Maybank offers loans to facilitate buying properties out of Malaysia. Some of the countries from which you can purchase properties with Maybank’s support are Melbourne, Sydney, Perth, London, and Singapore. One such loan is the Maybank London Residential Home Financing scheme exclusively designed to purchase residential properties in London.
|Type of Loan||Term Loan.|
|Loan Tenure||Up to 30 years.|
|Lock-in Period||1 year from the loan disbursement date.|
|Margin of Financing||Up to 80%.|
|Loan Amount||£100,000 to £5 million.|
|Interest Rate||Up to finance margin of 80%: Cost-of-Fund + 1.25% p.a. Up to finance margin of 60%: Cost-of-Fund + 1.00% p.a.|
|Early Repayment Fee||
|Customer Care Application||
The Maybank London Residential Home Financing offers you high-finance margin to purchase a residential property in London. Maybank also provides an easy way to repay the loan with a dedicated account. You can also refinance an existing residential property loan. Do remember that the property you buy must be only for the purpose of letting it, and not for you to reside.
Q. What is a rent collection account?
A. The rental proceedings for the property you are going to buy will be assigned to an account called a rent collection account. You must make the loan repayments to this account so that the bank can access them.
Q. What are the eligible property types for this loan?
A. Any residential property that is completed or under construction (landed and non-landed) are eligible for this loan.
Q. Can I choose a residential property from any locality in London to get the financing?
A. No. According to the terms of the loan, the property must preferably be located in Zone 1, 2, or 3.
Q. Can I refinance an existing loan on my property?
A. Yes. You can refinance an existing loan on your property. However, the property must be used only for the purpose of letting out.
Q. Does the same interest rate apply for portfolio landlords?
A. No. The interest rates applicable for portfolio landlords differ with the rates applicable to others.