Hong Leong Home Loan
Hong Leong bank in Malaysia offers a variety of financing packages to the customers looking to purchase a home. These packages come with high financing margins, waiver on stamp duties, and flexible tenures of up to 35 years.
The interest rates for various home loan schemes of the bank are competitive and charged as per the bank’s discretion. The schemes also come with daily interest calculation facility so that a customer can save more on his/her financing. The bank representatives will provide information on prevailing interest rates to the borrowers at the time of application.
Fees & Charges
||RM0.50 (for each cheque issued)
|Stamp Duty Charges
||As per the Stamp Duty Act 1949 (Revised in 1989)
|Monthly Maintenance Fee
|Late Payment Fee
||1% p.a. on the financing amount in arrears
|Letter for EPF Withdrawal Fee
||RM21.20 per account/request
|Redemption Letter Fee
||RM53 (applicable for home financing for individuals)
||Maximum age: Up to 75 years; Up to 40 years (For Skim Rumah Pertamaku)
|Income Criteria/Property Value
||Not more than RM5,000 per month (for Skim Rumah Pertamaku) Property value worth: not more than RM250,000 in Peninsular Malaysia and RM300,000 in Sabah and Sarawak regions (for Special Housing Loan scheme)
- Valid NRIC/Malaysian identity card (both front and back)
For Salaried Applicant:
- Latest salary slips (for 3 months)
- Latest Borang BE (along with tax payment receipt)
- Latest EPF statement
- Latest bank statements/saving passbook (for 3 months)
- Letter of employment
- Other income substantiation documents (if applicable)
For Self-employed Applicant:
- Latest 3 to 6 months’ payslips (as requested by the bank) or
- Latest 3 to 6 months bank statements (as requested by the bank)
- Latest Borang B/BE plus proof of tax payment
For Self-employed/sole proprietorship/partnership:
- Valid Business Registration: Borang A/B
- Valid Business Renewal License: Borang D/E
- Latest Borang B plus Proof of Tax Payment
- Latest business bank statement (for 6 months)
For Self-Employed - Company Director:
- Form 9 or Form 13 (in case of company name changes)
- Business Registration Form: Form 24 and Form 49
- Latest Borang B and Proof of tax payment
- Latest 6 months business bank statements
Types Of Hong Leong Home Loans
Hong Leong Housing Loan: This is a competitive home loan package that is calculated on a daily interest basis. The scheme comes with the options of a term loan and a term loan plus overdraft facility.
Hong Leong MortgagePlus: This home loan scheme allows for linking of the home loan account with the customer’s current account allowing them to enjoy better savings. The daily balance of the current account is offset against the principal home loan amount thus bringing in a reduction in the interest paid. Moreover, extra payment and withdrawal facility is also given to a customer through this scheme.
Hong Leong Skim Rumah Pertamaku: This home loan scheme is exclusively for the first time home buyers. The bank gives up to 100% of financing to the customers who opt for this loan scheme.
Hong Leong Special Housing Loan: This home loan is offered with competitive rates through the Special Housing Loan scheme. Plus, the bank gives extra margin for MDTA Financing (Mortgage Decreasing Term Assurance) under this housing financing program.
Hong Leong Refinancing: If a customer is looking for refinancing on his/her already existing home loan, Hong Leong Bank Berhad offers it with up to 100% stamp duty waiver. Flexible repayment options are also provided with this home loan scheme.
Features & Benefits
- The bank offers home loans schemes with competitive rates.
- The margin of financing offered is up to 100% depending on the type of scheme opted for.
- The home loan programs come with hassle-free application process.
- Some schemes also offer convenient rates to the customers as they operate on daily interest calculation basis.
- Easy loan tenures of up to 35 years are offered by the bank depending on the home loan scheme opted for by a customer.
- With Hong Leong Home Financing, a customer can also get MDTA financing which is a life term insurance facility which covers the outstanding loan amount should any unforeseen circumstance such as the borrower’s untimely death or total permanent disablement occur.
- Prepayment facility is also permitted on the home loan schemes.
- The bank allows easy payment facilities to its customers that include:
- Standing Instructions from Hong Leong Bank
- MEPS IBG/Internet Banking (e.g. www.hongleongconnect.my)
- ATM transfer to the customer’s loan account
- From the bank into a customer’s loan account via Cash Deposit Machine
- Via cheque deposit at the Cheque Deposit Machine
- By visiting the nearest Hong Leong bank branch
How To Apply
Offline Application: A customer or desired applicant can go to the nearest branch of Hong Leong Bank Berhad and fill in the application form. The bank representatives will help customers choose a loan best suited for them. Customers can submit the documents required along with the duly-filled application form to complete the application process.
Online Application: Customers can also apply through the official website of the Hong Leong Bank. They can click on the given tab and fill in their personal details and loan requirements in the online form. After mentioning the desired loan scheme under the application column, they must submit all the mandatory documents with the application form. After completing the process, customers will receive a phone call from the bank representatives to carry the process forward.
(All fees and charges are inclusive of 6% GST)
A Home Loan Calculator tab is available on the official website of the bank for each of its schemes. The calculator helps customers get an estimation of their eligible financing amount as well as monthly sum.They can also calculate their estimated eligible housing loan via the calculator.
Hong Leong Home Loan Refinance
Hong Leong allows customers to refinance their home. Hong Leong provides customers with the option of term loan or a combination of a term loan along with an overdraft facility. The refinancing package allows for making extra payments, withdrawing from extra payments made, and up to a 100% waiver on stamp duty.
In case of any queries or doubt regarding the application process and home financing schemes, a customer can contact the bank representatives on the hotline: 603-7626-8899 or 1-800-22-2575 (toll free).
Q. What is the current Base Rate?
A. The current Base Rate or BR offered by the bank is 4.03%.
Q. Can the MortgagePlus scheme be used for non-residential properties also?
A. Yes, the MortgagePlus home loan scheme is applicable for both residential as well as non-residential properties.
Q. Could the Base Rate change for any reason?
A. Yes. Any changes in the Overnight Policy Rate could trigger changes in the Base Rate and subsequently affect the monthly instalments.
Q. Can I make an early settlement of my home loan?
A. Yes, the bank allows an early settlement of your loan scheme. As a penalty, you will have to pay up to 3% on 90% of the approved financing amount if the loan is settled within 36 months from date of disbursal or up to 3% on 80% of the approved financing amount if the loan is settled between 37 to 60 months from date of disbursal.
Q. Is there any lock-in period involved?
A. Yes, the loan has a lock-in period of 3 years.