Hong Leong Housing Loan Malaysia
Since its incorporation in 1994, HongLeong bank has garnered a wide clientele owing to a variety of products and services on offer including all types of financing such as corporate financing and investment schemes among others. Some of the attractive features of Hong Leong Home Loans include competitive interest rates, highest margin of finance, refinance option and so forth. These home loans have offer loan up to 35 years for any fully constructed and under constructed property.
You’re probably eligible for an Hong Leong Bank Home Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Hong Leong Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 5% MRTA
Instalments of other loans lower
Increase your eligible Hong Leong Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
Documentation needed to apply for an Hong Leong Bank Home Loan
3. Documentation for self-employed applicants:
- 1. Latest Borang B (supported with tax payment receipt).
- 2. Documentation for salaried applicants:
- Latest 3 months salary slips
- Latest EPF statement
- Latest 3 months bank statement / saving passbook
- Letter of employment
- Latest 6 months bank statements or savings passbook
- Latest 6 months commission statements
Hong Leong Bank Home Loan Interest RatesUpdated on 20 Jan 2018
Hong Leong Bank Home Loan Details
|Margin of Finance
|| Up to 90% + 5% MRTA
|| 30 years
Why opt for Hong Leong Housing Loan?
HongLeong bank offers a wide range of home loans catering to all types of financing requirements. Customers can, therefore, finance their home loan courtesy attractive packages. From linking home loan to the current account of customers to ensuring higher savings to decrease the daily interest charges, HongLeong offers several benefits to customers. Some of the loan packages include the option of monthly installment for property under construction and the facility of MEPS IBG/Internet banking among many others.
Types of HongLeong Housing Loans
CM Flexi Property Financing-i
Skim Rumah Pertamaku
Special Housing Loan
Home Furnishing Loan
- Extra deposits in the current accounts result in reducing interest costs.
- All funds can be consolidated into one current account which is linked to the loan. The account can be used for all transactions.
- Customers can make extra payments and withdraw from their current accounts if need be, sans any charges or penalties.
- Interest is computed daily and decreases when extra payments are made.
CM Flexi Property Financing-i
- Does not entail fixed rate financing.
- Customers can avail of the prepayment option sans any prior notice.
- Customers have the option to pay on a monthly installment basis even if a property is under construction and thereby, save money.
- Offers a tenure of up to 35 years or 70 years.
- This scheme is open to both muslims and non-muslims.
Skim Rumah Pertamaku
- Aims to provide finance to young adults earning around RM3,000 per month or less. This scheme provides up to 100% finance to enable customers to own a home.
- Offered to all citizens of Malaysia aged under 35 years.
- Offers finance for both fully constructed and under-construction properties.
- Offers both conventional and Islamic financing.
Special Housing Loan – Hong Leong
- Offers mortgage decreasing term assurance covering death and total permanent disability. Customers have to pay more as part of their monthly loan installment to avail of this benefit.
- Entails hassle free payments courtesy MEPS IBG/Internet banking.
- This scheme offers finance for property priced not more than RM72,000 in Sarawak and RM60,000 in Peninsular Malaysia.
- Offered above the housing loan’s margin of financing.
- Interest is computed on a daily basis.
- Customers can make advance payments at any time.
- Offered for any residential property priced at around RM250,000 or above.
HongLeong Housing Loan Interest Rates
HongLeong housing loans are offered at competitive interest rates. For instance, HongLeong mortgage plus loans are offered at an interest rate of 6.75% p.a. The Hongleong loans are provided for a maximum duration of 35 years. The margin of finance available is 90% (5% mortgage reducing term assurance (MRTA) and other expenses). The base lending rate (BLR) is 6.85% while the Kuala Lumpur Interbank Rates (KLIBOR) is 3.74%.
How to apply Hong Leong Housing Loan?
The following documents are required to avail of a housing loan by HongLeong bank.
- Application form
- NRIC/Identity Card,
- Pay slips
- Bank statement of past 3 months
- Booking receipt from property developer
- Property valuation statement
- Title deed
- Can the Home Loan be settled earlier than the tenure?
There is a lock-in period of 3 years within which a customer is not allowed to pay the entire loan amount to the bank. But if the customer wishes to do so, an earlier settlement charge of 3% could be charged by Hong Leong Bank. But it is always advised by the bank to pay the loan after the completion of lock-in period to avoid any penalty costs.
- What are the ways to pay the Hong Leong Home Loan Installments?
The bank has provided multiple options to make the payment of installments hassle-free and convenient such as online banking, ATMs, Interbank GIRO, standing instruction facility, cash deposits, cheque submission and phone banking
- Should i keep my savings in fixed deposits to earn interest or transfer to MortgagePlus current account?
Customers can have savings if the rate on loan is higher than fixed deposit rates.
- Is prepayment allowed under CM Flexi Property Financing-i loan scheme?
Yes. Prepayment is allowed without any prior notice.
- Do i have to make a down payment for Skim Rumah Pertamaku?
You have to pay a booking fee to the seller prior to disbursement of finance. After completion of documentation, the fee would be reimbursed.
- What is the opening amount to have a current account under Mortgage Plus scheme?
The opening amount is RM500.
Other Products offered by Hong Leong:
Apart from offering Home Loan,Hong Leong offers other products and services which include: