deposit Machine.
  • Cheque Deposit Machine.
  • At the nearest Hong Leong branch.

Q. What is the base rate?

A. The rate at which banks determine the interest rate is called the Base Rate. Currently, the base rate is 4.03% p.a. for Hong Leong Bank.

Q. What does MDTA cover?

A. MDTA provides coverage to repay your loan in the event of death and total permanent disability.

Q. What happens if I settle my loan early?

A. If you settle your loan early, you may have to pay an early exit fee depending on when you close the loan. If you settle the loan within 36 months from the approval date, you need to pay 3% of the approved loan amount as penalty charges.

Q. Are there any miscellaneous fees I need to pay?

A. Yes. Miscellaneous fees would include online IBG payment, cheque processing fee, IBG via ATM machine, and any other fees imposed by the bank.

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